Most people hear the term "sticker shock" and they think of cars. For military families relocating to Fort Belvoir from other bases around the country the term can also explain their first reaction to housing prices in Northern Virginia. Today's market has helped lessen that shock but it is still something to consider as you decide whether you should buy a home in the area.
One of the many benefits that the military offers is the VA loan which has made a comeback for buyers in Northern Virginia over the last year. The first thing I recommend to anyone with PCS orders to Fort Belvoir is to verify their BAH rate for the area, this will help you with understanding how much of a payment you might be comfortable making. Then take a look at your VA loan eligibility status. If you are eligible then you should go ahead and request your Certificate of Eligibility (VA Form 26-1880) directly from the VA or most lenders will have the ability to request the certificate electronically as well.
Why have VA loans become popular again? Due to the changes in lending rules a VA loan offers the advantage of a low down payment, no pre-payment penalties, easier qualification and loans are assumable which could be an advantage when you go to sell your home in a few years. In our current market the VA funding fee which had been a sticking point for sellers a few years ago is now just part of making the deal happen easing the way for a seller to see the benefit of accepting an offer with a VA loan.
Once you have looked at your BAH rates, spoken with a mortgage professional who understands the VA loan process (if you need a recommendation let me know), then you are ready to begin to explore many of the great neighborhoods within commuting range of Fort Belvoir. Whether you are looking for a condo, townhouse or detached home there are some terrific choices within 30 minutes of the main gate of base.
You can start your search for a new home near Fort Belvoir online to get a feel for some of the local communities. Once you narrow down your search you need an agent who is knows the area (I'm a native) and understands military moves then you may want to give me a call. I've walked in your shoes from the Far East to Europe and know what it is like to make a military move. I promise I'll help you through your "sticker shock" and find a place that you will be glad to call home during your time at Fort Belvoir!
Springfield Virginia
Kingstowne
Belmont Bay
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As an Associate Broker with RE/MAX Allegiance in Northern Virginia and native of the area I can assist you whether you are buying, selling or renting a home anywhere in Northern Virginia. For more information about the area or my services you can check VaRealEstateTalk or my Northern Virginia website.
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Cindy, excellent points about VA Loans. I think it is great that we can make it part of an acceptable offer for our Military buyers these days. Plus,it is one of the few loan programs left that actually allow 100% financing.
Chelle-Absolutely. I used VA loans to buy my first two houses and I just sold one of my rental properties to a buyer with a VA loan. It works in this market!
Cindy, Great information. You know that the VA Loan program will be making a huge comeback in the next few months!! Seller's are going to have to get on board.
Hi Cindy, great info. there seems to be the same sticker shock happening on my side of the beltway. I'm in the montgomery/frederick county area.
Jo-I'm writing a VA offer tonight for a military family. I hope the sellers see the benefit in this market to getting their home sold quickly!
Terri-The sticker shock may be lessening a bit in our current market. Team it with a VA loan and it all could work well.
Have you seen anyone buying foreclosures with VA loans? I am currently working with a young couple who really like a home that is in foreclosure and the listing agent (in Richmond) cannot answer the question. I have asked them to call the lender for an answer but have yet to receive a reply. Curious minds want to know!
Ed-yes in fact I just submitted THREE offers this weekend for clients buying with VA and I have a VA offer on one of my short sales. I would recommend that you roll the funding fee in your asking price as you can guarentee that you probably won't get it paid by the seller any other way.