Alameda, Ca., We have seen a lot of military residents in Alameda and a lot of VA financing. How long?  Well here is a brief history of  “NAS Alameda”…

Congress approved $10 Million to develop a Naval Air Station here in 1938. The station commissioned on November 1, 1940, with a minimum of facilities.  It was April 25^th 1997 the base saw the closing of NAS Alameda and on September 30^th 1996 the Naval Aviation Depot closed.  Naval Air Station (NAS) Alameda had 60 Military tenant commands for a combined military/civilian work force of 18,000 personnel. In 1997 the base closed, and the Navy began turning the property over to the City of Alameda. Alameda Point was born. The Bayport residential project is to date the largest new addition of housing for Bay Area residents in Alameda. Twenty-five percent of the homes are for affordable housing.

Now the military has a different housing opportunity. Ownership over barracks! Military can actually purchase homes up to $729,750 with little or no down payment.  Taking out a VA mortgage loan on a new home purchase in Alameda, CA is a fantastic way to finance a property with a low interest rate, with little to no required downpayment.

Purchasing a home with a VA loan is pretty straightforward. Listed below is an overview of the basic process:

1. Choose your lender, present your Certificate of Eligibility, and get pre qualified.
2. Find the property you would like to buy and arrange the purchase with the seller.  You’ll then sign a purchase contract conditional upon approval of a VA guaranteed loan.
3. The property gets appraised. If the determined value is acceptable and the VA Underwriter determines that your loan application meets the VA loan requirements, your mortgage can be approved.
4. You (and co-borrower, if applicable) will then attend the loan closing and sign the related papers. The closing escrow agent or attorney will explain loan terms and requirements and monthly payment details.

After these steps are completed, you will own your own home with a low-interest VA purchase mortgage, with no private monthly mortgage insurance required!

Please note that when the VA receives report of the loan, the Certificate of Eligibility is adjusted to reflect use of entitlement and is then returned to the veteran.

No further actions are required to get your COE back, which just makes the overall process easier for veterans.

A common question we get is, “How long does the VA loan approval process actually take?” The overall period of time it takes for a VA mortgage approval varies depending on the amount of volume the lender has at that moment. It also depends on how quickly the VA borrower is able to respond to documentation requests.

As of late, getting full approval and closing your VA purchase mortgage has been taking between 3 weeks to 45 days. This time-frame is more or less the same as that for conventional loans. A 30 day escrow should be no problem if the property is in good condition.

There are some things you can do to ensure your loan process is as quick as possible, such as sending requested documents as soon as possible, working with a knowledgeable VA loan specialist, and making your hours of availability as flexible as you can.

For calculations of down payments and rates for your home purchase give us a call for accurate pricing.  We have helped VA buyers in Alameda, Oakland, San Francisco and the entire Bay Area.

If you or someone you know is looking to explore their options with VA financing feel free to contact us, we are here to help you and we love serving those who serve.

Other VA articles you may be interested in:

VA Mortgage Loans in Alameda, CA- A Piece of Island History

VA Loan Requirements and Eligibility in Alameda, CA

Approved Property Types and Loan Limits for VA Loans

	Subscribe to The-Buzzz
	» JOIN NOW

Alameda Ca.  How to Purchase a Home One Day Afer a Shortsale in Alameda and California.

	Subscribe to The-Buzzz
	» JOIN NOW

When you are ready to write an offer to purchase a home, there are several key factors to keep in mind!

* Know how much home you can afford! Be sure to be pre-approved before you write an offer to buy a home.
* Know how long the home has been on the market. This could affect the price.
* Do your homework- consider the physical condition of the property.
* Work closely with your real estate agent.

Purchasing a home is one of the biggest financial decisions you will make!! It is our goal to ensure each transaction is a smooth one, let us know if we can help!

Presented by Maureen Shandobil
Direct: (510) 814-4880
Fax: (510) 864-7117
Email: mshandobil@HBRinfo.com
Real Estate License: 01072957

Apply online www.garrick.biz

	Subscribe to The-Buzzz
	» JOIN NOW

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 30, 2010.

Here is an excerpt from the report:

The MBA’s loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a low mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out a lower monthly payment. If consumers are able to reduce their monthly mortgage payment and increase disposable income through refinancing, it can be a positive for the economy as a whole (creates more consumer spending or allows debtors to pay down personal liabilities like credit cards). A falling trend of purchase applications indicates a decline in home buying demand, a negative for the housing industry and the economy as a whole.

Plain and Simple: Refinance demand continues to bolster the mortgage market as purchases account for only 22% of new loan apps. Home buyers are utilizing the FHA for low downpayment home financing. This is no surprise given the massive destruction of wealth that has occurred over the last two years. Although mortgage rates are hovering near record lows, and will likely hit new lows in the next release as more lenders are offering 4.25% on rate sheets this week, refinance demand just isn’t what it was last spring. This proves the theory that the pool of qualified borrowers has shrunk right along with the industry, or is it the other way around?

HAS PURCHASE DEMAND HIT A BOTTOM YET?
It’s still too soon to say, especially because it’s supposed to be the summer buying season, but three consecutive weeks of index improvement is a start. We just have to hope purchase loan DENIALS don’t rise right along with the increase in purchase loan demand. That whole qualification thing should raise doubts around any uptick in Pending Home Sales.

To read the full report click the link below.
http://www.mortgagenewsdaily.com/08042010_stolen_loan_demand.asp

	Subscribe to The-Buzzz
	» JOIN NOW