For Sale: 3BR/1+1BA Single Family House in Lakewood, WA, $279,000

For Sale: 3BR/1+1BA Single Family House in Lakewood, WA, $279,000.

 

 

For Sale: 3BR/2BA Single Family House in Spanaway, WA, $197,500

For Sale: 3BR/2BA Single Family House in Spanaway, WA, $197,500.



 

 

Check it out..stress-free Easy Pre-Approval !

Our buyers have a relaxing fun experience finding a first home or a 10th. The fact is everyone needs a pre-approval  to make an offer.  It's the first step to your new home.  Check it out ! Easy Pre-Approval for all loans including VA Loans.

Easy Power Search to your New Home

If you haven't fully experienced our Power Search, here's a quick How To Video..

Good News for Home Sales

Northwest MLS Reports that December's volume of pending sales around Western Washington nearly matched the total for the same month a year ago, which was the best December since 2006.  That is very good news.

VA Raises Loan Limits

There is a slight increase in the VA loan limit for 2011 on purchase transactions to 100% for King, Pierce and Snohomish counties.

• 2010  = $481,250.00


• 2011  =  $500,000.00

New higher limits apply to loans closed Jan 1,2011 - September 30, 2011.  Kitsap Co. limit remains at $ 417,000.00

What are Buyer’s Closing Costs? Who Pays?

What are the Buyer's costs?

Buyers and Seller's of property both have what is termed " customary costs " incurred for the transaction.  The buyer's customary costs are a  50/50 split of the escrow fee, (except for the portion required to be paid by the seller in an FHA or VA transaction ), prorated taxes, HOA dues if applicable, pre-paid interest and insurance premiums.  Additionally,  buyer's costs also include Loan fees, appraisal charges and title insurance costs for the lender.   These costs combined are what make up the buyer's closing costs and can add up to 3.0% - 3.5% of the purchase price for an FHA, VA or USDA loan or other special program loan.    ( Ex: up to $ 7500.00  on a $200,000.00 purchase ).  Buyer closing costs are generally lower when using a Conventional Loan and lowest for a cash purchase.

Who Should Pay?

Buyer's closing costs are just that, the buyer's costs.  In contrast, it has become almost a custom in our northwest area market for an offer to purchase to include a request for the seller to contribute funds to the buyer's costs to close.   In some cases the seller will include an offer to pay some of the buyer's closing costs pre-calculated into the listing price.    When making an offer to purchase that includes a request for buyer closing costs, keep in mind that the seller has closing costs as well ( see What are Seller's Closing Costs? on this Blog ) and work with your Realtor to structure an offer that can be accepted by the seller.   At times the price of the property may need to be raised to accommodate the buyer's costs.

Are There Advantages to Paying My Own Closing Costs?

Yes, for many buyers, closing costs are a deduction on your tax return.  If you have funds to close, it may be to your advantage to pay at least some or all of your own closing costs and negotiate a lower price for the property.   Seller's are more willing or able to accept a lower selling price if the offer does not include a seller contribution to buyer closing costs.

Why should I buy a home using a VA loan?

Why a VA loan?
The more you know about our home loan programs, the more you will realize how little “red tape” there really is in getting a VA loan. VA loans are often made without any down payment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans. Aside from the veteran’s certificate of eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan.



What is a VA guaranteed loan?
VA’s guaranty on the loan protects the lender against loss if the payments are not made, and is intended to encourage lenders to offer veterans loans with more favorable terms. The amount of guaranty on the loan depends on the loan amount and whether the veteran used some entitlement previously. With the current maximum guaranty, a veteran who hasn’t previously used the benefit may be able to obtain a VA loan. Qualified veterans and active duty military can obtain a loan of up to $417,000, or $625,500 in high-cost areas, with no money down. The amount depends on the borrower’s income level and the appraised value of the property. Let a knowledgeable, courteous VA loan specialist help you to maximize your VA benefits today!

Shane McGraw veteran and VA loan specialist at Legacy Group,  is happy to talk with you and answer your questions about VA loans.   Call him at ( 360 ) 698 6471.

Contributed by: www.ShaneMcGraw.com

Are You Eligible for a VA Loan?

Almost 30 million veterans and service personnel are eligible for VA financing. Even though many of that 30 million have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement.

• Veterans with active duty service, that was not dishonorable, during World War II and later periods are eligible for VA loan benefits.


• World War II (September 16, 1940 to July 25, 1947)


• Korean conflict (June 27, 1950 to January 31, 1955)


• Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days’ service.


• Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days’ active service.


• Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16, 1981, must in most cases have served at least 2 years.


• Persian Gulf Conflict—Generally, reservists and National Guard members who were activated on or after August 2, 1990, served at least 90 days and were discharged are eligible.


• Selective Reserve—Members of the Selected Reserve, including National Guard, who are not otherwise eligible and who have completed 6 years of service and have been honorably discharged or have completed 6 years of service and are still serving may be eligible. Expanded eligibility for Reserves and National Guard individuals will expire October 28, 1999. Contact the local VA office to find out what is needed to establish eligibility. Reservists will pay a slightly higher funding fee than regular veterans.


• Information contributed by Shane McGraw of Legacy Group Lending.

Shane McGraw, veteran and VA loan specialist is happy to answer your questions about VA eligibility and your personal VA loan program.   Give him a call.. he does the rest.   Phone contacts: 360 698 6471  or 360 698 6440  Email:  ShaneM@LegacyG.com