See details on help with Closing Costs at the bottom of this article - Time limited offer
Thank you for serving our country, now enjoy your well-deserved benefits extended to you from the US Government as a veteran, in this article will discuss your Veteran Benefits when it comes to buying a Home, to see VA Homes and other Homes go to the bottom of this article.
What is a VA Home Loan a VA loan is a type of mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). It is designed to help veterans, active-duty service members, and eligible surviving spouses buy, build, repair, retain, or adapt a home for personal occupancy.
VA Appraisal: VA loans require the property to meet certain minimum property requirements (MPRs) set by the VA. These requirements are in place to ensure that the property is safe, structurally sound, and sanitary. If the property does not meet these requirements, the seller may need to make repairs or adjustments before the loan can proceed. In a VA loan transaction, the buyer typically pays for the VA appraisal. This is a standard part of the VA loan process. The appraisal is used to determine the fair market value of the property being purchased, which ensures that the loan amount does not exceed the value of the property.
Funding Fee: VA loans often come with a funding fee, which is a one-time fee paid by the buyer to the VA. This fee can be rolled into the loan amount, but it's something sellers should be aware of when negotiating the terms of the sale.
For regular military personnel (first-time use), the funding fee for a zero-down VA loan was around 2.3% of the loan amount.
For subsequent use of VA loans, the funding fee was around 3.6% for zero-down loans.
These percentages can change, so it's essential to check the most current rates, consult with a lender who can provide up-to-date information. Additionally, certain individuals, such as veterans receiving compensation for service-connected disabilities, may be exempt from paying the funding fee.
Closing Costs: In some cases, VA loans may limit the amount of closing costs that the buyer is allowed to pay. This means that sellers may need to cover more of the closing costs themselves or negotiate with the buyer to cover these expenses.
Timelines: VA loans can sometimes take longer to close compared to conventional loans because of additional requirements and inspections. Sellers should be prepared for potentially longer closing timelines when dealing with buyers using VA loans.
While VA loans offer many benefits to eligible buyers, sellers should be aware of the specific requirements and potential implications when considering offers from buyers using VA financing.
Benefits of a VA Home Loan to the Veteran Buyer
No Down Payment (in most cases) One of the most significant benefits of VA loans is that eligible buyers can purchase a home with no down payment in many cases. This feature can make homeownership more accessible to veterans, active-duty service members, and eligible surviving spouses who may not have significant savings for a down payment.
Competitive Interest Rates VA loans often come with competitive interest rates compared to conventional loans. This can result in lower monthly mortgage payments and overall savings over the life of the loan.
No Private Mortgage Insurance (PMI) Unlike many conventional loans, VA loans typically do not require private mortgage insurance (PMI). PMI is an additional monthly expense that borrowers with less than a 20% down payment usually must pay to protect the lender in case of default.
Flexible Credit Requirements While VA loans still have credit requirements, they may be more flexible compared to conventional loans. Veterans and service members with less-than-perfect credit histories may still qualify for VA loans.
Limited Closing Costs VA loans limit the amount of closing costs that veterans can be charged, which can help reduce the upfront expenses associated with buying a home.
Assistance in Financial Hardship The VA offers assistance to borrowers who encounter financial difficulties and struggle to make their mortgage payments. They provide counseling services and may intervene with the loan servicer on behalf of the borrower to explore options to avoid foreclosure.
Streamlined Refinancing Options VA loans offer streamlined refinancing options, such as the Interest Rate Reduction Refinance Loan (IRRRL), which can help borrowers refinance their existing VA loan to obtain a lower interest rate or switch from an adjustable-rate mortgage to a fixed-rate mortgage with minimal paperwork and underwriting requirements.
This is a great benefit you can buy now that interest rates are high and when prices go up and interests rates come down you can refinance! Ask your Mortgage Broker about how easy it will be to refinance your VA Home Loan.
How my Investment Grows when I buy a VA Home:
Let's figure on a $700K Home purchase with a 100% VA Home Loan where you pay only the funding fee and other miscellaneous closing costs, the leverage is huge because of the inflation gains, not only does it go up on the small amount of your investment but on the total in this case $700,000, right now the appreciation for Broward homes in this price range is running around 10% that's $70,000 per year!
Florida VA Home Maximum Loan Limit
VA loans provide eligible buyers with significant advantages and can be a valuable tool for achieving homeownership and financial stability.
You can borrow as much as a lender is willing to lend without needing a down payment. However, veterans without their full VA loan entitlement are still bound to Florida's VA loan limits. As of January 1, 2024, VA loan limits for all counties in Florida are $766,550.
This amount is subject to change, please check with your loan provider to find out the maximum Home VA Loan that you qualify for.
How Long does it take to Process my VA Home Loan
With most lenders, you can expect your VA loan to close anywhere between 40 and 50 days.
If you see that you are going to need more time to close make sure to have your Buyer’s Agent put in an Addendum for the seller to sign agreeing to the new closing date and Finance Contingency extension if needed, since this can impact you EMD or buyer deposits.
How Much will my Fort Lauderdale Home be worth in 5 years?
In the period from 2018 to 2023 Residential Real Estate Prices increased by a whopping 20% per year or close to 100% by 2023.
Is as though the world has taken notice and every one wants to move to Fort Lauderdale and nearby cities!
Going with a very conservative appreciation rate for Homes of 3.5% per year you can expect a $500K Home to appreciate to:
5 years $594K
10 years $706K
20 years $1 Million
Due to low interest rates and other issues home values in Broward County FL increased by at least 20% in 2021, so as you can see this is a conservative estimate of future value, we might get another interest rate decrease soon, we’ll have to wait to see how the home market will react, it is impossible to predict the future, we can only look back.
VA Mortgage Broker / Lender that works with Veterans
I can provide you with the contact information to an excellent VA Mortgage Broker / Lender that I have worked with in many previous transactions he will answer all your questions and provide you with a Prequalification Letter in a matter of hours, if you don't have one yet, if you do please provide me with the Prequalification letter, (Email PDF) by the time we start looking at homes in person, sellers don't want to take their homes off the market without verifying that you can afford it.
Certificate of Eligibility (COE): A COE is a certificate that shows that you qualify for a VA loan. You can apply online through the VA's eBenefits portal, or your lender may be able to assist you in obtaining it.
Mortgage Brokers recommend that you don't buy any big-ticket items before getting your home because it could affect your FICO Score and ultimately your ability to qualify for the Home Mortgage
How to Get Ready to Buy:
🌟 Veteran-Friendly Service we understand your unique needs and are committed to delivering personalized, attentive service tailored to your preferences.
🌟 Access to Resources from VA loan expertise to local market insights, we provide the tools and knowledge you need to make informed decisions.
🌟 Honoring Your Service as a token of our gratitude, ask about our special discounts and incentives exclusively for veterans.
If you’re interested in buying a home in Broward County I want to hear from you, I’ll insert some special wording in the Offer to Purchase to protect you. Friend, I look forward to working for you.
See Details, I will Contribute 10% of my Professional Fee toward your Closing Costs!
In the Link Below you can enter other cities in Broward County and change the Price Range, VA, and other Homes, for full functionality register when asked:
Click Here to See Fort Lauderdale Area Homes for Sale
Thank you for the trust placed in me,
Antonio Ortega, LLC
www.AntonioOrtegaLLC.com For Residential Propertieswww.AntonioOrtegaLLC.net For Commercial PropertiesContact me and ask me about New Homes in Florida.
Visit our Secure Existing Homes Website: www.SouthBrowardHomesbyTony.comAntonio Ortega LLC Licensed Real Estate Professional with Global Luxury RealtyExisting Homes:P.S. Be it today, tomorrow or six months from now, I'm prepared to offer you dedicated extraordinary service.
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Monday, December 26, 2022
VA Home Loan in Florida, Buyer Benefits
Sunday, December 25, 2022
Retain an Attorney Florida Real Estate Transactions
Attorney and
Florida Real Estate Transactions
When you are
buying a property, you assume that the previous owner is up to date paying
their taxes, and that they do not owe for any past repairs (Mechanic’s Liens).
You may also
assume that they have closed all Opened Permits, Code Violations, etc.
Unfortunately, often this is not true, and this has led to horror stories for
countless amounts of buyers.
Most of
these nightmares could be traced back to the fact that not enough attention was
paid to details before presenting an Offer to Purchase. Once you close and the
property is transferred to you, you inherit all the existing problems, Liens,
Open Permits, etc.
There are
several reasons why it can be a good idea to retain an attorney in a real
estate transaction:
Legal expertise: An attorney can provide expert legal advice
and guidance throughout the real estate process. They can help you understand
your rights and responsibilities, as well as any legal issues that may arise
during the transaction.
Risk management: An attorney can help you identify and
mitigate potential risks associated with the transaction, such as title defects
or encumbrances on the property.
Negotiation: An attorney can help you negotiate the terms of
the transaction, including the purchase price, financing, and any
contingencies.
Documentation: An attorney can review and prepare the
necessary legal documents, such as the purchase and sale agreement, to ensure
that they are complete and accurate.
Closing: An attorney can assist with the closing process,
including reviewing and preparing closing documents, coordinating with the
closing agent, and ensuring that all necessary documents are properly executed.
How Much
will my Florida Home be worth in 5 years?
Going with a
conservative appreciation rate for Homes of 3.5% per year you can expect a $500K
Home to appreciate to:
5 years $594K
10 years
$706K
20 years $1 Million
Due to low interest rates
and other issues home values in Broward County FL increased by at least 20% in
2021, so as you can see this is a conservative estimate of future value, we
might get another interest rate decrease soon, we’ll have to wait to see how
the home market will react, it is impossible to predict the future, we can only
look back.
As you can
see the more home you can afford the better. This is not a guarantee it is only
an estimate.
Overall, retaining an attorney in a real estate transaction can help protect your interests and ensure a smooth and successful transaction.
Thank you for the trust placed in me,
Antonio Ortega LLC
Click Here to Contact Us
Things to do Before Putting Up my Florida Home for Sale
Selling my Home in Florida What should I do
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There are
several things you can do to prepare your house for sale:
First things
first – have a garage sale. Whatever doesn’t sell needs to be set out for a
Disabled American Veterans or Association of Retarded Citizens pickup. Once the
clutter is cleared away, it will be easier to see what needs to be done.
This is your
first impression, so it had better be a good one.
Edge, mow and
fertilize the lawn regularly. Make sure it’s well watered and reseed any sparse
areas.
Put a bright coat
of paint on your mailbox.
Trim hedges weed
lawns and flowerbeds, and prune trees regularly. Cut back overgrown shrubbery
that looks scraggly or keeps light out of the house.
Buy a new welcome
mat.
Check the
foundation, steps, walkways, walls and patios for cracks and crumbling, and
reseal if possible.
Clean and declutter: Make sure your house is clean and
clutter-free. This includes cleaning carpets, windows, and surfaces, as well as
getting rid of any excess furniture or clutter.
Repair and update: Fix any damage or worn-out features in
your home, such as leaking faucets, broken tiles, or outdated appliances.
Consider making small updates, like painting the walls or replacing old light
fixtures.
Stage the interior: Consider staging the interior of your
home to make it more appealing to potential buyers. This can include
rearranging furniture, adding decorative accents, and making sure each room
looks welcoming and well-organized.
Improve curb appeal: First impressions matter, so make sure
the exterior of your home looks attractive. This includes mowing the lawn,
trimming shrubs, and adding colorful plants or flowers.
Gather necessary documents: Have all necessary documents,
such as your property title and any warranties or receipts for repairs or
updates, ready to give to potential buyers.
Set the right price: Determine the right price for your home
by considering factors such as location, size, condition, and recent sales
prices for similar homes in your area.
See Details, I will Contribute 10% of my Commission towards your Closing Costs for an Existing or a New Home, which is the same as Cash!
Thank you for the trust placed in me,
Antonio Ortega LLC
Click Here to Contact Us
Saturday, December 24, 2022
How to Avoid Probate in Florida
Avoid
Probate in Florida
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You
probably have heard some horror stories of how when somebody died that intended
to leave his/her property to their kids, that they couldn’t because all the
costs involved in long litigation, there is a way to avoid this consult with a
probate attorney.
What Happens During Probate
During probate, the court appoints a personal representative, also known as an executor, to oversee the administration of the estate.
The personal
representative is responsible for inventorying and valuing the deceased
person's assets, paying any debts or taxes owed by the estate, and distributing
the remaining assets to the beneficiaries named in the will or, if there is no
will, to the heirs according to state law.
If the deceased person owned a home, it may be subject to probate and be included in the distribution of the estate's assets. If the home is not specifically bequeathed to a specific beneficiary in the will, it may be sold and the proceeds distributed to the beneficiaries according to the terms of the will or state law.
It is important to note that the probate process can be time-consuming and costly, as it involves court fees and legal expenses. It is possible for a person to lose their home as a result of probate if they are unable to pay these expenses or if the home is sold to cover the costs of the probate process.
Some Ways to Avoid Probate in Florida
Probate
is the legal process of administering a person's estate after they die. If you
want to avoid probate on your home, there are a few steps you can take:
Hold
the property in joint tenancy: If you own your home with another person as
joint tenants, the right of survivorship means that the surviving owner
automatically becomes the sole owner of the property when the other owner dies.
This can help avoid probate because the property does not need to go through
the probate process to transfer ownership.
Hold the property in a trust: Another way to avoid probate is to hold the property in a trust. A trust is a legal entity that holds legal title to property on behalf of a beneficiary. If you create a trust and transfer ownership of your home to the trust, the property will not need to go through probate to transfer ownership to the beneficiaries named in the trust.
Use
a transfer-on-death deed: Some states allow you to use a transfer-on-death deed
to transfer ownership of your home to a beneficiary after you die. This deed is
similar to a will in that it specifies who should receive the property when you
die, but it avoids the probate process because it takes effect immediately upon
your death.
Use
a life estate: A life estate allows you to retain the right to live in and use
your home for the rest of your life, while also transferring ownership to a
beneficiary upon your death. This can help avoid probate because the
beneficiary becomes the owner of the property immediately upon your death,
without the need for probate.
It's
important to note that each of these options has its own legal and financial
implications, so it's a good idea to consult with a real estate attorney or
financial advisor to determine the best option for your circumstances.
See Details, I will Contribute 10% of my Commission towards your Closing Costs for an Existing or a New Home, which is the same as Cash!
Thank you for the trust placed in me,
Antonio Ortega LLC
Click Here to Contact Us