Using Your VA Loan

One of the Best Benefits of Military Service

Home Buying Made Easy

Who We Are

• Keith Christian – Over 30 Years in Real Estate – Mortgage Broker Specializing in VA Loans –

Closed 27 VA Loan in the Past 2 Years

• Susy Thomas– Real Estate Broker Experienced in Residential and

Commercial – Represents VA Loan Buyers to Purchase

Foreclosures, Short Sales, as well as Traditional Sales

VA Loan Approval Process

• Prequalification- Can be done over the phone• Complete 1003 VA Mortgage Loan Application• Run credit • Provide financial documentation required for VA

Loan• Determine how much you can borrow

– Monthly Payment = Principle + Interest + Property Tax + Insurance

• No money down – Low closing costs

Then you can start looking at houses to make offers

House Hunting

• Price

• Neighborhood

• Size

• Single Family Detached Home

• Condominium, Town house - Attached– VA approved complex– Monthly HOA fees

MLS – Multiple Listing Service

• RE Agent can filter property– Send you only those that meet your

criteria AND are still active– Differentiate Short sales and Foreclosures

• “Window” shopping via the internet– Photos, virtual tours– Room and lot sizes– Year property was built– Monthly HOA fees

Today’s Market

• Traditional sale– Seller has equity– Buyer can request repairs

• Short sale– Seller owes more than the property is worth– Long process requiring seller’s lender approval

• Foreclosure (REO)– Lender has taken ownership – bank owned

House Hunting Trips

• Based on your criteria and amount you qualify to purchase– RE Agent make schedule to maximize time– Keep notes – take photos

• Remember paint and flooring are inexpensive

• Major repairs needed – VA will not approve

– Home must be safe and habitable

Offer and Negotiation

• Asking price is not firm• BPO – Broker’s price opinion• Appraised value is critical• Specify personal property to be included• Include closing cost credit for buyer in offer

– VA allowables/non-allowable closing costs– Electronic Signatures from your computer

Today’s Market

• Traditional sale– Seller has equity– Can request repairs

• Short sale– Seller owes more than the property is worth– Long process requiring lender approval

• Foreclosure (REO)– Lender has taken ownership – bank owned

Today’s Market

Time Line for VA Loan

• Loan submittal package

• Executed contract – Open escrow

• 30 - 45 Days to Close Escrow (COE)– Loan processing of buyers’ package– Underwriting of Loan by VA Lender– Keith monitors and coordinates for you

Escrow

• Escrow is Neutral 3rd Party – Manages the sale and purchase process

• MLS changed to “Pending”• Home Inspection• Appraisal• Preliminary Title Report Review• Seller Disclosures/VA Loan Disclosures• Sign Loan Documents• Loan Funds• Purchase Records • Escrow Closes

Team Advantages

• Customer Service– Available 7 Days a week– Evenings

• Experienced in Short Sales and Foreclosures using VA Loans

• Questions answered every step of the process• Combined 33 years experience in San Diego Real

Estate• NO COST to YOU

Contact Info

• Keith Christian– (858) 414-7106– kchristian@hughmarkhomes.com

• Susy Thomas– (858) 361-8174– sjthomas2222@aol.com

References

• Keith Christian– Art Guzman (619) 341-3007– Jill and Chris Gora (619) 623-0713– Tim and Cyndi Armer (847) 445-4265– Steve Casarez (619)0756-8040

• Susy Thomas– Tim and Irene Zlotnicki (760) 687-8808– Imelda Dominguez (979) 492-4570– Joe and Lanae Wolchko (619) 334-6649