Archive for the 'VA Loans' Category
Do LOW downpayment and NO downpayment loans still exist?
Here are five types of loans, especially useful to (a) first-time buyers and (b) buyers who are planning to occupy the home. Typically, these loans are not for investors, speculators, and “second home” purchasers. Let’s base our comparison on a $250,000 purchase at 4% interest on a 30 year fixed rate loan.
1. USDA loans. No money down. Say what? No money down! But there’s a catch. You knew that didn’t you? USDA loan are available to purchase properties in “rural” areas. That works just fine for CJ and me because almost every home in our bucolic Nevada County qualifies for USDA loans. And get this, the seller can pay continue reading…
Lose your home to foreclosure, short sale, or bankruptcy? Credit trashed? How long will it take you to get off the ropes and back into the ring?
When will you be eligible to get a loan for a new house?
In the list below I’ll give you the simplified version, a snap shot. There are “extenuating circumstances” that can shorten the waiting periods, but I’m going to describe the maximum penalty period, your “standing eight count” before the referee let’s you back into the fight.
For Conventional Loans
Foreclosure 7 years
Short Sale 7 years with less than 10% downpayment
4 years with 10% down payment
2 years with 20% down payment
Bankruptcy (Chapter 7) 4 years
Bankruptcy (Chapter 13) 2 years from discharge
4 years from dismissal
For FHA Loans
Foreclosure 3 years
Short Sale 3 years with less than 10% downpaymt
Bankruptcy (Chapter 7) 2 years
Bankruptcy (Chapter 13) 1 year if all re-pay conditions are satisfactory
VA and USDA loan waiting periods are similar to FHA guidelines
Two conclusions can be drawn from this data:
- It is quicker to get back into the game after a short sale than after a foreclosure.
- FHA is more forgiving than conventional lenders.
Let us help you, or the American Veteran you know, buy a home with a VA loan.
We know veterans, and we know VA loans.
Here’s dad, SGT Robert “Woodrow” Jenkins, USA, receiving the Bronze Star on Luzon, Pacific Theatre, WWII
This is me, CPL Robert “Francis” Jenkins, USMC, outside Chu Lai, Viet Nam, 1966-1968
And here’s our son, CPL Robert “Luke” Jenkins, USMC, Helmand Province, Afghanistan, 2010
Our veterans make sacrifices most of us never see. One of the benefits they receive is their VA home loan guaranty which helps them achieve the American dream of home ownership.
We are trained in finding VA-Friendly homes for our patriots. We work with VA-Certified lenders. Give us a call if you, or the veteran you know, can benefit from our expertise.
We bought our first home with Bob’s VA benefits.
We helped our clients Rob (the veteran) and Marion Gershon buy their first home earlier this year using a VA Home loan. Here are their words.
Dear Bob and CJ,
We are writing a great big, heartfelt THANKS to both of you. The two of you truly know what it means to be of service. We are truly grateful for the Extra Care and attention that you put into everything that you do!
We love our new homeand know that we could never have done it without you.
We have been very busy fixing up and putting everything in its place. We would like to have you over for dinner so we can show off what we have done.
The two of you are so amazing! We want to be just like you when we grow up!
Lots of Love,
Rob and Marion Gershon
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