How to Assess the Real Cost of a Fixer Upper House!

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  How to Assess the Real Cost of a Fixer-Upper House

  When you buy a fixer-upper house, you can save a ton of money, or get yourself in a financial fix. Read

Visit houselogic.com for more articles like this.

Copyright 2013 NATIONAL ASSOCIATION OF REALTORS®

5 Awesomely Easy Landscaping Ideas!

5 Awesomely Easy Landscaping Ideas!

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  5 Awesomely Easy Landscaping Projects

  Ramp up your curb appeal with cool landscaping projects you can easily pull off in a weekend. Read

Copyright 2013 NATIONAL ASSOCIATION OF REALTORS®

                         

Jane Loveday
Pacific Real Estate Center
Direct 619.519.1615
http://janeloveday.com
http://www.facebook.com/realestatesandiego
http://www.linkedin.com/in/janeloveday
http://www.twitter.com/sdrealestate

 

10 Most Common VA Loan Questions

 

 

 

Am I eligible for a VA Loan?

 

If you are serving in the Military or have been honorably discharged you have most likely earned the right to use the VA Loan.  Active Duty members need 90 days during wartime or 180 days during peacetime.  Reservists must complete their 6-year commitment to be eligible for VA Loan Benefits.

 

 

How do I qalify for a VA Loan?

 

Once you know you are eligible for the VA Loan, the next step is to Pre-Qualify.  Pre-Qualification is a look at your credit and income and determine your purchase power.  Contact a trusted VA Approved Lender to get started today.

 

What Credit Score do I need to qualify for a VA Loan?

 

Typically, a credit score of 620 is required in order to obtain VA financing.  That's not to say that everyone with a 620 score will qualify, as the Debt to Income Ratio also play a part.

 

What is Debt to Income Ratio?

 

Your Debt to Income Ratio, or DTL, is defined as your total monthly obligation divided by your total gross monthly income.  This can be a bit complicated to compute, with many facotrs playing a part, so make sure you have a experienced VA Approved Lender to go over your debt ratio with you.

 

What is an acceptable DTI for qualification?

 

There is no hard and fast rule for this.  Typically, your debt ratio will need to stay below 50%.  In some cases, it is possible to be approved with a DTI higher than 50%.  The best thing to do is to speak with a VA Approved Lender regarding your qualification.

 

What happens after I'm Pre-Qualified?

 

After you are Pre-Qualified, your lender will probably send you a documentation packet.  The VA Loan is documentation-heavy, so it's best to get this out of the way early rather than try to wait until you are under the gun to close on your home.

 

What if I am not able to qualify?

 

Not to worry.  Just because you can't qualify now doesn't mean you can't qualify in the future.  Talk to a trusted VA Approved Lender to see what you ned to dos to qualify, either now or down the road.

 

Can I use the VA Loan for a refinance?

 

Yes, you can refinance from any type of mortgage into the VA Loan program.  There are restrictions, so the best thing to do is call a trusted VA Approved Lender to get started.

 

What is the main benefit of the VA Loan Program?

 

The VA Loan allows you to finance 100% of your purchase price.  These days, 100% financing outside of the VA Loan Program is next to impossible.

 

What are other beneifts of the VA Loan Program?

 

The VA Loan Program allows you to negotiate your closing costs to be paid by the seller.  This allows you to close for little to no money out-of-pocket.  VA Loans are also Government-backed, meaning they offer lower rates and fees compared to other loan programs.  Current VA homeowners also have the option to Streamline Refinance at current market rates, lowering payments and freeing up extra monthly cash flow!

 

For a referral to a qualified VA Loan Officer please contact me!

 

 

Jane Loveday, E-Pro
Licence # 01439083
Pacific Real Estate Center
619-519-1615 Cell
http://janeloveday.com
http://www.facebook.com/realestatesandiego
http://www.linkedin.com/in/janeloveday

Home Appraisals - How to understand them when buying or refinancing...

1. An appraisal isn’t an exact science

When appraisers evaluate a San Diego home’s value, they’re giving their best opinion based on how the home’s features stack up against those of similar homes recently sold nearby. One appraiser may factor in a recent sale, but another may consider that sale too long ago, or the home too different, or too far away to be a fair comparison. The result can be differences in the values two separate appraisers set for your home.

2. Appraisals have different purposes

If the appraisal is being used by a lender giving a loan on the home, the appraised value will be the lower of market value (what it would sell for on the open market today) and the price you paid for the house if you recently bought it.

An appraisal being used to figure out how much to insure your home for or to determine your property taxes may rely on other factors and arrive at different values. For example, though an appraisal for a home loan evaluates today’s market value, an appraisal for insurance purposes calculates what it would cost to rebuild your home at today’s building material and labor rates, which can result in two different numbers.

Appraisals are also different from CMAs, or competitive market analyses. In a CMA, a real estate agent relies on market expertise to estimate how much your home will sell for in a specific time period. The price your home will sell for in 30 days may be different than the price your home will sell for in 120 days. Because real estate agents don’t follow the rules appraisers do, there can be variations between CMAs and appraisals on the same home.

3. An appraisal is a snapshot

Home prices shift, and appraised values will shift with those market changes. Your home may be appraised at $150,000 today, but in two months when you refinance or list it for sale, the appraised value could be lower or higher depending on how your market has performed.

4. Appraisals don’t factor in your personal issues

You may have a reason you must sell immediately, such as a job loss or transfer, which can affect the amount of money you’ll accept to complete the transaction in your time frame. An appraisal doesn’t consider those personal factors.

5. You can ask for a second opinion

If your home appraisal comes back at a value you believe is too low, you can request that a second appraisal be performed by a different appraiser. You, or potential buyers, if they’ve requested the appraisal, will have to pay for the second appraisal. But it may be worth it to keep the sale from collapsing from a faulty appraisal. On the other hand, the appraisal may be accurate, and it may be a sign that you need to adjust your pricing or the size of the loan you’re refinancing.


Jane Loveday
Licence # 01439083
Pacific Real Estate Center
619-519-1615 Cell
http://janeloveday.com
http://www.facebook.com/realestatesandiego
http://www.linkedin.com/in./janeloveday
http://www.twitter.com/sdrealestate

The Home Buying Process!

This year we have a shortage of inventory if you are looking at properties under $500,000, and wow that's a lot of money to begin with!

However, there are homes and working with the right agent, you will be successful in finding the new home of your dreams.  As it shows below, it is the AGENT, who is always the most successful in helping you, and I am here, I can help too!

For any questions about the home buying process, please do not hesitate to contact me!

Jane Loveday
DRE # 01439083
Pacific Sothebys International Realty
619-519-1615 Cell
http://janeloveday.com
http://www.facebook.com/realestatesandiego
http://www.twitter.com/sdrealestate
http://www.linkedin.com/janeloveday

CALIFORNIA LOVE !!

As of last year the #1 state to move to out of California to was Texas, 2nd was Arizona then Washington!  However the majority staying in the same county in California was almost 50% of those moving ... where are you going to go, remember I am here, I can help no matter where you are moving to!!

Jane Loveday

DRE # 01439083

Pacific Sothebys International Realty

619-519-1615 Cell

http://janeloveday.com

http://www.facebook.com/realestatesandiego

http://www.twitter.com/sdrealestate

http://www.linkedin.com/in/janeloveday

Legal Mistakes Home Sellers Make

Jane Loveday
DRE # 01439083
Pacific Sothebys International Realty
619-519-1615 Cell
http://janeloveday.com
http://www.facebook.com/realestatesandiego
http://www.twitter.com/sdrealestate
http://www.linkedin.com/in/janeloveday