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Dennis Herman

VA HOME LOANS—THE BEST MILITARY HOUSING BENEFIT

Veterans and service members sacrifice much of their civilian lives to serve our country, so programs such as the VA Home Loan program have been established to help our armed forces. Wisconsin service members and veterans are able to take advantage of the program that allows them to obtain a loan up to $417,000 without putting a cent down. The VA loan program is stacked with benefits that are specifically designed to help service members find the home of their dreams.

Saving for the upfront costs for a home is usually the biggest hurdle for both civilians and service members. Most service members have trouble building credit and saving for the large down payment required for a conventional loan, due to constant moves and deployments. The VA loan program has no credit requirements and offers the down payment as an option. In addition, lenders do not charge private mortgage insurance on the loan, only a VA funding fee to keep the program alive for the next generation of soldiers. The VA funding fee is only 2.15% of the total loan amount and can be rolled into the monthly payments.

The VA loan program also allows the use of borrowed or gifted funds. Conventional loans require an impeccable record of all monies used for the purpose of the home. Certain banks restrict conventional borrowers from taking gifts from family and friends. However, the VA loan allows monetary gifts; these gifts can be used for the down payment, the VA funding fee, or closing costs. Paying some of these fees initially, while not required, will result in a lower monthly payment.

Conventional loans often make it hard for a veteran to borrow because of the nature of a veteran’s occupation. Moreover, conventional loans create barriers for people who have no credit history or have had financial problems in the past. While bad credit is not encouraged, qualified VA lenders are willing to give veteran borrowers a little more wiggle room than conventional borrowers. Most VA lenders will require a credit score of 620, but everyone is encouraged to apply since loans with less credit have been made in the past.

Eligibility and Other Requirements for Wisconsin Veterans

The VA calculates a veteran’s income through either residual or debt to income ratio (DTI). DTI is calculated using the logic that the veteran's total debt should not exceed a certain percentage of the veteran's total income. The percentage cutoff usually falls around 41%.

Veterans will need to obtain a certificate of eligibility either through a lender or VA loan counselor. The certificate states that a veteran was discharged in good standing and served for the required 90 days on active duty during wartime or 181 days during peacetime or served at least six years in the Reserves or National Guard.

For more information on the VA Home Loan program, contact Dennis Herman or a VA approved lender today!

Matt Polsky is a blogger associated with VA Benefit Blog, a blog focused on providing veterans and service members with current news and information on the VA benefits they have earned through serving our country.

Milwaukee area VA lender: Peter Cannon Home Mortgage Consultant Wells Fargo Home Mortgage | 16001 W Cleveland Ave | New Berlin, WI 53151 MAC N9810-011 NMLSR ID 400610 Tel (414) 224-4732 | Cell (414) 416-9194 | Fax (866) 944-7857 Peter.J.Cannon@wellsfargo.com www.wfhm.com/peter-cannon

Feel free to add your local contact info to the comment section if you are a lender offering VA loans.

The END is Near: New Trend in the Milwaukee Market

June 2011

Is there a recovery on the horizon? I haveReal Estate market trends in Milwaukee

been in Real Estate only 7 years, so I have not been through a slump and total recovery period. I have worked through one of the greatest increases in Real Estate sales history, which resulted in one of the most severe market corrections.

Based on market trends witnessed from 2004 to 2007, I can see a few glimmering hopes of a recovery, a shift from a buyer's market to a seller's market. An economist may term a seller's market as a condition where listings out number buyers. It is easy to define a buyer, or seller market, but what are the signs? Here are a few details which made up the sellers market in 2004 to 2007.

Properties often sold for more than list price.

Properties sold in fewer than 90 days.

Properties received multiple offers.

All three of these conditions are resurfacing in the Milwaukee market today. In 2011 I have submitted more than a dozen offers which had received multiple offers within the first 2 weeks, and sold for more than list price. This is becoming a trend in more than one market area in Milwaukee and surrounding suburbs. Many of these properties are REOs, which leads me to believe, they have reached the bottom of the market, and are now beginning a slow climb out of the cellar.

This same trend is evident in homes offered by private sellers. Many of them are receiving multiple offers within the first 2 weeks. Since this trend began in May, I have not seen figures with actual sale prices, but I would suspect they are selling for prices, near, or above list price.

This is good news for sellers, who have been waiting to see where the market would bottom out.

Real Estate Sign Post Installation in Milwaukee Area

Here is a contractor, who offers Real Estate sign post installation with a discount price for multiple agents from the same office.

http://aoreo.wordpress.com/2011/05/24/all-over-remodeling-and-real-estate-sign-post-installation/

Pricing:
Offices with 1-3 Agents registered $35 per installation
Offices with 4 or more Agents registered $30 per installation

Milwaukee Area Real Estate Sign Post Installation

Real Estate Sign Post Installation is offered by All Over Real Estate Sign Post Installation for local installation in the Milwaukee area. Options are available.

http://aoreo.wordpress.com/2011/05/24/all-over-remodeling-and-real-estate-sign-post-installation/

Serving the Greater Milwaukee Area.
Brown Deer, Cudahy, Fox Point, Franklin, Glendale, Greendale, Greenfield, Hales Corners, Milwaukee, Oak Creek, Shorewood, South Milwaukee, Wawautosa, West Allis, Whitefish Bay, Brookfield, Butler, Delafield, Elm Grove, Lannon, Menomonee Falls, Muskego, New Berlin, Pewaukee, Sussex, Waukesha, St Francis

REO Clean out and Maintenance Service in Milwaukee

Here is a link to All Over Remodeling. They provide serices to REO Brokers in the Greater Milwaukee area, from property clean out, re-key, lawn care, to painting and rehab. They also provide Real Estate sign post installation, which is a good thing since most of the prices have gone up in the past few weeks.

http://aoreo.wordpress.com/2011/05/24/ao-reo-services/