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If you are Active Duty Military, a Veteran, or a Government Employee in the DMV DC, MD, VA area, Let me help you buy or sell your next home. Contact Me Today! Start Here GreatDCMetroHomes.com
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If you want to know what changes have been approved for Military Families for 2017. Pay attention to the base pay and basic allowance for housing changes.
On December 8, 2016, the full Senate passed the final conference report for the 2017 National Defense Authorization Act by a vote of 92 to 7. The bill will now move to President Obama for final signature. If approved by the President, the 2.1 percent pay raise for 2017 will become effective January 1, 2017.
Military pay will see a 2.1 percent increase for 2017, compared to 2016 levels. The military pay tables below apply to active members of the Navy, Marines, Army, Air Force, and Coast Guard.
The calculator above (and related tables below) reflect 2017 monthly pay based on the 2.1 percent pay raise, which is effective as of January 1, 2017. This pay increase will be reflected in the January 15 paycheck.
The 2017 Basic Allowance for Housing (BAH) rate has increased on average by 2.4% or approximately $41 per month, according to a Defense Department news release. The new BAH rates will take effect on January 1, 2017 and service members will see their first increase on their January 15th pay.
The overall rates are based on area- areas such as Washington DC and Northern VA will have a higher allowance than areas in Hampton Roads and Virginia Beach. To find your area go to http://www.militaryrates.com/military-pay-charts, But the litlle increase can still help those thinking of using their VA home loan benefit.
also BAH Update 12/11/16: Congress has agreed to not reduce the Basic Allowance for Housing benefits for new entrants beginning in 2018. The language originally called for only covering what service members actually pay in rent.
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Rules and Guidelines for Home Buying are always constantly changing. Here are a few changes you need to know in 2016, DC, MD, and Northern VA Home buyers, buying with FHA, VA or Conv Loans
FHA Loan Update
Has released new rules on how they will count deferred qualifying student loan payments, at the end of 2015 they tightened standards after a lot of complaints they have reduced levels. If you are a client that was previously denied a FHA mortgage due to deferred student loan debt, it may be time for you to reconnect with a lender to get re-pre qualified,
If you have a pq letter you may want to have your lender redo it – it may and can change your qualifying amount, this is for mostly deferred loans, reduces outstanding loan balance requirement from 2% to 1%, but can make a difference.
VA Loan Update
There are new rules on how Veterans, Active Duty, and Govt Employees can have 2 (TWO) VA loans at one time, Call me for details this mostly only works well for relocating from a smaller house to a larger home for primary residence and preferably more than 50 miles away. A lender would need to pull your current COE- Certificate of Eligibility and Debt to income ratio – to see what you would qualify to buy.
Conventional Loans Update
George Mason Mortgage and McLean Mortgage are two of the lenders now offering 3% Conventional loans guidelines (there are a few others)
First time buyers only or for those who have not purchased in 3 years,
Preferably no previous bankruptcy or foreclosure at all
No max income requirement like VHDA and Down Payment assistance loans for DC and MD
Minimum credit score 620
Must be primary home not for investment
No mortgage insurance, payment should be cheaper than fha
3% down, must be own funds can not be credited or gift.
The season will be busy this year so having a pre-qualification and the a pre-approval will be vital for a successful home buying process in DC, MD, and VA.
For more info on these programs and to start your pre-qualification process contact DeAndrea DeeDee Jones at firstname.lastname@example.org or thru GreatDCMetroHomes.com.
Home Buyers Marketing II, Inc a DC, MD, VA Real Estate Brokerage Company.
Good news for military members. As a former military spouse I know every little bit of money helps.
According to Military.com, “The National Defense Authorization Act of 2015 includes a 1 percent across-the-board base pay raise for 2015. This means an additional $15 to $197 per month depending on rank and length of service. In addition, new rates have been set for BAH and COLA.”
If you have been waiting for a reson to use your VA loan to buy a house now you have an even one more good reason. Besides that rates are still the lowest in a decade and the VA loan process requires no downpayment for most loans. Your new pay raise will position you to make the choice to become a home owner. For more info on how to get prequalified contact me today and start your home sarch here http://GreatDCMetroHomes.org
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In the last few weeks since Christmas I must of had a dozen calls from Hampton Roads Navy personnel who received pink slips and are now scrambling to figure out what to do with their homes. Many Norfolk Sailors who were let go as a part of the Navy’s enlisted retention boards layoffs are now trying to figure out what is next for them. If you have not heard Navy.mil reported that “a total of 2,947 sailors were given pink slips by the Navy late last year as part of an effort to reduce personnel in 31 overmanned ratings.”
Sources told the Navy Times that only a fraction of those sailors — roughly “300 to 350” will actually qualify to retire through the 15-year option. So if only roughly 300 sailors who were cut through the fleet’s enlisted retention boards will receive the new, early 15-year retirement option recently approved by Congress. What happenes to the other 2600 if they can not find new employment?
These are a few of the questions I have had
1. How do I sell a home that is worth less than my mortgage balance?
2. How do they pay their mortgage or even rent a home with no employment?
3. How can they find out if they will qualify for a short sale?
4. If they took the Tax credit and it hasn’t been three years do they have to pay it back or pay taxes on it?
This is just a few questions ERB Sailors will be asking me and others as their official departure day draws closer.
I spoke to one sailor who said “When reenlisted in the Navy I thought my contract would be honored for the 4 years I re-listed for and I planned my life and bills accordingly. I never thought I would be forced out and amongst the unemployed.”
I spoke to another sailor that says ” My only hope for employment is to leave the area I must consider selling my current home even if it means as a short sale.”
Most bought their home with a VA loan but each lender and loan type has its own guidelines for short sales so it is not a 1 + 1= 2 situation
If you are a ERB sailor needing to sell your current home give me a call and lets discuss your options.
THE HAMPTON ROADS REAL ESTATE LADY!
Call me to buy a home in any Hampton Roads area: Norfolk, Virginia Beach, Chesapeake, Portsmouth, Suffolk, Newport News, Hampton, Williamsburg, and now serving York County and the Peninsula.
success always requires the help and support of others.
Please send me your referrals.”
Visit my website today,
Deandrea “Dee Dee” Jones
Associate Broker / Recruiting Sales Manager Peninsula
Blu Skyy Realty Virginia Beach, VA
The funding fee is the amount due up front or can be financed into the loan amount on a VA Loan. The purpose of this fee is to act as a mortgage insurance for VA lenders and is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit. The benefit of using a VA loan versus an FHA loan is there is no monthly mortgage insurance premium paid. This can make a monthly payment on a VA loan significantly less. Interest rates are still at record lows and sales prices are very reasonable. If you are ready to buy or want to hear more about loan programs contact me today!
a. For loans closed on or after October 1, 2011, the fee for 1st time us is going down to 1.4% with 0 down on subsequent use loans with
less than 5 percent downpayment and subsequent use regular refinance loans
will be 2.8
percent for both active duty Service members, Veterans, and persons qualifying based
solely on service in the Reserves or National Guard. This change is due to passage of
Public Law 112-26, Restoring GI Bill Fairness Act of 2011.
Reserves and national guard will pay 1.65% with 0 downCall me to buy a home in any Hampton Roads area: Norfolk, Virginia Beach, Chesapeake, Portsmouth, Suffolk, Newport News, Hampton, Williamsburg, and now serving York County and the Peninsula.
“I can dream alone, build alone and strive alone, but true success always requires the help and support of others. Please send me your referrals.”
Visit my website today, The Hampton Roads Real Estate Lady!
Deandrea “Dee Dee” Jones
Blu Skyy Realty Virginia Beach, VA