15 minute read
Real Estate
RESIDENTIAL REAL ESTATE BE HOMESMART THE BATSON TEAM – FROM OUR VIEWPOINT
By Al and Jean Batson of The Batson Team
Q: I served my Country in the military. Can you help me understand my VA home loan benefits?
A: Using your VA benefits provides you an excellent way to purchase a home utilizing a Zero-Down program with a lower interest rate than a nonVet can obtain. In fact, depending on how much of your “entitlement” is available to you ($484,350 is the maximum amount for a VA loan), you can purchase more than one property. If you already own a home with a VA loan but you want a different property, you can purchase a new property – but it must be your primary residence. You have the option to keep the original property as long as the total loan amount between the original property and the one you plan to purchase (as of today) doesn’t exceed $484,350.
Additionally, you can use a VA loan to purchase a home at a sales price higher than $484,350. However, you must provide a down payment equal to 25 percent of the amount that exceeds the $484,350. For example, let’s say you want to buy an $850,000 home and you qualify for the maximum VA loan amount of $484,350 - then you must make a down payment of $91,412 (25 percent of the difference between $850k and $848k). The point is that you aren’t restricted to a home topping out at $484,350 if you can come up with a down payment. For comparison sake, most Jumbo loans would require a 20 percent down payment of $170k on $850k sales price.
In the past, if a Veteran was in competition with offers where Buyers/Sellers pay their own normal closing costs [Conventional loans], the Veteran’s offer was often declined because the seller was required to pay “nonallowable fees”” [meaning the Veteran was not allowed to pay them]. Those costs cut into the proceeds the Seller would receive. The good news is that today the VA allows the veteran to pay their own loan costs thus putting them on an even playing field with other offers. Those former “non-allowable fees” were Lender Fees, Escrow Fees, miscellaneous Title Fees, Notary Fees and the Termite Report (required for all VA Loans).
Be aware that if the above referenced fees exceed 1 percent of the loan amount, then the Veteran can ask the Seller to pay the difference OR, more likely, to be competitive, he/she can take an interest rate of 0.125 percent above the current rate (which is a very minimal amount) to obtain a lender credit that covers those costs without impacting the Seller at all.
What are other advantages to using your VA benefits, in addition to the lowest interest rates? Vets have easier credit requirements, no monthly PMI (mortgage insurance) payments and the best Jumbo rates available.
If you’re a Veteran and have an interest in purchasing a home using your VA Benefits, your Realtor can put you in touch with lenders who will put together your pre-qualification letter and loan. We defer to the experts – Realtors are not Mortgage Lenders, but we value their expertise tremendously in putting the transaction together.
We’ll find the property – the Lenders will work side-by-side with the Realtors, VA and Title Company’s Escrow officer for a successful close of escrow.
(Information based on a Mortgage Disclosure for Agents continuing education class by Premier Financial Solutions, LLC/Ryan Halldorson/VIP Mortgage, Instructor)
If you have questions or a topic you’d like to see covered, please email me at: Jean@AlandJeanBatson.com. We love to hear from you.
Ameriprise Financial is proud to recognize Renee A. Hanson for being named to Forbes Best-in-State Wealth Advisors for 2019.
Thank you, Renee, for your dedication and commitment to helping your clients live brilliantly.
Renee A. Hanson CFP®, ChFC®, CEP®, CDFA, CFS®, BFA®, APMA®
Private Wealth Advisor
602.923.9800
renee.a.hanson@ampf.com www.affinitywealthadvisor.com CA Insurance #0E87143
Affinity Wealth Advisory Group
A private wealth advisory practice of Ameriprise Financial Services, Inc.
Forbes/SHOOK Research listings are based on data compiled by many of the nation’s most productive advisors, selected by their firms, which is then submitted to and judged by SHOOK Research. Key factors and criteria include: assets under management, revenue produced over a three-year period, regulatory and compliance record, and credentials/years of professional experience. Portfolio performance is not a factor. This award is not indicative of this advisor’s future performance. Neither Forbes nor SHOOK Research receives compensation in exchange for placement on the ranking. © 2019 Ameriprise Financial, Inc. All rights reserved. (03/19) 3 Ways to Buy a North Valley
Home for Less Money
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SPRING CLEANING IS QUICK AND PAINLESS WITH THESES TIPS FROM MAIDPRO
Spring cleaning is right around the start at 7 a.m. on Saturday is a recipe GATHER TOOLS AND SUPPLIES Bending down. Scrubbing vigorcorner! MaidPro shares ideas for for procrastination and failure. Give Getting through big cleaning jobs is ously. It’s all heavy exercise that uses how to get through your spring yourself mornings off and plan to start all about momentum. And you defi- muscles you might not even rememcleaning fast and with the least amount just after lunchtime. Likewise, if your nitely don’t want to have to break mo- ber you have, especially if you spend of pain: energy always crashes around 3 p.m., mentum to run out for more supplies. most days sitting behind a desk. Just plan to be up working with the birds. Use your schedule to plan and gather as you warm up and stretch before MAKE A CHECK LIST The same goes for anyone you might tools and supplies accordingly. a run or workout, your body with Grab a pad of paper or task app and be recruiting to help. thank you for doing the same both walk through each room, noting what MAKE A SPRING-CLEANING before and after each big springhasn’t been cleaned in a while and REMOVE DISTRACTIONS PLAYLIST cleaning job. what you might do to lighten and When you’re up on a step ladder Just about every task in the world freshen up each space. Think windows/ washing windows and walls, pushing feels easier and goes by faster when Finally, and—as always—if your list screens, pillows, heavy bed linens, etc. furniture around and flipping mat- you’re blasting, singing along, and or schedule feels overwhelming or tresses, the last thing you’ll want to moving to the music you love most. you are just not that into cleaning, BUILD A SCHEDULE hear from your kids is: ‘We’re hun- consider calling in a PRO team to Take your list, sit down with a calendar gry’ or ‘We’re bored.’ Or, from your TAKE CARE OF YOUR BODY relieve some of that spring-cleaning and map out a specific schedule for doggo: ‘Let’s play ball’ or ‘I need Moving furniture. Reaching up. burden for you! when you will complete all the vari- to be walked right now.’ Building a ous tasks on your list. Try scheduling spring-cleaning schedule enables you in half-day increments so you won’t to plan ahead and find others with overdo it physically and will still have whom you can barter child, pet, and plenty of free time to enjoy life. other care duties so you’ll both have adequate time and attention for big KNOW YOURSELF spring-cleaning tasks. While you’re (AND YOUR TEAM MEMBERS) at it, turn off your phone or at least If you’re just not a morning person, silence notifications. You’ll be more scheduling a large cleaning job to effective and finish faster. It’s finally springtime, why waste it cleaning? Our home cleaning service eliminates all your dirty tasks. Address Line 1 Address Line 2 City, ST, Zip Code Suites Are Limited Reserve Yours Today ! e eserv Yo It’s finally springtime, why waste it cleaning? Our home cleaning service OWN YOUR OWN CUSTOMIZABLE eliminates all your dirty tasks. GARAGE SUITE Professionally Trained Top-Quality Cleaning Tools Consumer Protection At Red Hawk Garage Suites you choose how to use your space.
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READY, SET, SELL: 3 HOME IMPROVEMENTS TO MAKE THIS SPRING
By James Judge
Homeowners across the Valley are getting ready to list their homes this spring, which, according to a recent Zillow analysis, tends to be the best time of year to sell your house.
Scottsdale-based HomeSmart found the best months in the Valley has varied between May and July during the last three years, which is a good indication that 2019 won’t be that different. Therefore, if you’re thinking of selling, now is the time to get ready!
An essential first step in the homeselling and improvement process is to find an agent who can help you. It’s important to work with someone who understands your neighborhood, the value of your home and what you can do to stand out among the competition. Today, so many people’s first impression comes from the listing photos because buyers are browsing online before they look at a home in person. It’s so important to make sure your home is picture-perfect before listing!
As a designer and Realtor, I work with my clients to enhance their homes with staging, DIY improvements and essential repairs before listing it for sale. With just a few simple changes, a property sells faster and for top dollar. We all know that decluttering, removing personal belongings and cleaning are important when selling a house, but in today’s market, it’s important for sellers to take things a step further. For about $500 or less, sellers can dramatically improve the appearance of their home to help attract buyers.
THE POWER OF CURTAINS
Curtains are low cost but make a huge visual impact because they add color and help frame a view. Hanging them 12 inches above the window and extending them to the floor can help make ceilings feel taller and the room seem bigger.
My Designer Tip: Install the same solid color curtains on all the windows in the house to create a neutral appearance.
My Favorite Place to Shop: IKEA
Total Estimated Cost: $30-$150
EMBRACE THE TRENDS
Changing light fixtures can make a home go from feeling dated to looking stylish. Foyer lights are essential because this is the first thing a buyer sees when they enter a home, but a dining room chandelier is where you’ll get your biggest impact because it’s typically one of the largest lights in the home. Make it count!
My Designer Tip: Keep it consistent so that all fixtures are of the same metal finish and a similar style to help buyers feel like the home has a unified design.
My Favorite Place to Shop: Stardust Building Supplies. With two locations in the Valley, you can find amazing second-hand light fixtures and home items for great prices.
Total Estimated Cost: $50-$200
STAGE TO SELL
Is your dining table too big for the space? Go to your local thrift store to find one that fits the space better. People are not usually buying the furniture, but they are looking at it. Stage your home to emphasize its highlights.
My Designer Tip: Things don’t need to match perfectly, but having the right scale is essential so buyers can imagine their own things in the home as well.
My Favorite Place To Shop: Goodwill. Bigger furniture items are so affordable and you can fill in the missing pieces of your home without breaking the bank.
Total Estimated Cost: $5-$100
Getting a home ready to sell can be a lot of work, but these simple changes are money and time well spent to help your home be the best it can be. If you start now, you can enjoy the DIY part as well. Spray paint is one of the easiest DIY tricks you can use to update a light fixture and completely transform it from blah to beautiful. Gel stain is another simple solution for wood pieces because it allows you to touch up scratches without completely resanding. This can easily turn a thrift-store find into a stylish piece of furniture.
If it’s time to sell, it’s time to get started.
James Judge is a designer and HomeSmart Realtor.
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The Wells Fargo Home Projects® credit card is issued by Wells Fargo Bank, N.A., an Equal Housing Lender. Special terms for 6 years (72 months) apply to qualifying purchases of [$X,XXX] or more charged with approved credit. The special terms APR will continue to apply until all qualifying purchases are paid in full. The monthly payment for this purchase will be the amount that will pay for the purchase in full in equal payments during the promotional (special terms) period. The APR for Purchases will apply to certain fees such as a late payment fee or if you use the card for other transactions. For new accounts, the APR for Purchases is 28.99%. If you are charged interest in any billing cycle, the minimum interest charge will be $1.00. This information is accurate as of 02/01/2018 and is subject to change. For current information, call us at 1-800-431-5921. Offer expires [05/31/2019].
