Tacoma's #1 Mortgage Expert - Kevin Tinsley

The good news is about 30 Days from start to finish!

With interest rates at record lows, now is a great time to consider refinancing your Tacoma VA loan. With our VA Refinance Program, All Tech Mortgage has the ability to go up to 100% of the appraised value. In order to meet the 30 Day timeline here's a list of items to pull together to be better prepared to start:

1. Copy of 2 most recent paycheck stubs - covering a 30 day cycle
2. 2008 & 2007 W2 Forms
3. Copy of 2 months bank statements ( Need entire statement - if it says page 1 of 5, we need all 5 pages)
4. Copy of your current homeowners insurance policy
5. Copy of your current mortgage coupon or monthly statement
6. Copy of your DD214 or VA statement of service form - call for a sample
7. If current loan is a VA loan, need copy of the VA Note

Plus, Veteran's receiving 10% or more disability are exempt from paying the VA Funding Fee. Up to 100% of appraised value on a 30 year or 15 year fixed rate loan. For more information on VA Loans in Tacoma, WA contact Kevin Tinsley - Tacoma's #1 VA Mortgage Expert http://www.vahomeloanstacoma.com

(253) 472-1500 or toll free (800) 339-7059

Tax Credit Extension + Low Rates = Win-Win

Great news! The government has just extended and expanded tax credits for home buyers - and not just those buying for the first time.

• First time home buyers can now receive an $8,000 tax credit through April 30, 2010
• Home buyers who have lived in their residences for five years may now receive a credit of $6,500
• The tax credit is now available to individuals earning up to $125,000, or $250,000 for couples

Do you have an FHA loan higher than 6.25%? If so, take a look at our No cost FHA streamline program where we pay all the closing costs! Lower your interest rate to 5.25% with 0 fees. The only items you are responsible for are the escrow items for taxes and insurance and the new FHA mortgage insurance premium. For a custom quote emailed directly to you, visit us online at http://www.fhamortgagetacoma.com/

Q: How do I apply for a VA guaranteed loan?

A: You can apply for a VA loan with any mortgage lender that participates in the VA home loan program. At some point, you will need to get a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan.

Q: How do I get a Certificate of Eligibility?

A: Complete a VA Form 26-1880, Request for a Certificate of Eligibility: You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility For Home Loan Benefits, to the Winston-Salem Eligibility Center, along with proof of military service. In some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it's best to provide such evidence.

Q: Can my lender get my Certificate of Eligibility for me?

A: Yes, it's called Web LGY. Most lenders have access to the Web LGY system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through Web LGY - only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate.

Q: What is acceptable proof of military service?

A: If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from regular active duty after January 1, 1950, a copy of DD Form 214, Certificate of Release or Discharge From Active Duty should be included with your VA Form 26-1880. If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included. A PHOTOCOPY OF DD214 WILL SUFFICE.....DO NOT SUBMIT AN ORIGINAL DOCUMENT.

If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which shows your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from the Selected Reserves or the National Guard, you must include copies of adequate documentation of at least 6 years of honorable service. If you were discharged from the Army or Air Force National Guard, you may submit NGB Form 22, Report of Separation and Record of Service, or NGB Form 23, Retirement Points Accounting, or it's equivalent. If you were discharged from the Selected Reserve, you may submit a copy of your latest annual points statement and evidence of honorable service. Unfortunately, there is no single form used by the Reserves or National Guard similar to the DD Form 214. It is your responsibility to furnish adequate documentation of at least 6 years of honorable service.

If you are still serving in the Selected Reserves or the National Guard, you must include an original statement of service signed by, or by the direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing the length of time that you have been a member of the Selected Reserves. Again, at least 6 years of honorable service must be documented.

Q: How can I obtain proof of military service?

A: Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

Q: I have already obtained one VA loan. Can I get another one?

A: Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the veteran must send a completed VA Form 26-1880 to our Winston-Salem Eligibility Center. To prevent delays in processing, it is also advisable to include evidence that the prior loan has been paid in full and, if applicable, the property disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 settlement statement completed in connection with a sale of the property or refinance of the prior loan.

Q: I sold the property I obtained with my prior VA loan on an assumption. Can I get my eligibility restored to use for a new loan?

A: In this case the veteran's eligibility can be restored only if the qualified assumer is also an eligible veteran who is willing to substitute his or her available eligibility for that of the original veteran. Otherwise, the original veteran cannot have eligibility restored until the assumer has paid off the VA loan.

Q: My prior VA loan was assumed, the assumer defaulted on the loan, and VA paid a claim to the lender. VA said it wasn't my fault and waived the debt. Now I need a new VA loan but I am told that my used eligibility can not be restored. Why?

Or,

Q: My prior loan was foreclosed on, or I gave a deed in lieu of foreclosure, or the VA paid a compromise (partial) claim. Although I was released from liability on the loan and/or the debt was waived, I am told that I cannot have my used eligibility restored. Why?

A: In either case, although the veteran's debt was waived by VA, the Government still suffered a loss on the loan. The law does not permit the used portion of the veteran's eligibility to be restored until the loss has been repaid in full.

Q: Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don't own the property anymore. Can I still obtain a VA guaranteed home loan?

A: Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.

Q: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

A: The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. If you wish to make application for the home loan benefit as a surviving spouse, contact our Winston-Salem Eligibility Center. In addition, a surviving spouse who obtained a VA home loan with the veteran prior to his or her death (regardless of the cause of death), may obtain a VA guaranteed interest rate reduction refinance loan. For more information, contact our Winston-Salem Eligibility Center.

[NOTE: Also, a surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003, may be eligible for the home loan benefit. However, a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must apply no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 16, 2003 that are received after December 15, 2004.]

Q: Are the children of a living or deceased veteran eligible for the home loan benefit?

A: No, the children of an eligible veteran are not eligible for the home loan benefit.

for more information on VA Mortgage & Home Loans call the VA Mortgage Experts at (253) 472-1500 Locally based in the Northwest serving homeowners since 1986 - Kevin Tinsley - All Tech Mortgage Inc. http://www.alltechmortgage.com

With a few extra minutes on my hand this rainy Friday afternoon, I was curious about the relationship between the appraised value, assessed value and the Zillow value.

So, I pulled a few loan files I was working on today and here's what I found:

Location Bed/Bath Size Transaction Type Appraised Assessed Zillow

1. DuPont, WA 3/2.50 1,948 sq ft Refi 288,500 267,500 312,500

2. Puyallup, WA 4/3.25 4,193 sq ft Refi 470,000 455,100 552,000

3. Tacoma, WA 2/1 1,016 sq ft Purchase 135,000 161,800 175,000

4. Poulsbo, WA 4/2.50 2,712 sq ft Refi 345,000 356,620 364,500

5. Puyallup, WA 4/2.50 2981 sq ft Purchase 300,000 308,900 324,500

**2 Appraised Values higher than assessed value, but lower than zillow
**3 Assessed Values higher than appraised value, but lower than zillow

Have a great weekend!