What is even worse, is according to a study by the Department of Veterans Affairs, nearly 20 percent of veterans don’t even know the program exists.

• Qualifying for a VA loan
  VA loans are fairly easy to qualify for. Prospective buyers must have only:
  Served 181 days on active duty during peacetime or 90 days during wartime
  Served six years in the National Guard or Reserves
  Be the spouse of a fallen service member who died due to a service related injury.

Those who fall into one of those categories must take the next step of filling out a Certificate of Eligibility, or COE. This official VA document proves you are able to participate in the program and have met the service requirements. Applicants can obtain these through the VA directly or through an approved VA lender.

VA officials must look over the Certificate of Eligibility and ultimately determine whether a prospective borrower can participate.

The Department of Veterans Affairs doesn’t give explicit income or credit standards to qualify for the program, since the VA doesn’t issue the loan. Income and credit standards are given by VA-approved lenders, which generally require a minimum score of 620 to qualify.

Interest Rate Reduction Refinancing Loan (IRRRL)
The VA’s IRRRL, or streamline refinance, gives current VA home loan holders the opportunity to take advantage of the market’s low interest rates.
Prospective borrowers should remember that for this to be worth their while, they should make sure the new interest rate is lower than the current rate and that you can’t refinance a FHA or conventional loan through the IRRRL.

This program isn’t for everyone, but for those looking to lower their current interest rate, it is a great option. For more information on the VA home loan program and the VA’s IRRRL, contact a VA-approved lender like Veterans United Home Loans, the nation’s leading dedicated provider of VA home loans. Kevin Pearia is a mortgage commentator for Veterans United Home Loans, the nation’s leading dedicated provider of VA home loans.

**

The VA Loan Guaranty program

Service members have long had a history of constant moves and deployments, which tends to have a negative effect on one’s finances. That transient lifestyle can take a toll on a service member’s ability to plan for and build toward the future, including providing the high down payment required by most conventional loan programs. This is the main reason why the VA loan program has proved to be so crucial for the last 66 years.

VA loans come with a guarantee from the U.S. government. In short, the VA agrees to repay up to a fourth of a borrower’s mortgage if he or she defaults on their loan. That guarantee gives a greater degree of confidence to lenders, which, in turn can offer qualified borrowers competitive interest rates and flexible loan terms.

In fact, the VA Home Loan program is one of the few remaining zero money down mortgage options available. Veterans and active duty across the nation see not having to place a down payment as one of the greatest benefits, and without it, they would not have been able to acquire proper housing.

Interest in VA loans is surging across the country. Amid a tight credit environment and a rollercoaster of a housing market, service members are turning to the safety of these government-backed loans in record numbers.
 
In the past year, a surge in VA home loan refinance has been responsible for the VA Loan program guaranteeing nearly 360,000 single-family loans for the fiscal year ending September 30.

Kevin Pearia is a mortgage commentator for Veterans United Home Loans, the nation’s leading dedicated provider of VA home loans.

**

Whenever you’re buying a home, there are some things to keep in mind.  Below is a to do list will help you in finding your ideal home amongst those that are available along the San Mateo Coastal cities of Moss Beach, Half Moon Bay, El Granada, Montara and Pacifica. 

1.  Do research the neighborhood- Look at the house, but also look at the neighborhood. Location is the most important thing, so it’s critical to look at more than the home itself. Be sure to make a list of the things you’re looking for in a San Mateo Coastal neighborhood in order to find an environment that fits your style.

2. Do look at several houses before you buy- If you buy a home without comparing it to other listings in the San Mateo area, you’re likely to overpay or miss out on a great nearby home. Walk through at least three homes before you choose. If you still love the first one you saw, make an offer!

3. Do invest in a professional inspection- Sellers don’t always disclose everything that’s wrong with their home to potential buyers, or they might have done a band-aid job to cover up issues after the sale. Many potential problems, like plumbing and wiring trouble, are not visible at a glance.  Home inspectors know what to look for and can do a thorough job so you’re sure to know exactly the type of home you’re buying- which can save you from unwanted surprises down the road.

4. Do buy based on needs, not wants- The average Americas lives in the same home for about 9 years, so it’s crucial that you think about your long-term needs when buying a home. A smaller home with a gourmet kitchen may grab your attention today, but will you still be enamored down the road when your family starts to grow? Make a list of your needs and stick to it to avoid buyer’s remorse in the long run.

We know buying a home can seem like an overwhelming experience, but keeping these tips in mind can help you narrow down your search and stay focused.  Many sellers are hoping to sell their homes before the holiday season hits, making now an even more lucrative time to buy!  San Mateo Coastal sellers may be more willing to work with you on the price and closing date if they know you’re serious about buying their home.  If you have any questions about the current San Mateo Coastal Real Estate market or are ready to start looking at homes on the San Mateo Coast, please let us know!  We’d be happy to help you find your new home!

**

You may have experienced some level of stress in buying your San Mateo Coastal home due to the very rigorous rules and regulations. Or you may be looking into the San Mateo Coastal real estate market and are uneasy about applying for a loan because you don’t quite know where to start! New regulations on loans are sometimes confusing and the process can easily become frustrating, but there’s hope!  Andy Block a Loan and Personal Finance Advisor has come up with 7 Tips to Save Your Sanity during the loan approval process. We’ve listed them for you below!

1. Be expedient and thorough- When initiating a loan, and throughout the loan process, it is imperative to provide complete documentation to your Mortgage Advisor as quickly as possible. For instance, if all pages of the bank statement are requested, it really means all pages. While you and I might not think it’s necessary to include the reconciliation page of the statement, the lenders do. And, when they receive only five of the six pages of said bank statement, the loan process can become inefficient and stalled.

2. Keep detailed financial records- If it is necessary to transfer funds from one account to another or to sell stock for a down payment, keep a detailed paper trail of all transactions, deposits and liquidations. Lenders will request it.

3. Spill the details- Be sure to notify your Mortgage Advisor of any changes to the purchase transaction. Unidentified last minute changes, such as escrow holdbacks, seller credits or termite work can wreak havoc with closing dates.

4. Keep your day job- Lenders always contact your employer just before the loan funds. If you have left that company (quit, moved to a new company or retired), the lender will stop the loan from funding and recording.

5. Know the facts- If you are in the process of divorcing, most lenders will not approve or fund a mortgage loan until the final decree (settlement terms) is recorded.

6. Safeguard your social security number- Talk to your Mortgage Advisor before making any significant credit or purchase decisions. Lenders rely on using credit scores to assist in mortgage credit decisions. Incurring new debt during the loan process increases your debt-to-income ratio and could reduce the amount you can borrow. Each credit inquiry – whether you ultimately make a purchase or not lowers your credit score. The same holds true for pre-approved credit card offers that you receive in the mail; responding to them will result in a credit check.

7. Be available- Be sure to leave a contact phone number with your Mortgage Advisor if you are traveling for business or on vacation. Until all the loan approval conditions are met, you may be required to provide additional documentation or information.

We understand that buying a home is a huge investment! The paper work, hoops to jump through and getting everything you need in order can be a lot to handle. Using these seven tips will help cut down on the stress and will help streamline the process. If you are looking to buy a home on the San Mateo Coast, we can help! We’ve had years of experience and would love to help you find the home of your dreams! There are many great homes in the San Mateo Coastal Area from which to choose. Contact us and we’ll be happy to answer your questions and give you a tour of the homes in the area!

/kh

Local vendors will also be present with their merchandise/services available, and free prizes from these local vendors and The Melting Pot will be given out. If this sounds like a good time to you, then come on out to 2 North B Street in San Mateo for great food and lots of fun with your girlfriends!

/kh

If you are aware of these specific costs and budget for them, they won’t surprise you on closing day and cause you financial stress.

Below is a guide to some of the more standard costs that you may be faced with on closing day.

• Loan Origination Fee or Points: These are the fees charged by the lender for generating your loan.
• Broker Fee: These fees are occasionally combined into the Loan Origination Fee.
• Credit Report: Lenders may require this fee up front to obtain and review your credit history. (Approx. $21 – $60)
• Appraisal Fee: This fee is normally non-refundable and will vary depending on the value of the home.
• Inspection Fee: Fees paid to have a Certified Home Inspector evaluate the structural and mechanical condition of the home.
• Title Search: This search will provide verification that the seller owns the house you are buying.
• Title Insurance: This fee insures against losses as a result of any title defects.
• Prepaid Interest: To pay up the mortgage interest to the first of the following month.
• Mortgage Insurance: Insurance to protect the lender in the event that the borrower (mortgager) is unable to repay the loan.

These are some of the most common costs involved with closing. Once you have applied for your loan, the lender will provide you with a Good Faith Estimate of what they anticipate the closing costs to be.

Be sure to do your homework and ask extensive questions about these items and your closing on your new California coastal home will go much smoother on closing day.

/kh

Prior to the event, the map with the garage sale locations will be available at the same web address. Remember, by opting to pass along reusable items to others rather than taking them to the dump, you will conserve natural resources, reduce the burden on the local landfill, help out others in the community, and make some money in the process! Whether you are buying or selling this Saturday in Half Moon Bay, this is an even that you don’t want to miss!

/kh

Below are some of the top mistakes sellers make that you want to avoid when you are preparing your house for the market:

• Don’t be afraid to ask for help. You don’t have to go it alone, get advice from others on what looks neat and organized. Get your realtor’s advice; or if selling on your own, have a trusted third party walk the home with you and point out areas that look cluttered or cramped.
• There is no need to make extensive renovations or replace all the furniture. Keep things simple and your investments small. Updates to paint, replacing light fixtures or changing out pillows or bedcovers can all go a long way to giving your home an updated look without major expense.
• Leave out personal items and knick-knacks. Be sure to remove family photos, school projects and other personal items that might make it hard for a new family to envision themselves living in the space.
• If you need some inspiration, visit a few model homes for sale for ideas on attractive staging ideas for open spaces. Open up heavy curtains with tie backs and make sure that your furniture isn’t in the way of creating bright open spaces. If you need to take some things out, try temporary storage.
• Avoid painting with dark or intense colors. Keep your wall and flooring colors to neutral, adaptable tones. Even if bright or varied color palettes are trendy, they are too much for most prospective buyers.
• Avoid over-staging with accessories. Over the top accessories, including flowers, scents, and home décor items not only make it look like you are trying too hard, they can detract from the real form and functionality of your house.

Keeping it simple is the key to getting results from staging your home. Clean, uncluttered and neutral surroundings show off the possibilities of your home to your potential buyers.

/kh

Travel back in time at this great event in San Mateo County, so make sure you make plans to attend! For more information, please call the Sanchez Adobe site 650-359-1462 or the History Museum 650-299-0104.

/kh

1 — Experience

Purchasing a new home may well be the largest expenditure that you ever make. So it simply makes good business sense to enlist all the help you can get.

A seasoned real estate agent has completed more real estate transactions already this year than you’ll likely make in your lifetime. That adds up to a whole lot of knowledge and experience. Experience that can help navigate you safely and securely through every aspect of the buying process.

2 — Knows the Market

A real estate agent will know what’s happening in a particular area, or neighborhood, and help you decide if a home you find is a good value. Once you find a property that interests you, your agent will show you “comps” (comparable properties) of similar homes that have sold recently, as well as those that are currently on the market.

And if your real estate agent works with an established firm, he or she will have instant access to a host of proprietary tools — and property information — that may be difficult, or even impossible, to find on your own. All this information will help you make a well-informed decision.

3 — Saves Time

A good real estate agent is an organizational genius. He or she will manage to get you in to see new properties as soon as they become available — and arrange the most appointments possible within your available time slots, no matter how limited.

But remember, accessibility is a two-way street! Be sure to support your agent by being as flexible as possible — especially when your time is very limited.

4 — Good Listener

If you decide to use a real estate agent, look for someone who asks as many questions as you do. When you mention a price range, does the agent give you a ‘standard’ list of available properties, or is he or she able to make — or adjust — his or her recommendations based on what comes up in your conversations?

How interested is the agent in listening to your point of view? How many questions does he or she ask? After all, your real estate agent’s recommendations should vary substantially based on your personal needs and goals (for example, you may be starting a family, need to configure your new home to accommodate an office, need space for your son’s new car, or be downsizing).

5 — Tells the Truth (even when you don’t want to hear it!)

Expect that a good real estate agent will challenge you once in a while, ask the tough questions, and yes, even disagree with you occasionally. When he or she makes a recommendation that seems off-base, give your agent the opportunity to give you the facts — and share his or her knowledge and experience — before making a decision. Learn to trust your agent’s intuition, insights, and perspectives; they’ll often lead you in the right direction.

6 — Respects Your Budget

One of the most important things that your real estate agent will do is help you determine how much you can afford to spend. He or she may well ask you to consult with your accountant, financial planner, and/or mortgage broker before you make this important decision.

In some markets, there’s a lot more to purchasing an apartment than having cash for the down payment, and securing financing. For example, most Manhattan cooperative buildings (‘co-ops’), which account for about 75 percent of the properties in the city, will also look at your debt-to-income ratio (DTI), and your post-closing liquidity (yes, it can be a bit complicated!).

A good real estate agent will understand the particulars of your market, and help you find a terrific housing solution that you’ll be able to qualify for financially — and that will be possible within your budget.

7 — Team Player

Your real estate agent should be able to recommend a great team of professionals to support your purchase — from mortgage brokers and appraisers, to contractors and designers and real estate attorneys.

8 — Getting to Closing

Remember that finding the right property is only the beginning. Be sure your real estate agent is well prepared to negotiate aggressively on your behalf, and assist you in finding financing, if necessary. Your agent should be ready to follow through with your bank or mortgage broker, any other agents involved in the deal, and with your real estate attorney, until the purchase is complete.

9 — Gives Timely Updates

Throughout the buying process, stay in touch with your real estate agent regularly. He or she should give you regular updates on new properties, any changes in the local real estate market, mortgage rate changes, and so on. And you should update your real estate agent right away should any of your priorities change, or if your research turns up a property you may be interested in seeing. The result of working together closely? Finding just the home you’re looking for, more quickly.

10 — The Relationship

Don’t underestimate the importance of personality when you choose your real estate agent. You’ll be spending a lot of time with them — and entrusting them with one of the most important transactions of your life. So be sure to find someone you not only trust and respect, but also look forward to working with.

/kh