VETERANS
RICK ALLEN
No One Takes Care of a Veteran Better Than a Veteran
I am a National Military Relocation Professional (MRP) Designee serving the Greater McAllen Area. My primary focus is assisting veterans in McAllen, Edinburg, Pharr, and Mission. I served in the U.S. Army for 21 years. I have made several Permanent Change of Duty stations within the U.S. and overseas to places such as Germany and Izmir, Turkey. One thing I can say with confidence is whether you're on active duty, a veteran, or a family member, you need a real estate professional who understands the challenges of a military relocation. You need someone who will make your transfer simpler and sweeter. Someone who will fight for your home, as you fought for ours. You need a REALTOR ® who has earned the National Association of Realtors® Military Relocation Professional (MRP) certification. Let me be of service, to thank you for yours. Not only was I excited at the opportunity to acquire the MRP certification, but I am also a REALTOR® of a veteran-owned Real Estate Brokerage (Icon Realty). Additionally, I am fortunate to have been affiliated with the services of a veteran-owned Mortgage Lending Service, Mortgage Solutions Financial. As the Army adage says, "A Force of One", we are here to assist you.
Highly Trained and Ready to Serve
Becoming MRP certified involves extensive home-buying and selling needs of veterans and active service members. As a Military Relocation Professional, my training covers:
• Requirements for VA financing including benefits and eligibility.
• Knowledge of housing options available to service members and their families.
• Guidance through the rent/buy/sell decision-making process as it applies to military relocation.
Relocating is a fact of life for a military service member. Military families move every 2-3 years. It is not unusual for a veteran that served 20 years of service to have experienced 10 moves.
VA Home Loans
If you are a veteran, reservist, active-duty personnel, or surviving spouse of a veteran, you can apply for a Veteran's Administration loan with a qualified VA lender. The benefits of a VA Home Loan are:
•No Down Payment
•No Cash Reserves
•No Monthly Mortgage Insurance Premiums
• VA Funding Fee may be financed or waived (based on VA-approved disability rating)
• Seller can pay certain closing costs thus reducing the closing costs for the borrower
• No Property Tax (requires 100% approved VA disability rating)
• May Pay some of the consumer debt with the Refinance Program
• 1-4 Unit primary residence with restrictions
• VA Assistance to Veterans in Default
Types of VA Loans
• Single Family home (up to 4 attached units)
• Joint loans-Veteran and non-spouse co-obligor (partial guaranty only)
• Condominium in a VA approved development
• Construction of a new home, townhouse or condominium
• Cash-out refinance up to 100% of the FHFA conforming loan limit
• Interest Rate Reduction Refinance Loan (IRRL)
• Simultaneous purchase and improvement of a home
• Purchase a farm residence
• Veteran can add energy efficient mortgage improvements to any VA loan product.
WHICH VETERANS ARE AVAILABLE
BASIC ELIGIBILITY REQUIREMENTS
• 2 years of continuous active duty. If discharged must have at least a discharge "Under Honorable Conditions"
• 6 years of combined service in the Selected Reserves or National Guar. If discharged must have been at least an "Honorable" discharge.
• 90 days of continuous active duty during wartime, called to active duty under U.S.C Title 10. If discharged must have at least a discharge "Under Honorable Conditions"
• 181 days of continuous active duty during peacetime for the periods (7/26/47-6/26/50 or 2/1/55-8/4/64 or 5/8/75-8/1/90)
WHAT IS REQUIRED FOR PROOF OF MILITARY SERVICE?
The following documents are typically used to prove whether a service member is eligible:
• Statement of Service: physical letter or e-document from the military expressing the military service member's current enlistment
• DD Form 214, Member copy 4: most common discharge document given to all members of the military once they've completed their term of service
• NGB 22 and NGB 23: commonly issued by the National Guard once a military service member is discharged
• Points Statement: commonly used by the Reserves to account for ongoing points earned towards retirement and future benefits
VA Entitlement
• **** Effective October 1, 2008, VA passed legislation that resulted in VA maximum loan amounts being adjusted annually as set forth by the Federal Housing Finance Agency (FHFA)
• Assuming the Veteran has sufficient entitlement, the VA guaranty will provide at least 25% guaranty up to the FHFA conforming loan limit
• 25% guaranty is required by secondary markets (GNMA and private investors)
• FHFA standard conforming loan limit for 2018=$453,100 (most counties across the USA)
The Confusion About VA Financing Eligibility
The above Veteran Population projection of 21.3 million living veterans is a representation of 5 distinct eras of classification: WWII, Korean Conflict, Vietnam, Gulf-present, and Peacetime. Sadly, the VA estimates that 600-1,000 WWII veterans die every day. The fact regarding VA financing eligibility is that VA entitlements and benefits have evolved many times over from the WWII era to the present day. In addition, the classification of service (active duty, reserves, national guard, active duty for training) determines entitlements and benefits as well. As such, there is a large population of veterans unaware or have a wrongful assumption of their benefits. There are many veterans that may have previously used their VA Benefits to Finance a home and believe they no longer have any more entitlements, which in reality they do.
