HELPING OUR HEROES FIND A HOME

by Margo S Morgan Your real estate match maker

Morgan Reality Services will help find homes for our heroes. We specialize in providing real estate services for Active duty, Reservists, and Veterans Armed Services members. As a Veteran, we have a burden to ensure that our fellow members of the Army, Navy, Air Force, Marine Corps, Coast Guard, or as a commissioned officer of the Public Health Service, the Environmental Services Administration or the National Oceanic and Atmospheric Administration are provided the best housing options to which they are eligible.

ARMED FORCES: VETERANS, RESERVISTS, AND ACTIVE DUTY MILITARY MEMBERS

Active duty, Reservists, and Veterans are eligible for certain benefits, including home loan guarantees (VA Loan), if you meet the time-in-service and other criteria. Active duty means full-time service as a member of the Army, Navy, Air Force, Marine Corps, Coast Guard, or as a commissioned officer of the Public Health Service, the Environmental Services Administration or the National Oceanic and Atmospheric Administration. A Reservist is an individual who works in their civilian careers or attend college full time while serving near home. The Reserve Components of the Armed Forces are: The Army National Guard of the United States, The Army Reserve, The Navy Reserve, The Marine Corps Reserve, The Air National Guard of the United States, The Air Force Reserve, and The Coast Guard Reserve. A Veteran is a former member of the Armed Forces of the United States (Army, Navy, Air Force, Marine Corps, and Coast Guard) who served on active duty and was discharged under conditions, which were other than dishonorable.

WHAT IS A VA LOAN

A VA-guaranteed loan is a loan made by private lenders (such as banks, savings and loans, or mortgage companies) to eligible Veterans, Reservists, or Active duty members. If you want to purchase a home, condominium or manufactured home, the VA can guarantee up to $453,100 of the total loan — much higher than you can get with most conventional home loans – in most South Florida counties. If you are considering refinancing an existing loan, VA offers you two options. You can either refinance to reduce your current interest rate or you can take equity out (cash-out). The “cash-out” option is limited to $144,000.

Additionally, there is no need to worry about a down payment (the portion of the home purchase price which the buyer pays in cash and does not finance) with a mortgage on a VA loan. However, certain funding fees (the percentage of total home loan paid to the VA at time of loan closing) and closing costs (expenses over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property, aka settlement costs) apply, and you must pay a portion of these fees upfront.

With a VA guarantee, you get a mortgage with a competitive interest rate. The lender you borrow money from is protected against loss up to the amount of the guarantee if you fail to repay the loan, and you have the flexibility to purchase a great home. Visit the Veterans Administration website for the current table of VA Funding Fees and for information on veterans who are exempt (pay zero) from funding fees.

Specifically, a VA home loan can help veterans:

Buy a home or residential condominium
Build a home
Repair, alter or improve a home
Refinance an existing home loan
Buy a manufactured home with or without a lot
Buy and improve a manufactured home lot
Install a solar heating or cooling system or other weatherization improvements
Purchase and improve a home simultaneously with energy efficient improvements
Refinance an existing VA loan to reduce the interest rate
Refinance a manufactured home loan to acquire a lot

ADVANTAGES OF A VA LOAN

The VA Loan program is the most powerful home loan program on the market for many veterans, reservists, active duty members and military families. These flexible, government-backed loans come with significant benefits that open the doors of homeownership to veterans and other military members who might otherwise struggle to obtain financing.

Equal Opportunity for ALL qualified Veterans to obtain a VA Loan
Reusable
No Down Payment (unless required by the Lender or the purchase price is more than the reasonable value of the property)
No Mortgage Insurance
One Time VA Funding fee that can be included in the loan
Veterans receiving VA Disability Compensation are EXEMPT from the VA Funding Fee
VA limits certain closing costs a Veteran can pay
Can be assumed by qualified persons
Minimum property requirements to ensure the Property is safe, sanitary, and sound
Dedicated VA Staff to assist Veterans who become delinquent on their loans