I have moved! I am now located in Oak Harbor Washington with Pinnacle Mortgage Planning, a sister company to Alpine Mortgage Planning. I am still doing the same thing, just a bit farther north. I apologize for not updating sooner but it has taken some time to get settled.

I am still associated with Alpine Mortgage Planning in Eugene and still licensed to do mortgage business in Oregon and Washington but have dropped my California license. Since almost everything is done by e-mail, text and scans anymore, there shouldn’t be a lot of change for my friends and customers from Oregon. However, since I am not in Washington, my company name is Pinnacle Mortgage Planning, not Alpine. Same company, different name in a different state.

So, how about my contact information? Well, all of my Oregon contact information is the same. You can still reach me at the same place, it just gets forwarded. For those in Washington, I have new contact information. Contact me at my Washington office, Pinnacle Mortgage Planning, 3157 N Goldie Rd., Ste. 107, Oak Harbor WA, 98277, 360-682-6913/541-221-3455 cell, I am always ready to help with the mortgage process. I am also in the process of compiling some Washington specific blog sites for future use.

I am still on top of what is going in the real estate marketplace and have people that I trust to work with in Eugene. Thanks for your continued support. I look forward to updating this on a regular basis, now that I am settled in.

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at my Washington office, Pinnacle Mortgage Planning, 3157 N Goldie Rd., Ste. 107, Oak Harbor WA, 98277, 360-682-6913/541-221-3455 cell or through Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

Eugene Loan Guy is now Whidbey Loan Guy is a post from: No Money Down OR & WA

A VA (Veterans Administration) guaranteed home loan is a great benefit for Oregon, Washington and California active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance required.

It is actually a great deal for vets in other states, but I am licensed in the three above. VA mortgage loans can be used towards purchasing a home, building a home (although hard to come by), or refinancing an existing mortgage up to 90% loan to value.

We will discuss what role the VA plays in a VA guaranteed mortgage, the benefits of a VA home loan, who is eligible for a VA loan, and the documentation you will need to present to your lender in order to apply.

Did you know that more than 27 million veterans and service personnel are eligible for VA financing, yet many aren’t aware it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement?

VA Does Not Offer Loans Directly and Does Not Guarantee You Will Qualify.

The VA does not actually lend the money to you directly. They offer a guaranty to a lender that if you should default on the loan, they will pay the lender a percentage of the loan balance.

*The word GUARANTY does not actually guarantee the veteran will qualify for a VA home loan.

Primary Benefits of a VA Mortgage:

• 100% financing
• No monthly private mortgage insurance is required
• There is a limitation on buyers’ closing costs
• The loan is assumable, subject to VA approval of the assumer’s credit
• 30 year fixed loan
• Seller can pay up to 4% of the veterans closing costs and even pay down they buyer’s debt to help lower their debt-to-income ratio
• Interest rates are similar to FHA rates
• You don’t need perfect credit

Frequently Asked Questions:

Q: My parent is a veteran. Can I obtain a VA loan if I have not served in the military myself?

No, the VA loan benefit does not extend to a veteran’s children.

Q: What is required to prove my record of military service?

You will be required to us Standard Form 180, Request Pertaining to Military Records, to apply for proof of military service.

Q: My spouse who has passed away was an eligible veteran. I am eligible for the home loan benefit myself?

A surviving spouse is eligible if they have not remarried, and the eligible veteran died during active duty service or as a result of a service-related disability.

Q: Is a VA loan better than a conventional mortgage?

In many cases, yes. VA guaranteed loans often offer a lower interest rate than conventional mortgages, they do not require monthly private mortgage insurance when borrowing more than 80% of a home’s value, and they can be easier to get approved for.

Q: How long does it take to get approved for a VA loan?

It varies depending on the current workload of your lender, but it is typically the same as for conventional mortgages – 3 weeks to 45 days.

Contact me

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

VA Mortgage Loans in Oregon, Washington and California is a post from: No Money Down OR & WA

A VA appraisal involves a thorough inspection of the home and property to determine the current market value of the home. This appraisal is especially geared towards reporting any defects involving safety or security of the home.

So, how does this fit into the VA loan process?

Simply put, even though the VA’s primary focus in assist veterans in financing a home, the VA must also take precautions to protect the investments of both the borrower and the VA itself with a good appraisal.

Let’s say that a veteran or member of the military found a house that he wanted to purchase for $200,000. The house seems to be exactly what he’s looking for; single story, gazebo in the backyard, freshly painted, and located on 4 acres of land out in the countryside.

He decides that he wants to use his use his hard-earned military benefits to get a zero money down VA loan. In other words, if approved, he’ll receive a fully financed $200,000 VA loan.

As part of the standard VA loan approval process, a VA-appointed appraiser goes to the property to do an appraisal of the actual worth. Unfortunately, the appraiser discovers that the house needs quite a bit of deferred maintenance, the gazebo hasn’t been permitted, and there are severe drainage issues throughout the property that need to be addressed, among other miscellaneous flaws. These are not items that would require repair prior to lending, however, they effect the property value.

Tallied up, the appraiser determines the value of the home and property to be $175,000 instead of $200,000. If they were health and safety issues, they would require repair prior to lending.

Because of the large difference between what the seller is asking for and the actual value of the property, the VA ultimately turns down the loan.

Of course, this is a somewhat extreme example, but you get the idea. The VA needs to verify that the actual value of the home and property is close to what a potential borrower wants to pay for it. Neither a mortgage bank nor the VA want to insure homes that are worth less than the loan amount.

Here is a list of things to consider when shopping for a new home:

• The appraiser needs to inspect both the inside and the outside of the house. If the house in question is being constructed, the appraiser still needs to analyze the property and construction site.

• The official appraisal report will contain a list of “observable repairs that need to be completed.”

• This report will also contain a list of “customer preference items to be installed.”

• A few small issues with the property won’t immediately disqualify it, but a lot of small issues or a few big issues may.

VA appraisals are ordered through the VA and not directly from the appraiser. This guarantees the appraiser is a neutral third party to the transaction. If, as in the case above, the appraisal comes in low, the buyer can always re-negotiate the purchase price.

Contact me

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

VA appraisal required on VA home purchase in Eugene/Springfield is a post from: No Money Down OR & WA