Ron Morrison & Pat Bagni-Latimer's Blog
Do you dream of buying a home? If your answer is yes, then VA home loan can make it a reality. A VA home loan differs from the traditional mortgage home loan. It is essential to know if you are eligible to apply for a VA home loan and how it can help you purchase your own home.
What is VA Home Loan?
A VA home loan is a loan for which veterans, active-duty service members, and some surviving spouses are eligible. Generally, VA loans feature better terms than a traditional mortgage, and it is easy to qualify. For many military borrowers, the flexibility and no-down payment nature of VA Home loan have made it the most reliable lending plan in the market. You may find it interesting that from 1944 until today, VA home loans have made over 20 million service members homeowners.
VA Home Loan- Eligibility requirements
To be eligible for a VA Home Loan, a person must meet one or more of the following criteria:
- You must have served 90 straight days of active service at the time of war.
- You must have served 181 days of active service.
- You have accumulated six or more years of service in the Reserves or National Guards.
- Your spouse, who is a service member, becomes disabled or dies during service.
How Does VA Home Loan Work?
The first step to homeownership through VA home loan is to get pre-qualified. You will need to meet up with a VA lender to help you get an estimate of the price of the home you can afford based on your credit, income, and other financial factors.
After getting pre-qualified, the next thing to do is to pre-approve your loan. This will give you the power to take action when you see a home you love. When the preapproval process is complete, you will need to hire a knowledgeable VA agent to help you place an offer and negotiate with the seller.
If you and the seller have agreed concerning the price for the house, your lender will order a VA appraisal of the home. Also, underwriters will analyze your income, finance, and related documents. Next, get ready to sign several kinds of legal documents at your loan closing. After this, you will get the keys to your new home.
Here are some of the most important things to know about a VA home loan;
- It is reusable as long as you pay off the loan every time.
- You can only use it for specific homes.
- You can use it for a primary residence.
- It does not require mortgage insurance.
- It comes with a VA funding fee.
Even if you qualify for a VA home loan, take your time to think if owning a home is right for you. Consider the maintenance, property taxes, and Home upkeep. Renting may seem cheap. Before you go for a VA home loan, consult a home loan specialist.
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No doubt about it, family life can be messy!
With you working all week, the kids going to school, and the dog, well, doing dog things, it doesn’t take long for the house to end up a mess. You manage to finish the dinner dishes but when you take a look around at everything else you just want to curl up on the sofa for the evening. Or, you look at the stack of decorator magazines on, or under, the coffee table and wonder how other people get it all done while you feel like a first-class failure (at housekeeping, that is).
Here’s the dirty little secret …
Nobody gets it all done by themselves. Comparing yourself to glossy magazines or social media is downright debilitating. And it’s unproductive because what you see on those pages isn’t real. Entire teams of designers, decorators, movers, and cleaners set up those spaces.
Getting real …
So, create a system that is real for you and your household. Don’t strive for perfection, do work at consistency instead. And first up … get everyone in the house on board.
Pick one simple thing and start there. Make that one thing the only thing you worry about getting done at the end of the day. Give everyone a part in the one thing. So … if every family member has a bin, basket, or plastic tub, their one thing is to collect all of their belongings from the living areas in their container and take it to their room each evening as they head for bed.
Kids can grab their toys, jackets, and shoes. Once the container reaches their room, don't worry too much about getting everything put away at first. You're creating a new habit, so working on the "removal from the living areas" first. After a couple of weeks of consistent follow-through, add just one more step. Try something simple like, put hang up your jacket on the hook, or put your shoes in the closet.
As each one thing becomes habitual, add one more. But don't add too many or something too difficult because that can backfire on you.
Make décor work for you …
Dripping pots of hydrangeas on artfully stacked books don’t work in a household of children, one living area where the coffee table holds cups and glasses, several electronics remote controllers, and today’s homework.
If what works for you is adding a flat basket to hold the controllers and gathering up the glasses at the end of the evening, don't complicate it by adding dust-catching décor that makes life more difficult, or gets in the way of your second grader's homework getting done.
Your home is about living life. Your life.
If you find your home no longer works for you, share your needs with a real estate professional that can help you decide if a new home is in your future.