Menomonee Falls, WI

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.

Wells Fargo has teamed up with Lowes, Home Depot and Sears to introduce a new, simplified loan program focusing on homes in need of repair. This new program has many key features setting it above and beyond similar repair and remodeling loan programs. Some of the advantages include.

• Mortgage amount based on “after improved” market value.
• Remodeling costs are paid for over the life of the loan.
• Make only one monthly payment.
• Much lower interest rates than a charge card.
• No need to pay high fees for a loan escrow account.
• Repair and remodeling costs up to $35,000.
• All the work is completed after closing.
• For all types of homes from foreclosures to 1 year old homes you want to add your personal touches to.

Dennis Herman
Realty Executives Elite
N89W16416 Main Street
Menomonee Falls, WI 53051
Phone 414-426-1784
E-mail: DHerman@Ez1Realty.net

This revolutionary new lending concept is now available. 

If you are considering investing in a foreclosed property, chances are you will be looking at a lot of properties with a wide range of defects.  What happens next can be summed up in one of three scenarios. 

One
You purchase the property because you are very good with home repairs and you have additional money to complete the repairs on the home of your dreams.

Two
You purchase the home hoping some where in the future you will come up with the extra cash to complete the required repairs.  Chances are, you have seen the effects of these hopes and dreams in some of the foreclosed properties you have viewed.

Three
You purchase the home and you choose a lender who offers a home repair and remodeling program.
There are a number of programs available for scenario number three.  Choosing the right loan is as important as finding the right home. 

You should consider the following options while shopping for a loan.

What are the closing costs.

What figure will the loan amount be based upon?  Very few loans are based upon an appraised value which considers the increased value of the repairs.

What is the maximum amount of the repair costs?

Can the work be completed after closing?

Does the lender work with licensed and approved contractors?

When must the work begin?

When must the work be completed?

Is the repair amount an escrow or is it part of the loan?

When lenders use an escrow account for repairs completed after the buyer takes possession of the property, they often require a deposit of 150% of the repair costs at closing.  If the property requires $3000 worth of repairs, the lender may require a cash deposit of $4500.  This is in addition to the closing costs and down payment. 

Finding lenders who offer these types of loans has become a full time job in this industry.  To find out more about the types of loans available, please contact me by Phone at 414-426-1784 or E-mail me at DHerman@Ez1Realty.net.  For the Greater Milwaukee and Waukesha, Wisconsin areas. 

Let's face it, in today's market, Real Estate Agents are faced with a decision, do I focus on quantity, or quality?

With the advent of the computer, and increased reliance on Internet Marketing, it is difficult to have both. Computers do make our lives easier, and more interesting. There is a vast amount of information available on every subject you can imagine. This is exactly why Real Estate Agents are faced with a choice. The fact of the matter is, quality Internet marketing takes time.

Following is a list of standard features to consider:

• Quality description of your property professionally written
• Quality pictures
• Accurate specifications

Following is a list of advanced features to consider:

• Online video
• Advanced Internet marketing on multiple sites.
• Planned and executed changes to your Internet Listing.

Following is a list of advanced features designed to keep you, the Seller aware of results of your marketing campaign:

• Showing reports E-mailed to you.
• MLS reports showing search results from other Agents.
• Neighborhood marketing updates E-mailed to you an a regular basis.

Listing your property should be the beginning of a strategic marketing campaign, not the result of one.

In this market it is extremely important to track the values of similar homes in your neighborhood.  Especially of you are thinking of selling in the next 1-5 years, or if you have seen the value of your property increasing on your tax assessment. 

You can not depend on estimates provided by Internet web sites, unless you are certain of the search criteria used to gather the information.  Most Internet sites simple supply information for a particular zip code, without considering features, such as size, number of bedrooms, or bathrooms.

By simply requesting a free automatic update, you can receive current market information on homes in your area, which match the features found in your own home via e-mail.  Choose the report which suits your requirements.  You can request daily, weekly, or monthly updates. 

Knowledge is power.

For your convenience a set of simple forms has been developed.   This offer is good only within the Southeastern Wisconsin Metro MLS area.

Here is a list of areas:
* 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


Receive free marketing information for your neighborhood.

Free Neighborhood Market Information for Single Family Homes. 
Http://www.ez1realty.net/770384.html


Free Neighborhood Market Information for your Condo
Http://www.ez1realty.net/770469.html


Free Neighborhood Market Information for your Multi Family Unit
Http://www.ez1realty.net/770707.html


Free Neighborhood Market Information for your Duplex
Http://www.ez1realty.net/770914.html