Welcome Home! Thank you for your service!

Congratulations on your decision to move forward to purchase a home! This is, more-than-likely, the largest purchase that you will make in your life. It is very important to work with a Lender to make sure you are financially capable to cover the costs associated with homeownership. Getting pre-qualified is, in my opinion, the most important step to take when trying to purchase a home.
 
1.  Gather all financial information below.
SALARIED

• Last 2 years W-2 Forms
• Pay stubs for the most recent 30-day period - 60-days if paid only once a month
• Prior 2 month’s full statement for bank or investment account (all pages)
• Most recent statement for all retirement funds, IRA’s, 401K’s, 403B’s, etc. (all pages)
• Provide proof of down payment
• Copy of driver’s license or picture ID that contains birth date (as required by the Patriot Act)

SELF EMPLOYED or SALARIED WITH RENTAL PROPERTIES OR PARTNERSHIPS

• Federal tax returns, SIGNED, all schedules, and attachments for the prior 2 years,
• K-1’s for last 2 years (if you receive them) Corporate/Partnership tax returns for the prior 2 years if more than 25% owner (if applicable)
• Profit and loss statement for your business this year (year-to-date if self-employed)
• Leases for any rental income

 
2.  Contact a lender. The Lender will discuss your overall financial situation, your buying plans, income, debt and assets. The Lender will request to pull your credit score. It is imperative to have the Lender run your credit. This shows everyone involved that you are serious about purchasing a home. will confirm all details in the paperwork that you provided to the Lender. This allows you and your Real Estate Agent to know exactly what your buying power is. Pulling your credit will determine if you meet their initial set of requirements to move forward and into a loan program. 

3.  Receive the prequalification form. This form is required to be submitted to the Cooperating Agent/Seller with each offer. The form shows the Cooperating Agent and the Seller that you can afford the home. The form will show the expected loan type, down payments, monthly payments and all documentation that the Lender received to verify your information.  This form also gives your Real Estate Agent the max amount to input into your home search.  Now that you have this form in hand, you can begin your home search.

Do you plan to use a VA loan? Here is another article to get started on your home purchase journey.
5 Steps To Purchase A Home Using VA Benefits

Welcome Home! Thank you for your service!
The purpose of this blog to show veterans how to obtain records to verify military service to be able to obtain benefits you earned by serving our country.

Every active duty soldier is provided a DD Form 214 when they exit the service. This may be provided directly to the soldier at separation or sent in the mail. If you have lost your DD-214, and your separation was recent, you can request the form online directly from Veterans Affairs

If you register on the e-benefits website and they are unable to find your DD-214, you can submit an official request through the National Archives.

Every Reservists, when exiting the service, are provided with a DD Form 256. National Guard or Air National Guard should have a NGB Form 22. If you have lost your discharge paperwork, typically the state you discharged from would need to be contacted to obtain the form.

These two forms are the most widely accepted form to prove military service. If you are Active Duty or an active reservist, a letter from your commanding officer regarding your current enlistment status and military ID are generally enough proof.

Either the DD-214 or NGB Form 22 (or revised copies) would be needed to attempt to be awarded military benefits such as a home loan Certificate of Eligibility, GI Bill, burial benefits, disability and medical benefits.

There may be challenges gaining records prior to 1973 as there was a fire that destroyed the records of 80% of Army and Air Force veterans. If you request records and find that they were destroyed, to prove service from that time period you would need to provide any physical copies of records that you may have, copies of military awards, photos in uniform or written statements from people you served with.

If you have your discharge records or any medical records requested and received, keep the official copies in a water and fireproof safe, keep an electronic copy on a computer and backed up. Scan and copy all records onto a CD/DVD or a thumb drive and put them in a safe. You want to keep these files forever. You never know when you may need to file a claim for medical issues that arise many years after service that can be tied to your enlistment period.
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I hope this information helps you move forward with your upcoming VA journey.

Continue reading other helpful articles:
4 Easy Checks to Verify VA Loan Eligibility
Benefits of Using a VA Home Loan

Welcome Home! Thank you for your service!

Now that you are seriously considering purchasing a home, let’s go over a couple of quick steps on how to purchase a home using your VA benefits.
 
Get pre-qualified or pre-approved. 
This step allows you to move faster when you find a home you love. This letter is required (in most states) when submitting an offer. This letter shows the Cooperating Real Estate Agent and Seller that you’re a serious buyer and have been vetted by a Lender.

Search for a home: 
Keep in mind that although you may be pre-qualified or pre-approved for a max amount, it does not mean that you have to purchase a home at that amount.  Look at the total mortgage amount and see how it would fit within your overall financial budget. No one wants to be house poor or get into a situation where you cannot afford your home and then lose it.

I also suggest to think about and write out a list of what your dream home would look like. Think about what you definitely do not want in a home: for example, near overhead power lines, close to a dairy farm, railroads, busy streets, airports or other disturbances.

Once you have a list of everything, determine what is a want and what is a need.  For example, a need would be 3 bathrooms. A want is 3 bathrooms that are completely remodeled in a farmhouse style. 
Consider the home structure itself. Do you want a single story or a multiple story home? How many bedrooms, bathrooms and garage spaces? Do you want granite, stainless appliances, a master bath tub, a big yard that is fenced in? Do you want a home in a particular school district or near a specific freeway? You should also think about what neighborhood amenities you would like to have. Be aware that VA typically does not back fixer-uppers. Check out the VA Minimum Property Requirements for more information.

Once your wants and needs are set, number the items in order of importance. Which items could you live without if you were unable to locate a home with that feature? Performing these steps will help you focus on what is important to you in a new home. You will know what items would be a deal-breaker or not when a home is found. This exercise will assist your Real Estate Agent when setting up your home search. A home search can be as specific as you like – to a certain extent.  You may want to set up a new email address that is only for real estate. You will begin to receive automated emails containing homes that match the criteria that was set. You will receive a lot of emails during this process from Lender, Realtor, title, inspections, etc.
 
Find a home and put in an offer:
When you see a home that you would like to view, contact your Real Estate Agent to schedule a showing. Try to spend at least 30 minutes in a home to really take in the home.  Spend time outside. Drive by the home at different times of the day and night. You may find a difference in noise and parking or ease of access (or lack of) during the different time period. Once you have found the perfect home, it is time to submit an offer. It’s important to find a Military Relocation Professional (like me) that you can trust that is also an expert in VA home-buying.

Home Inspection/VA Appraisal: Once you get under contract, you will need to request a home inspection and a termite inspection. If the home is over 20 years (in AZ), it is recommended to get a roof inspection. The “typical” roof life-span in AZ is 20 years. The Lender will order a VA appraisal. Their lending team will take a longer look at your finances to make sure nothing has changed since the initial pre-qualification/pre-approval. If everything checks out, you’ll receive a clear to close.

Closing: The title agency will be in contact with you to schedule closing. There will be what seems like millions of documents to sign. Plan to spend at least 1.5 hours at the title office or request a mobile notary to come to you.  Once all documents are signed and the loan funds, you will get the keys. Your Real Estate Agent will normally provide the keys from the lockbox that is installed at the house. Most Real Estate Agents will want to take a “just-closed” photo of you at the home and post to social media. Follow your Agent so they can tag you in the photos – if wanted.

I hope this helps explain the steps clearly for you. If there are more questions regarding the VA home-buying process, contact me. I would love to discuss buying a home with you. 

Welcome Home! Thank you for your service!

Did you know that a VA guaranteed loan is available to past and present members of the military or surviving spouses that meet specific guidelines and time-in-service requirements? It's true!  VA is also strict about not backing a loan for a service member, veteran or spouse that does not meet their requirements. Buyers will also need to meet lender requirements like debt to income ratio (DTI) and credit scores, as well as the VA requirements. See if you or your loved one(s) meets the requirements listed below in order to use your VA home loan benefits.

1) Are You Currently On Active Duty Or A Veteran That Was Active?

Active duty in the Army, Marines, Air Force, Navy or the Coast Guard after September 15, 1940 and were discharged (other than dishonorable)  qualify with the following requirements:

90 consecutive days during wartime
OR
181 consecutive days during peacetime

Veteran who served after September 7, 1980 or as an officer after October 16, 1981 qualify with the following requirements:

24 consecutive months of active duty
OR
the full enlistment period on active duty but not less than 90 days during wartime or 181 days during peacetime

2) Are You Currently In The Reserves Or National Guard?

Reserve or National Guard members and veterans from the Gulf War my be eligible if they served 90 days or more of active duty during that period. If not, they must have 6 years of service. 

3) Are You A Surviving Spouse? 

A surviving spouse of a veteran which died on active duty or from a disability related to military service is eligible to use the Veteran's home loan benefits - as long as they are unmarried.

A remarried, surviving spouse, after age 57 and after December 16, 2003 may be eligible for using the VA home loan benefit. If you remarried prior to December 16, 2003, VA states you are not eligible to use the benefit.

A surviving spouse of a POW/MIA for 90 days or more can use the benefit one time only. 

* Surviving spouses are exempt from paying the VA Funding Fee

4) Are You Unsure If Your Situation Qualifies? 
Other professions and statuses may be eligible for using VA home loan benefits. Contact me to see if your profession fits into the Other VA category. Some exceptions may need to be reviewed by VA if the discharge was other than honorable or if the service requirements are not met due to a medical discharge.


Want to learn more about using your VA home loan benefits? 
​
Continue reading
Benefits of Using A VA Home Loan
5 Steps To Purchase A Home Using VA Benefits
How To Prove Military Service To Qualify For Veteran Benefits
3 Simple Steps To Get Pre-Qualified

Ready to move forward and purchase a home?
Contact Me to discuss your situation and be put in touch with expert VA Lender Specialists. If you are outside of
​Where I Serve in Arizona and need a Real Estate Agent or Lender, I can also assist you find someone in your area! 

Welcome Home! Thank you for your service!

Did you know that many qualified veterans, active military members or surviving spouses, like yourself are not using their VA benefits to purchase a home or they don't even know the benefit exists? That's right! Your VA home loan benefits are being wasted. Help me spread the word to ensure that veterans, active military members or the families make an informed decision when buying a home.  

Some of the benefits of the VA home loan program include:

• $0 down payment in most situations. Homebuyers typically do not need a down payment if they stay below the VA "limit" for their area. The $0 down payment option has helped many military buyers purchase a home with tight budgets. If you have funds available, you can still make a down payment. Making a down payment will reduce your VA Funding Fee.

• VA Funding Fee gets "rolled into" your loan amount.

• 30-year fixed terms. There are also no prepayment penalties. The interest rates are typically lower on VA loans. Other qualification requirements are usually less stringent.

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• Lower credit scores may be allowed, depending on the lender

• No private mortgage insurance (PMI).  PMI is a monthly mortgage premium that is paid if you do not put down 20% or more as a down payment.

• Foreclosure assistance. VA will work with you if you face financial troubles. They advocate for you to avoid foreclosure.

• Sellers can pay up to 4% in concessions and all of your closing costs. Be careful though, depending on the market, asking for this may hinder getting a contract accepted.

• Ability to use the benefit multiple times using your restored loan entitlement or remaining benefits. Using your benefit may increase your VA Funding Fee. There are some exemptions where there may not be a VA Funding Fee.

• Ability to refinance with two options - Interest Rate Reduction Loan (IRRL ) or switch from other loan types into a VA loan.

• Other Veterans are able to assume your loan and payments. If another Veteran purchases your home and assumes your loan, your entitlement will not be restored until they sell or VA otherwise approves restoring your entitlement.

• Ability to purchase multi-unit housing, like an apartment building - as long as one of the residences is your primary residence.

• VA protects you from making a poor financial decision on a home that is not safe or sound. VA has Minimum Property Requirements. You will not be able to purchase a fixer-upper or a home that is in poor condition. 

Want to learn more about using your VA home loan benefits? 

​Continue reading
4 Easy Checks To Verify VA Loan Eligibility
5 Steps to Purchase A Home Using VA Benefits
​3 Simple Steps To Get Pre-Qualified

Ready to move forward and purchase a home?

​Contact Me to discuss your situation and be put in touch with expert VA Lender Specialists. If you are outside of
​Where I Serve in Arizona and need a Real Estate Agent or Lender, I can also assist you find someone in your area!