Do You Qualify for a VA Mortgage?

The Veterans Administration created its own loan program in 1944, which became part of what is known as the GI Bill of Rights. This loan program was created to assist veterans of war become home owners. The program has become a success and has helped many of our clients purchase homes.

 

If you are a veteran, there are many benefits to using a VA loan.

BENEFITS

1. No down payment required
   
2. Closing costs must be paid by the seller
   
3. VA loans are insured by the government against default
   
4. No private mortgage insurance required
   
5. No prepayment penalties
   
6. Can apply for an "interest rate reduction loan" (which allows veterans to refinance to a lower rate with little or no out-of-pocket expenses)
   

WHO QUALIFIES FOR A VA MORTGAGE?

1. Active military personnel
   
2. Veterans
   
3. Reservists
   
4. Members of the National Guard
   
5. Unmarried spouses of a qualifying member of the armed forces who died as a result of serving in the military, who meet the following qualifications:
   

• Veterans must have served a minimum of 90 days during wartime in World War II, the Korean Conflict, or the Vietnam War. Peacetime service requires at least 181 continuous days of military service.
  
• Enlisted veterans who began their service after September 7, 1980, or officers who began their service after October 16, 1981, must have served at least two years.
  
• National Guard or Reservists need to have served a minimum of six years.
  
• No one who has been dishonorably discharged is eligible.
  

There are additional criteria for military personnel who have served in Afghanistan and Iraq. Speak with a lender about the specifics of a VA mortgage and any other mortgage you might be considering. If you have questions about a VA mortgage you can call us at (520) 247-4459 or E-Mail Us and we can provide you with a list of lenders who can assist with VA mortgages.

 

 

How to Sell Your Home in a Buyers Market

Let's face it. Everyone is complaining about "how bad the economy is", "how bad the stock market is", and how "bad the real estate market is." About the only people making any money around here just might be those investors who snatched up gold a few years ago when it was next to nothing. Or, maybe you are one of the lucky few who can still sell your home today and make a profit. To those of you, we say... Congratulations.

But, for many Tucson home sellers, there won't be any profit coming from the sale of their home. In fact, many Tucson home sellers are having to cough up money to pay off the bank just to close the transaction. In essence, they are paying for someone else to buy their home. In a buyer's market, a home seller MUST do the suggested tips below. Otherwise, they may find that their home is the one that sits on the market for months or even years. With that being said, here are a few tips on how to sell your home in a buyer's market.

1. Price. Price. Price. Did we mention price? This is the most important factor when selling your home in a buyer's market. Remember this, if you price your home at market value, approximately 60% of potential buyers will consider your home. On the other hand, if you price your home even 10% above market value, only 30% will consider your home. And if you price it 15% above market value, only 10% will consider your home. So, pricing your home according to the local and neighborhood markets is absolutely key.

2. Make your home available. Think this sounds crazy? Believe it or not, some Tucson home seller's restrict the hours and days that their home can be viewed. What happens if a Tucson home buyer is only in Town for a few days and can only view the home when that home seller says that they don't want showings? That Tucson home seller just lost a potential buyer. Don't restrict showing times... it is a turn off to Tucson home buyers. If you are a serious home seller, you will make your home available to view on the buyers schedule. After all, it is a buyers market.

3. Clean and de-clutter. Sounds easy enough, right? But, when you are living in your home on a day to day basis, you may not even realize that your home is cluttered. Invite a neighbor, friend, or your Realtor over and have them pretend that they are viewing your home for the first time. What would they be turned off by? And, if you are asking a friend... make sure they are honest and won't be shy about suggesting what needs cleaned up. Polite friends are always good, but sometimes you need that honesty. And don't forget to clean! No one likes to walk into a bathroom with hair around the sink or in the bathtub. So, clean it up!

4. Open Houses. Yes, these are considered "old fashioned" in the world of real estate, but we have sold many of our client's homes via open houses. So, if your agent suggests an open house, don't turn the opportunity down. OPEN HOUSES WORK.

5. Offer incentives. If your neighbor down the street is selling his house and it is the same exact model, same price, and similar features, you need to be creative about attracting buyers to your property over his. It is common in a buyers market for the home seller to pay for a closing costs, or throw in a car... SERIOUSLY! With your Realtor's help and creativity you should be able to come up with something.

Those are the 5 major tips on how to sell your home in a buyers market. We could go on forever, but in a gist, those are the major points. If you have questions or suggestions, let us know. We love feedback. Email us or give us a call.

Tucson Home: NEW ON MARKET

465 East Cambridge Drive

Tucson, AZ 85704

This Tucson home is found in the highly desirable Northwest Tucson neighborhood of Suffolk Hills, located in the Amphitheater School District.

Sitting on a premium lot, this Tucson home offers 3 bedrooms and 2 bathrooms, with 2,153 square feet of living. The kitchen has been remodled with exquisite taste. The home cook will be more than satisfied with the kitchen's granite countertops, light maple cabinetry with roll out shelves, stainless steel appliances, plus a work island. Entertain guests in the casual family room or the formal living room. There is more than enough room for everyone. Saltillo tile adds Tucson charm to this home. Stepping outside, sit back and relax in the pool and enjoy those unobstructed Catalina mountain views with this Tucson home's north facing backyard.

We are priced to sell at $359,000. Please call John at (520) 247-4459 with any questions you may have or if you would like to set up a private showing.

MAY 2010 Statistics Are Now Posted

MAY 2010 Tucson Area Statistics