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exempt
March, 20 2013 - by chad

As we have discussed in previous posts, 100% disabled veterans in Texas are 100% exempt from paying property taxes on their primary residence.  What came up recently, is how to handle the tax prorations at the time of closing on the sale of a home by a 100% tax-exempt seller and for the purchase-side of a 100% tax-exempt buyer.  Here’s the scoop…

If a veteran is 100% exempt from property taxes and is SELLING their primary residence in Texas, the taxes are prorated at closing based on the date of sale. ...

387-family-new-home
March, 1 2013 - by chad

The VA no longer does VA “inspections” in order to purchase a new home. The builder simply needs a VA Builder ID with the VA so that the VA can contact the builder if they need to. For smaller builders who do not have a VA Builder ID, we help them get one. It’s not a big deal at all. Just remember, a VA appraisal is still required as it is on any VA loan when purchasing property. Contact us if you have any questions at all!

reverse_mortgages
January, 15 2013 - by chad

Big news for Texas home buyers!  You may have a new loan program for purchasing a home.  Earlier this week Senator John Carona filed Senate Joint Resolution 18 to authorize reverse mortgages for home PURCHASES in Texas.  If the bill is approved in November, Texas home buyers 62 years of age or older will be able to use an FHA reverse mortgage to purchase a home, not just refinance it.  For example, say you have $100,000 cash to purchase a home and you do not want a mortgage payment.  In that ...

images
July, 3 2012 - by chad

 

 

A DD-214 is needed for any VA or Texas Vet loan.

If you do not have one and need it quickly, we highly recommend Aardvark Research Group.

VLB_Logo
May, 1 2012 - by chad

Today the Texas Veteran’s Land Board announced that the new Texas Vet Housing Assistance Program loan limit is $417,000, up from $325,000.   They also increased the land-only program to $100,000, up from $80,000.  That’s how Texas takes care of our military veterans!

For more information, see www.texasveterans.com.

blog_image_042
November, 3 2011 - by chad

You may have heard that some lenders limit the number of financed properties to four total.  In other words, you can own as many properties as you like, but most lenders will not finance a property for you if you already have four mortgages. Fortunately we have investors who will allow us to finance your primary residence regardless of how many other properties you own.  This obviously assumes you can qualify with all of them.   Apply online via our secure form at chadbowman.com/apply.

 

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October, 31 2011 - by chad

Quite often I hear military veterans trying to decide between a VA loan and a Texas Vet loan when purchasing a house.  The funny thing is, there is no such thing as a stand-alone Texas Vet purchase loan.  The Texas Veteran Housing Assistance Program must be used in conjunction with a VA, FHA, or Conventional loan.  Over roughly 85% of the time, veterans use it with VA financing since typically no down payment is required and there is no mortgage insurance.

The real decision to be made is if the veteran ...

blog_image_038
October, 27 2011 - by chad

One of the great benefits of VA loans is that the veteran is allowed to receive gift money from family members to help cover closing costs. All that is typically needed is a completed gift letter signed by the veteran and the donor, as well as documentation that the transfer has taken place. There are no limits on the gift money when it is coming from a family member.  Just remember, this is for gift money from family members, not for loans from family members.

blog_image_034
October, 24 2011 - by chad

There are two ways that I know of to get a copy of your military discharge papers.  The first is from the National Archives.  It can take several weeks to several months, depending on your branch of service and when you served.  Here is the link:

National Archives Military Records Request

The alternative is a private company who claims to expedite the service and say they can get it for you in about a week.  I was skeptical, but one of my veteran clients used this service recently ...

blog_image_031
October, 19 2011 - by chad

I honestly cannot count how many times I’ve heard that a lender recommended FHA financing to a veteran, even though a VA loan would have been a much better deal. The truth is, FHA loans are easier for most lenders since most lenders do way more FHA loans than VA loans. That is, of course, a horrible excuse for giving a veteran a loan program when another program (VA) would have been a much better option.

Without going into the details of the financial analysis between VA and FHA loans, just know this… If the FHA upfront ...