Loan Programs
The Process
Get Started
Ask Chad
VA MCE Postcards FINAL_001
April, 1 2013 - by chad

You and your co-workers are invited to join us for my brand new 2 hour MCE class being offered April 10th at ABOR. You will find a registration link at www.VAMCE.com. The same class is offered every month for the next 5 months, so if April 10th doesn’t work for your schedule, check the calendar below! Thousands of military veterans are coming back to Texas after serving all over the world. Are you ready to help them buy a house?

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. ...

logo_home
March, 13 2013 - by chad

We have a class coming up on 4/10/13 from 2:00-4:00! Chad’s new training class will emphasize VA and Texas Vet programs from pre-approval through funding. Click here to register.

ABOR
Course Number: 02-00-035-25086
Course Name:  Home Loans for Veterans
Cost:  $18 members/$22 non-members
Location:  10900 Stonelake Blvd., Ste A-100, Austin 78759

250px-Old_Camp_Mabry_Entrance
March, 8 2013 - by chad

It is almost time for Camp Mabry Open House/Muster Day- April 20-21. 8 am to 5 pm both days. Admission is FREE. Battle Reenactment, Helicopter Demo, Traveling Vietnam Wall Memorial, Vendors, American Heroes Airshow ( Saturday Only) and much more. Call the museum for more details 512-782-5659

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!

images
February, 15 2013 - by chad

Some veterans take advantage of the Texas Veterans Housing Assistance Program (VHAP) to pick-up a lower interest rate on their mortgage. The huge savings on the interest rate is partially offset by additional closing costs for the program.  Here is what you can expect on a Texas Vet Housing Assistance loan with

United Lending:
Lender’s Origination Fee (1% of loan amount)
Texas Vet Participation Fee (0.50% of loan amount)
Standard Lender Fee of $1,370

The $1,370 is standard on all of our loans, so the 1.50 points is what you are paying ...

Summit-Graphic-Slideshow1
February, 13 2013 - by chad

Come visit us at the 15th Annual Veterans Summit! We will be at the Veterans Expo and Clinic from 1:00-6:00.

The Veterans Expo will include state, local, and federal government agencies, veterans organizations, not-for-profit organizations, schools and companies that provide veteran-specific services which assist veterans and their families. The Veterans Clinic will feature Claims, Employment, and Education Clinics where staff from the Texas Veterans Commission will be available to provide direct, one-on-one assistance to veterans.

Percentage
February, 8 2013 - by chad

Many loan programs limit seller contributions to 3%, 4%, or 6% of the sales price.  The VA even says in its handbook that the seller cannot contribute more than 4% of the sales price; HOWEVER, the handbook also says “Do not include normal discount points and payment of the buyer’s closing costs in total concessions for determining whether concessions exceed the 4% limit.”  Makes absolutely no sense, right?

How we interpret this guideline is that the seller can essentially pay ALL of the buyer’s closing costs, pre-paids, and escrows, and even ...
Seller_paid_closing_costs_1_4000003-150x150
February, 7 2013 - by chad
So there are fees you see on just about every home loan, including origination fees, processing fees, attorney fees, escrow fees, etc. that most home buyers pay to finance their home.  The VA, however, does not allow the veteran buyer to pay some of these fees above 1% of the sales price, so they have to be paid some other way.  Note: The VA never said the seller has to pay these fees.  The Realtors could pay them, but that should not be necessary.  The lender could pay them, but ...
images
February, 5 2013 - by chad

Termite reports are typically required on VA loans.  We need them on all purchase loans for existing properties as well as on any VA refinance that requires an appraisal. Typically buyers have it done at the same time they have the property inspected, which is usually during their option period.  Unfortunately the VA says the buyer is not supposed to pay for it, but in my experience over the last 8 years, they almost always do.  Where it has been an issue lately is that many lenders are starting to ...