Showing posts with label VA home loan. Show all posts
Showing posts with label VA home loan. Show all posts

Wednesday, November 19, 2014

Using Technology to Provide Superior Service to Out-of-Town Buyers

Military families are no strangers to moving. Those looking to purchase at a new duty station can spend countless hours searching for the right home. This can be especially challenging if they’re moving to an unfamiliar community.
Searching for a new home can be challenging if you're unfamiliar with the community.
If you’re in a position to help an out-of-town buyer, technology is a great place to start. Here are a few options for you to explore.

Pinterest

If you’re not familiar with Pinterest, it’s an online social media site that allows you to “pin” certain images, links and ideas to your “boards.”
Pinterest is becoming increasingly popular with real estate agents and homebuyers. In a 2013 article Pinterest was named the fastest growing social network.
You can create Pinterest boards for different topics that interest your buyers. Providing visual representations of your community in addition to helpful links is a great way to stand out as a community expert.
Bill Gassett an Ashland Mass Realtor had this to say: One of the better ways to help a relocating client who is moving into an area they are unfamiliar with is to really give them a good education. There is no question that a relocating buyer wants to learn as much as they can about their potential new surroundings. Some of the most important things that a buyer will care about in a particular city or town are schools, major shopping, restaurants and highway access. One of the better ways you can help a relocating buyer is to write local articles on these subjects and create a Pinterest board in which you can pin them to.
Here are a few board ideas that might interest relocating military buyers and non-military buyers alike:
  • Schools: Include a picture of each school, the grades covered, a map of location and a link to any credible school ratings.
  • Military/veteran services near your community: This list could include distance to nearest military base or VA hospital. You could even throw in a list of companies that offer a military discount in your community.
  • Neighborhoods: If neighborhoods have official websites, link to those or just create a link to maps and points of interest near each one.
  • Community Attractions: Locations such as local parks, sporting events and shopping centers.
  • Festivals, events and holiday celebrations: Pin community events such as festivals, 5Ks and holiday celebrations that are well attended.
  • Your current listings: Why not have all of your helpful information in one place? Current and potential buyers can stay up to date on your offerings.
  • Kid-friendly activities
  • Local utility providers
Regardless of which boards you choose to pursue, be sure that you are only linking to high-quality, verified content. Happy pinning!

Video home tours

There’s a lot of opportunity to provide your clients with outstanding service. One of the big ways you can do this with out-of-town buyers is through the use of video. Providing video along with or in replacement of photos gives the buyer a 360-degree view of the home.
We asked Rich Cederberg, an agent who uses video listings regularly, how video assists out-of-town buyers. His response was this:
Video listings, if done right, show buyers more than just a slideshow of still photos. Real video shot by a cameraman moving from room to room can show the space between the photos, or how the rooms of a house fit together. I frequently add voice over commentary that gives more information than I can fit within the limited character count of my local MLS, so buyers can get more information and insight into the neighborhood. Plus there’s no hiding ugly or outdated features in video like you can with still photos.
There's several ways you can incorporate video in your real estate business.
You no longer have to stand in a bedroom doorway, snap a picture and move on. You can walk into the room, open closet doors and look out the window. For relocating buyers, this additional view of the home could mean the difference between choosing one property over another.
Numerous options are available to provide video services to your clients:

Cell Phone Video
. Want to give video listings a shot but don’t have thousands to drop on video equipment? Using a cell phone equipped with video is a good entry-level solution. Many cell phones now have the ability to take relatively high quality video. It’s a no-cost solution unless a phone upgrade is required. Starting with cell phone video gives you the opportunity to see if there is a desire for video listings in your market.

Google Glass.
 Wearable video devices like Google Glass can allow you to offer virtual home tours. Glass provides two-way communication so a buyer can ask the agent to pause on certain features or ask questions.

Professional Video Services.
 The use of professional video services varies by area. It may be standard in a high-priced market and overkill in a smaller one. Check out what your competitors offer if you’re unsure of local standards. Rich Cederberg creates video listings for each home he lists. Check out Rich’s video listing for ideas. Another idea for a lower cost option would be to hire a student with a video-related education path. It may give them experience and provide you quality video at a reduced cost.

These are just a few of the ways you can use technology to provide superior service. What other methods have you used to assist out-of-town buyers?

If you ever have questions about the VA home loan, please don’t hesitate to email me at info@aundreabeach.com.

Sunday, December 01, 2013

Yes, VA Loans Are Available After a Bankruptcy, Foreclosure or Short Sale

Yes, You Can Get a VA Home Loan After a Bankruptcy, Foreclosure or Short Sale

Yes, you can get a VA home loan after a bankruptcy, foreclosure, short sale, or deed in lieu. You only need to wait two years from the date of the “event” (foreclosure, short sale, etc). The two year rule also works for a discharged bankruptcy. It is important to note that this two year wait period is the shortest for any type of Conventional/Government home financing. The FHA program requires a three year wait period after a foreclosure. Both Fannie Mae and Freddie Mac require a 7 year wait period after a foreclosure. With both agencies the wait time could be shorter if there were “extenuating circumstances”, but proving extenuating circumstances is not an easy task. 

Flexible Credit Qualifying for VA Financing

Not only is a VA home loan more lenient when it comes to prior credit issues, but also is just a better program all the way around, at least for those Veterans with entitlement available for the program.  VA allows Veterans to purchase a home with no down payment.  
FHA, a government loan program available to anyone looking to buy a home, requires only 3.5% down payment. However, the monthly mortgage insurance on an FHA loan is also very high. VA, even with no down payment, has no monthly mortgage insurance. On a $400,000 loan amount, the difference in payment just because of the FHA mortgage insurance would be approximately $450 per month. (The FHA mortgage insurance factor for loans at 96.5% loan to value is 1.35%. 1.35% x $400,000 divided by 12 = $450 per month).

Re-Established Credit is Critical

If a Veteran really wants to enter the real estate market after a major credit derogatory, it is critical that they work on repairing and rebuilding their credit. They should make sure the “event” is reporting correctly on their credit report. Many times after a foreclosure, the foreclosed lender will continue to show a balance on the mortgage. This is not correct. After foreclosure the balance should be $0. A short sale will sometimes appear on the credit as a foreclosure. It should read SETTLED_LESS THAN FULL BALANCE.
Get a copy of your credit report immediately.  If you see errors on your credit, then contact a credit specialist for the best way to correct it right away. If you would like a FREE credit report and consultation, contact me.  Also, open new accounts in order to rebuild your credit. This should all be done before the two year wait period is up. A Veteran who has planned ahead and re-established their credit will be in position to buy a home at the end of month 24 after their foreclosure, short sale, or bankruptcy.

Lender Guideline Overlays for VA Home Loans

A Guideline Overlay occurs when a lender does not directly follow the standard VA guidelines. A common overlay is for a VA lender to require a longer wait period after a foreclosure or short sale when the loan amount is greater than $417,000. In many parts of the country this wouldn’t matter much. However, in some high cost counties in other states like Orange County and Los Angeles county, this can be a problem. The ZERO DOWN loan limit in Clark County, NV (2013) is $417,000. This means a Nevada Veteran buying a home in Las Vegas with a VA home loan could borrow up to $417,000 and would not need a down payment. But many lenders wouldn’t approve this if the Veteran had a foreclosure two years prior. This is why it is important that the Veteran get Pre-Approved by a local Nevada VA direct lender before making an offer on a home. The Veteran needs to find a lender who will follow VA guidelines without overlays. Also the lender will be able to provide custom VA home loan scenarios with details on the purchase price, loan amount, payment, and closing costs associated with a VA loan.
Contact me for more details or to get pre-approved.
Aundrea Beach-Greco
Mortgage Advisor, CMP, CMPS
702-326-7866
info@aundreabeach.com