PCSmoves.com Real Estate BlogRecently posted or modified blog posts in the category - Veteranshttps://www.pcsmoves.com/blog/Copyright PCSmoves.com2024-01-09T07:35:21-07:00tag:pcsmoves.com,2012-09-20:14183Veterans Day 2022<img src="https://assets.site-static.com/userfiles/1913/image/iStock-528462035.jpg" width="2121" height="1414" />
Celebrating Veterans Day 2022
Whether you are enjoying one of the hundreds of free or discounted meals offered by local restaurants and eateries, marching in a local parade or observing a wreath laying at a local cemetary, we thank you for your service.
<img src="https://assets.site-static.com/userfiles/1913/image/iStock-475705392.jpg" width="350" height="239" style="float: right; margin: 20px;" />Your sacrifice (along with that of other veterans) allows everyone in America to enjoy the freedoms and liberties that we do.
“Better than honor and glory, and history’s iron pen, was the thought of duty done and the love of his fellow-men.” -Richard Watson Gilder
PCSmoves.com honors all of the heroes who have served the country and their fellow man with honor and bravery. We appreciate your service and we hope your Veterans Day is meaningful and an uplifting day for you.2022-11-10T10:59:28-07:002022-11-30T07:03:10-07:00PCSmoves Teamtag:pcsmoves.com,2012-09-20:12882Must-read VA Home Loan Tips<img src="https://assets.site-static.com/userfiles/1913/image/2.png" width="1000" height="600" />
Must-read VA Home Loan Tips
New to the VA home loan process? Using your VA home loan benefits to purchase a home is exciting, but can also be confusing. You’ll quickly learn new acronyms like APR (Annual Percentage Rate), GFE (Good Faith Estimate), and MPR (Minimum Property Requirements). Loan officers and underwriters will be asking for tax returns, pay stubs, and other documents. If you come to the process with some preparation and education, you will set yourself up for the best possible experience. We have included some tips that will be helpful along the way.<br /><br />Begin Without a Certificate of Eligibility | Your <a href="https://www.veteransunited.com/va-loans/va-home-loan-eligibility/#coe">VA Certificate of Eligibility (COE)</a> is not needed to start the VA loan process. Normally, your lender will procure this document for you down the road. If you are concerned about your entitlement amount, or would feel better having the proof early, you can use the <a href="https://www.ebenefits.va.gov/ebenefits/homepage">VA eBenefits portal</a> to get started. Be sure to get with your lender of choice to start your pre-qualification/pre-approval process though. <br /><br />Review Your Credit Report | Before pursuing your loan prequalification, get a <a href="https://www.annualcreditreport.com/index.action">free copy of your credit report</a>. Examine the report for errors. About 25% of credit reports contain errors that have the potential to derail your home loan. A good thing to know is that lenders see different scores than consumers, and use a formula weighted for mortgage lending. <br /><br />Problems With Job Gaps | The preference for lenders is to see that you have had your current job for at least two years. That may not be feasible, especially if you have separated from the military recently. If you fall under the two year threshold, the lender will want to see continuity between previous employment, education, MOS, and your current employment. The lender may require that you are at your current job for a certain number of months. If you fall into this category, better to ask questions now. <br /><br />Pre-approval is Not a Guarantee | Pre-approval is important because it tells you how much home you can afford, and how much the lender will likely extend to you. VA loan pre-approval and pre-qualification will help. Pre-approval shows sellers that you are a serious buyer who will likely be able to close. Your pre-approval letter is a welcome sight to both home sellers and their real estate agents, and your offer to purchase should get serious attention. <br /><br />Find a VA-Savvy Agent | Your VA home loan is a specialized product that some lenders and real estate agents are more familiar with than others. <a href="https://www.pcsmoves.com/contact/">Find an agent</a> who understands the VA home loan benefit, saving you time and money. An important consideration is an agent who understands the VA home loan appraisal process, and will steer away from properties that may not meet the VA’s minimum property requirements.
Money Needed Up Front | Most VA homebuyers will not need to make a down payment. But you will need funds for an earnest money deposit, an appraisal, home inspection, and possible closing costs. You may get some of these returned to you at the closing table.
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Understand Residual Income | Residual income is a very important requirement that is unique to VA home loans. The VA wants you to have a minimum amount of money left over each month after the mortgage payment and other major expenses. This benchmark changes by your family size and geographic location. It is important to understand this guideline. <br /><br />Home Inspection | A <a href="https://superinspectionpros.com/blog/top-10-benefits-of-home-inspections/">home inspection</a> is not required, but it is highly recommended. A home inspection allows you to get a clear look at the home you are purchasing and any potential problems that lie under the surface. You can renegotiate items with the seller after the inspection or you can use it for ‘informational purposes only’. <br /><br />Occupancy Requirements | The VA home loan is a program for primary residences so it has occupancy requirements. You are supposed to occupy the property within 60 days of your closing. A spouse can fulfill this requirement, which allows service members to purchase a home during a deployment. If you think that you may have potential occupancy issues, be sure to discuss them with your VA loan specialist. <br /><br />Buying New Construction | You can purchase a new construction home using your VA home loan benefit. You may need to get a short-term construction loan from the homebuilder or another financial institution to fund the home’s construction, then refinance that loan into a VA home loan using a construction-to-permanent refinance. <br /><br />Buying a Condo? Start Looking Early | Condominium homes are an acceptable property type for your VA home loan, but the condominium development needs to be on the VA’s list of approved condominium communities. If your chosen property is not in an approved community, you may be able to get it added, but the process can take some time. <br /><br />Community Property State? | If you are purchasing a home in a community property state, your lender can check your spouse’s credit score even if they are not going to be obligated to the loan. Plus, your spouse’s debts will likely be counted into your overall debt-to-income and residual income calculations. By providing income documentation, you may be able to offset the debt of your on-purchasing spouse.<br /><br />Child Support | If you are receiving child support, it may be able to be counted as effective income. Most lenders will want to see documentation that the support will likely continue for a few years after your loan closes. Conversely, if you are paying child support, that will be counted as debt.
We hope these tips will assist you along the road to home ownership using your <a href="https://www.benefits.va.gov/homeloans/">VA home loan benefit</a>, and give you food for thought during your initial home purchase planning. Please do not hesitate to reach out to one of our <a href="http://pcsmoves.com/contact">Military Relocation Specialists</a> for further assistance. 2022-06-24T07:19:00-07:002024-01-09T07:35:21-07:00PCSmoves Teamtag:pcsmoves.com,2012-09-20:5418VA Teams up with Non-Profit to Provide Covid-19 Quarrantine Kits to Veterans<img src="https://assets.site-static.com/userfiles/1913/image/7_29_PCSMoves.com_Blog_-_VA_COVID_Kits.png" width="1000" height="600" />
Non-profit group Help Heal Veterans has teamed up with the <a href="https://www.va.gov">Department of Veterans Affairs</a> to provide quarantine kits for veterans who are confined at home as a result of a positive COVID-19 test. <a href="https://www.healvets.org/how-we-heal/heal-vets-craft-kits">The kits</a> contain items to keep veterans who are in isolation at home, health centers, and long-term care facilities occupied. Craft supplies, educational and reading materials, and supplies that can be used to help create face masks are included in the kits.
<br />The kits also contain information regarding local resources and organizations that can provide assistance to veterans who are experiencing anxiety, stress, and boredom as a result of prolonged quarantine and isolation. Most COVID-19 quarantines are recommended for at least 14 days to help <a href="https://www.cdc.gov/coronavirus/2019-ncov/prevent-getting-sick/prevention.html">prevent unintentional spread</a> of the virus. Boredom is often harder to deal with than injury or illness, and these kits are specifically designed to provide recipients with several hours of activities and projects to engage and interest them.<br />
Currently, ten VA locations are participating in the program and if need and availability of resources continue, more locations may be added. The kits are being shared with local VA facilities, Community Living Centers, Veterans’ service organizations, and nursing homes. Home caregiver programs, home-based primary care, medical foster homes, and mental health programs are also being provided with kits for their participants. More than 140,000 free craft kits have been distributed since the beginning of the pandemic. If you would like to request home delivery of a kit, you can <a href="https://www.healvets.org/for-veterans/request-home-delivery">sign up here.</a>
Sabrina Clark, director of <a href="https://www.volunteer.va.gov">VA Voluntary Service</a> stated, "This craft kits pilot program has been a lifesaver both for our inpatient veterans as well as those in the community, particularly as we have had to suspend those recreational activities from outside organizations during COVID-19”.
Crafting provides rehabilitative and therapeutic benefits including improving fine motor skills, cognitive functioning, memory, and dexterity, and can help alleviate feelings of anger and other negative behaviors triggered by those suffering from <a href="https://www.mayoclinic.org/diseases-conditions/post-traumatic-stress-disorder/symptoms-causes/syc-20355967">PTSD</a>, and <a href="https://www.cdc.gov/traumaticbraininjury/index.html">TBI</a>. <br /><br />We invite you to learn more about this program and the <a href="https://www.healvets.org">Help Heal Veterans</a> organization’s COVID-19 efforts here. For the latest COVID-19 benefit changes and resources from the Defense Department, you can sign up for <a href="https://www.military.com/newmembers/vetben-cta17">newsletter updates</a> from Military.com.2020-07-27T10:51:00-07:002021-04-26T12:08:58-07:00PCSmoves Teamtag:pcsmoves.com,2012-09-20:4586The Best States for Vets To Retire<img src="https://assets.site-static.com/userfiles/1913/image/Thank_Vets_Sub1_PCS_zpskrazqtcb.jpg" width="400" height="267" style="float: right;" />Congratulations! It’s time to start your well-earned retirement from the military! Now the big question is this: do you want to stay where you are or move and get a fresh start? Do you want to move back home or somewhere entirely new?
If your potential move won’t be based on finances, a good choice might be an area that you know the best and have a good support system waiting.
There’s nothing like the ability to move back home to friends, family and everything familiar, especially if you haven’t been there for a while.
Maybe you’re of the mindset that home is wherever you make it. Your original home might not be calling to you, so it’s your time to put down some new roots. So how do you decide where to go? Throw a dart at a map? Look for another job?
<img style="border: 2px solid black; margin-top: 5px; margin-bottom: 5px; float: left;" src="http://i1125.photobucket.com/albums/l584/RealEstateGrp/Thank_Vets_Main_PCS_zpsr33od7df.jpg" alt="" border="0" />“…Military.com and USAA commissioned Sperling's BestPlaces <a href="https://www.military.com/military-transition/retirees/10-best-places-for-military-retirees.html">to create a list</a> of best places for military retirees to launch a second career, based on the best places in the nation for jobs that match military skills…here's the countdown of the best places for retirees to make use of their particular talents, from #10 to #1.”
#10: Manchester, NH
Advantages for military retirees: High number of defense contracts, low unemployment, no state tax on military retirement pay, low or no sales tax, affordable housing
Primary job sectors: Engineering, defense, government
#9: Omaha, NE
Advantages for military retirees: Many military contracts, low unemployment, affordable cost of living, local base amenities, high number of veteran-owned businesses
Primary job sectors: Government, defense, medical
#8: Raleigh, NC
Advantages for military retirees: Temperate climate, affordable cost of living, many industries that utilize military skills, quality base amenities and VA healthcare close by
Primary job sectors: Engineering, aviation, protective/emergency services
#7: Philadelphia, PA
Advantages for military retirees: High federal employment, defense contract awards and military skill jobs (despite higher unemployment rate than other areas), local access to VA health care and base privileges, no tax on military retirement pay
Primary job sectors: Government, defense, medical
#6: Madison, WI
Advantages for military retirees: Low unemployment rate and overall affordability, low sales tax, no state tax on military retirement pay, lower housing costs, high number of federal jobs, local VA medical center
Primary job sectors: Government, engineering, medical
#5: San Antonio, TX
Advantages for military retirees: High number of defense contracts and jobs that require military skills, convenient base amenities, local VA hospital, affordable standard of living, no state tax on military retirement pay
Primary job sectors: Defense, government, aviation
#4: Austin, TX
Advantages for military retirees: High federal employment, large number of defense contracts and military skill-based jobs, affordable housing, no state tax on military retirement pay, comfortable climate
Primary job sectors: Engineering, government, defense
#3: Richmond, VA
Advantages for military retirees: Large number of defense contractors, federal employment opportunities and military skill-based jobs, access to VA and base facilities, low sales tax
Primary job sectors: Government, defense, protective/emergency services
#2: Norfolk, VA
Advantages for military retirees: Large number of federal jobs and opportunities in industries seeking military skills, large number of defense contract awards, access to base amenities and VA hospital, mild climate, affordable housing
Primary job sectors: Defense, engineering, aviation
#1: Oklahoma City, OK
Advantages for military retirees: High number of jobs that require military skills, low unemployment rate, large number of veteran-owned businesses and federal jobs, many defense contracts, four military bases in the area, local VA medical center, affordable cost of living and housing
Primary job sectors: Government, medical, aviation
<img style="border: 2px solid black; margin-top: 5px; margin-bottom: 5px; float: left;" src="http://i1125.photobucket.com/albums/l584/RealEstateGrp/Thank_Vets_Sub2_PCS_zpskpsdgamm.jpg" alt="" border="0" />However, you know your life far better than anyone else, so you should consider doing more homework than looking at a list of 10 cities to decide where to move. As <a href="https://wallethub.com/edu/best-states-for-military-retirees/3915/">WalletHub</a> said, “…military retirement can be a far more complicated issue than one might assume, given the extent to which state tax policies on military benefits vary, the relative friendliness of different job markets toward veterans, and a variety of other socioeconomic factors.”
For 2017, WalletHub also published their own list, <a href="https://wallethub.com/edu/best-states-for-military-retirees/3915/">comparing all 50 states and the District of Columbia</a>, on a variety of factors that add to a comfortable military retirement. Their analysis used a data set of 22 key metrics, ranging from veterans per capita to a number of VA health facilities to job opportunities for veterans. The list doesn’t include territories of the United States.
Are you getting ready to retire and now have to decide if you want to go somewhere else or stay where you are? Share with us in the comments! Thinking about looking for a new home because of a PCS or a retirement move? <a href="https://www.pcsmoves.com/">Start your search with us!</a>2018-02-09T11:59:00-07:002020-03-16T11:31:32-07:00Gary Lundholmtag:pcsmoves.com,2012-09-20:4587Using a VA Loan To Buy A Home<img src="https://assets.site-static.com/userfiles/1913/image/VA_PCS_Blog_zpstt05obcl.jpg" width="400" height="267" style="float: right;" />One of the benefits of being in the military is being able to use a Veterans Affairs (VA) loan to buy a home without a down payment. If you're thinking about buying a home, you need to look into this option! Think of it as one of the benefits you've earned in exchange for your service to our country.
The VA helps service members, Veterans and eligible surviving spouses become homeowners. Private lenders, such as banks and mortgage companies, provide VA home loans and the VA guarantees a portion of the loan, enabling the lender to provide the homebuyer with more favorable terms.
“To be eligible, you must have satisfactory credit, sufficient income to meet the expected monthly obligations, and a valid Certificate of Eligibility (COE),” according to the <a href="https://www.benefits.va.gov/homeloans/index.asp">Department of Veterans Affairs</a>.
The length of your service or service commitment, duty status and character of service determine your eligibility for specific home loan benefits.
“Every veteran and active service member who meets the VA's eligibility requirements has something called entitlement…the most common definition is that it’s a specific amount the VA pledges to repay to a lender if the borrower defaults on the loan. This is part of the VA Loan guaranty,” according to <a href="https://www.vamortgagecenter.com/second_va_loan.html">VAMortgageCenter</a>.
An appraisal is required when using a VA loan, but it is not the same thing as a home inspection. The VA appraisal provides a valuable service, but it doesn’t guarantee that the home is free of defects.
<a href="https://www.valoans.com/articles/va-loan-home-inspections-appraisals/">VALoans.com</a> said, “VA appraisals will look at the value and the broad health and safety conditions of the property. Did you know a fee appraiser doesn't necessarily state whether the plumbing works properly or perform a roof inspection? Those are just two of the areas where 'hidden' problems could be lurking.”
Something to keep in mind once you get your VA loan, the Consumer Financial Protection Bureau and the VA are issuing their first Warning Order, to people with VA home loans. If you have a VA home loan, there is a chance you have already received unsolicited offers to refinance your mortgage that appear official and may sound too good to be true. Some lenders marketing VA mortgage refinancing may use aggressive and potentially misleading advertising and sales tactics.
If you decide to refinance your VA loan, take the time to <a href="https://www.blogs.va.gov/VAntage/43234/va-and-the-consumer-financial-protection-bureau-warn-against-home-loan-refinancing-offers-that-sound-too-good-to-be-true/">check here first</a> to find out if the offer is legitimate or too good to be true. If you start thinking about refinancing, call your lender as well and take advantage of their expertise.
The use of a VA loan is not just a one-time thing. People can re-qualify as first-time homebuyers over time, as long as that first VA loan has been paid in full so that homebuyers can use their VA loan option again and again.
“In fact, the VA has not set a cap on the number of times the VA loan entitlement may be used,” according to <a href="https://www.vahomeloancenters.org/what-amount-can-i-apply-for-a-military-mortgage-home-loan-for-second-home/">VAHomeLoanCenters.org</a>.
But if you’re in a situation where you would need to use two VA loans at the same time, it could be a possibility. Qualifying for the second loan in conjunction with the first is contingent upon the service members remaining entitlement and their unique situation.
VAHomeLoanCenters.org describes it this way: “…it is permissible to use both entitlements in connection with each other. Essentially, if the previous home purchase did not drain the borrower of the entirety of their entitlement, they may use the remainder for a second home purchase. Furthermore, when the borrower pays back the original loan, the entitlement is restored. Aside from the remaining entitlement requirement, a borrower must also demonstrate that purchasing a second home provides a net tangible benefit.”
Check VAHomeLoanCenters.org’s previous link for examples of specific restrictions of using your first and second loans at the same time.
Where has been your favorite place to live? Share with us in the comments! Thinking about looking for a new home because of a PCS move? <a href="https://www.pcsmoves.com/">Start your search with us!</a>2018-01-12T13:11:00-07:002020-03-16T11:33:17-07:00Gary Lundholm