Today's real estate market offers many things for buyers. Lower prices than we have seen in years past, historically low interest rates and in many price ranges a good selection of homes to choose from. That's all good news. However if you have served in the military and have your VA Eligibilty available to you, then you have a lot to be excited about!
When you purchase a home and finance it with your VA Elibility Certificate everyone knows you get to buy with a Zero Down Home Loan. Well, it gets better! Right now many sellers are still offering to pay some, if not all of your closing costs and chances are the lender also is offering you a lender credit as well!
"Now this is where I am going to sound like one of those early morning commericals on TV. But wait, there's more!"
The really great news is...
Your VA Loan is assumable. How does that benefit you?
Well, as prices rise (and they will) and interest rates rise (and they will) in years to come you will have something that is very marketable. A VA Assumable Loan.
When I first started real estate anyone could assume a loan. However the VA Office got stuck with a lot of homes. So the rules changed and now if you have a VA Loan on your home and you want to sell. Another veteran can assume your loan if they qualify. However you loose that porttion of your VA Eligibilty when moving to your new desitination. So you may want to consider a offering your home for sale a Substition. That is where a VA Quailified Buyer subsitutes their VA Eligibilty for yours. Therefore you will be released from liabilty and free to move to your new desitination and buy another home.
Let's say several years pass, and you want to sell. If interest rates go up a few points your low, low assumable interest rate suddenly becomes very attractive to home buyers who need a lower payment and who want a lower interest rate!
So, if you have been thinking about buying a home but were afraid. Don't be. Let me help you find the "right home" for you. The one that makes sense for the way you live.
Note:VA Buyers in the Prince William County can use a VA Loan on a home purchase up to $625,500!
CLICK HERE NOW for a map of homes for sale in the Lake Ridge area.