I have moved! I am now located in Oak Harbor Washington with Pinnacle Mortgage Planning, a sister company to Alpine Mortgage Planning. I am still doing the same thing, just a bit farther north. I apologize for not updating sooner but it has taken some time to get settled.

I am still associated with Alpine Mortgage Planning in Eugene and still licensed to do mortgage business in Oregon and Washington but have dropped my California license. Since almost everything is done by e-mail, text and scans anymore, there shouldn’t be a lot of change for my friends and customers from Oregon. However, since I am not in Washington, my company name is Pinnacle Mortgage Planning, not Alpine. Same company, different name in a different state.

So, how about my contact information? Well, all of my Oregon contact information is the same. You can still reach me at the same place, it just gets forwarded. For those in Washington, I have new contact information. Contact me at my Washington office, Pinnacle Mortgage Planning, 3157 N Goldie Rd., Ste. 107, Oak Harbor WA, 98277, 360-682-6913/541-221-3455 cell, I am always ready to help with the mortgage process. I am also in the process of compiling some Washington specific blog sites for future use.

I am still on top of what is going in the real estate marketplace and have people that I trust to work with in Eugene. Thanks for your continued support. I look forward to updating this on a regular basis, now that I am settled in.

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at my Washington office, Pinnacle Mortgage Planning, 3157 N Goldie Rd., Ste. 107, Oak Harbor WA, 98277, 360-682-6913/541-221-3455 cell or through Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

A VA (Veterans Administration) guaranteed home loan is a great benefit for Oregon, Washington and California active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance required.

It is actually a great deal for vets in other states, but I am licensed in the three above. VA mortgage loans can be used towards purchasing a home, building a home (although hard to come by), or refinancing an existing mortgage up to 90% loan to value.

We will discuss what role the VA plays in a VA guaranteed mortgage, the benefits of a VA home loan, who is eligible for a VA loan, and the documentation you will need to present to your lender in order to apply.

Did you know that more than 27 million veterans and service personnel are eligible for VA financing, yet many aren’t aware it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement?

VA Does Not Offer Loans Directly and Does Not Guarantee You Will Qualify.

The VA does not actually lend the money to you directly. They offer a guaranty to a lender that if you should default on the loan, they will pay the lender a percentage of the loan balance.

*The word GUARANTY does not actually guarantee the veteran will qualify for a VA home loan.

Primary Benefits of a VA Mortgage:

• 100% financing
• No monthly private mortgage insurance is required
• There is a limitation on buyers’ closing costs
• The loan is assumable, subject to VA approval of the assumer’s credit
• 30 year fixed loan
• Seller can pay up to 4% of the veterans closing costs and even pay down they buyer’s debt to help lower their debt-to-income ratio
• Interest rates are similar to FHA rates
• You don’t need perfect credit

Frequently Asked Questions:

Q: My parent is a veteran. Can I obtain a VA loan if I have not served in the military myself?

No, the VA loan benefit does not extend to a veteran’s children.

Q: What is required to prove my record of military service?

You will be required to us Standard Form 180, Request Pertaining to Military Records, to apply for proof of military service.

Q: My spouse who has passed away was an eligible veteran. I am eligible for the home loan benefit myself?

A surviving spouse is eligible if they have not remarried, and the eligible veteran died during active duty service or as a result of a service-related disability.

Q: Is a VA loan better than a conventional mortgage?

In many cases, yes. VA guaranteed loans often offer a lower interest rate than conventional mortgages, they do not require monthly private mortgage insurance when borrowing more than 80% of a home’s value, and they can be easier to get approved for.

Q: How long does it take to get approved for a VA loan?

It varies depending on the current workload of your lender, but it is typically the same as for conventional mortgages – 3 weeks to 45 days.

Contact me

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

Like any Eugene area home purchase, an appraisal must be completed on the property before your home can be approved for VA loan financing. In the case of a VA loan, it must be a VA appraisal.

A VA appraisal involves a thorough inspection of the home and property to determine the current market value of the home. This appraisal is especially geared towards reporting any defects involving safety or security of the home.

So, how does this fit into the VA loan process?

Simply put, even though the VA’s primary focus in assist veterans in financing a home, the VA must also take precautions to protect the investments of both the borrower and the VA itself with a good appraisal.

Let’s say that a veteran or member of the military found a house that he wanted to purchase for $200,000. The house seems to be exactly what he’s looking for; single story, gazebo in the backyard, freshly painted, and located on 4 acres of land out in the countryside.

He decides that he wants to use his use his hard-earned military benefits to get a zero money down VA loan. In other words, if approved, he’ll receive a fully financed $200,000 VA loan.

As part of the standard VA loan approval process, a VA-appointed appraiser goes to the property to do an appraisal of the actual worth. Unfortunately, the appraiser discovers that the house needs quite a bit of deferred maintenance, the gazebo hasn’t been permitted, and there are severe drainage issues throughout the property that need to be addressed, among other miscellaneous flaws. These are not items that would require repair prior to lending, however, they effect the property value.

Tallied up, the appraiser determines the value of the home and property to be $175,000 instead of $200,000. If they were health and safety issues, they would require repair prior to lending.

Because of the large difference between what the seller is asking for and the actual value of the property, the VA ultimately turns down the loan.

Of course, this is a somewhat extreme example, but you get the idea. The VA needs to verify that the actual value of the home and property is close to what a potential borrower wants to pay for it.  Neither a mortgage bank nor the VA want to insure homes that are worth less than the loan amount.

Here is a list of things to consider when shopping for a new home:

• The appraiser needs to inspect both the inside and the outside of the house. If the house in question is being constructed, the appraiser still needs to analyze the property and construction site.

• The official appraisal report will contain a list of “observable repairs that need to be completed.”

• This report will also contain a list of “customer preference items to be installed.”

• A few small issues with the property won’t immediately disqualify it, but a lot of small issues or a few big issues may.

VA appraisals are ordered through the VA and not directly from the appraiser. This guarantees the appraiser is a neutral third party to the transaction. If, as in the case above, the appraisal comes in low, the buyer can always re-negotiate the purchase price.

Contact me

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

“Real Estate Broker/Owner Panel”

Location: Mallard Hall – 725 W 1st Ave, Eugene – June 9, 11:30 a.m. Lunch!

Cost: $15 per member; $20 non-member

Advance reservations required by NOON, Tuesday, June 7. Send an email to hlarson@sterlingsavings.com or call 541-434-2779
or sign up on the website:
http://www.lanecountywcr.com/calendar/monthly-meeting-registration/

Featured Presenters: Kathie Robidou, Galand Haas, Bryan Ranstad and Matt Powell

These are the managing brokers from Coldwell Banker Real Estate, Keller Williams Realty, Hybrid Real Estate and Windermere Real Estate of Lane County.

Sponsor for the June meeting is Dean Schmidt, Summit Funding.*

So, come prepared with your questions, business cards and appetite!

Note: Members who bring a guest non-member Realtor get their lunch for free! All guests must be registered by June 7th.

Questions about this event? Contact Lori Palermo at: loripalermo@comcast.net

* PLEASE NOTE: New procedure with sponsorships, only the sponsor will be allowed to place flyers on the tables. Only members are allowed to pitch properties and/or services  and this will be done at the start of each meeting.  Sponsorships are available for future meetings,  please see Janell (jancobo@hotmail.com) to schedule.

If you are a disabled Oregon Vet, you could be paying less property taxes if you have a 40% or more disability.

First, you must meet one of these requirements:

• Be a veteran who is officially certified by the U.S. Department of Veterans Affairs or any branch of the United States Armed Forces as having disabilities of 40 percent or more; or
• Be a veteran who served with the United States Armed Forces and is certified each year by a licensed physician as being 40 percent or more disabled. However, there is an income limit. In the year prior to the exemption year, your total gross income cannot be more than 185 percent of the annual Federal Poverty Level Guidelines.
  Total gross income includes pensions, disability compensation,
  and retirement pay received for your military service. The U.S. Department of Health and Human Services
  publishes new Federal Poverty Level Guidelines every February. The updated current year guideline is used for that exemption year. You can see these guidelines
  online at www.aspe.hhs.gov/poverty; or
• Be a veteran’s surviving spouse/partner who has not entered into a new marriage or registered domestic partnership (partnership). You may file a claim for the exemption even though your spouse/partner was not disabled or never filed a claim for the exemption if disabled. (See the definition under “Who is a veteran?” to determine your eligibility as the surviving spouse/partner.)

Second, you must own and live on your homestead property.
Buyers with recorded contracts of purchase and life estate holders are considered owners for the purposes of this exemption. Temporary absences due to vacation, travel or illness do not disqualify you from the program.

I think that this next one is a hoot:

Surviving spouse of Civil War
or Spanish War veterans

If you are the surviving spouse of an honorably discharged veteran of the Civil War or the Spanish War, and you have not entered into a new marriage or partnership, you are entitled to an additional exemption of $2,000 provided you currently receive a pension and actually live on your homestead property. (I would love to see how many qualify for this exemption.)

The exemption is either $17,389 or $20,867 depending on qualification from the home’s assessed value. This amount goes up 3% each year.

I hope you find that this information is helpful. To get the full qualification and application procedure, click here.

Contact me

If you have any questions about a VA loan, please give me a call. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

DD 214 forms are a (mostly) necessary document when applying for a Lane County VA mortgage loan, and, unfortunately, are commonly misplaced over time.

The good news is that losing or misplacing your DD 214 is an easily remedied problem!

For starters, let’s go ahead and define what a DD 214 is and what it is used for:

A DD 214 (short for Defense Department 214) form is issued to military members upon retirement, separation, or discharge from active duty. Also called a Certificate of Release or Discharge from Active Duty, this paperwork lists the details of the veteran’s status during the time they changed to inactive and if they left honorably or dishonorably.

DD 214 forms are a vital part of getting a VA loan for those applicants who are no longer in the military. They are required by the federal government in order to prove your qualification.

Remember that a Certificate of Release is not just for getting approved for a VA loan, so it’s generally a good idea to have yours accessible. You can use this paperwork to qualify for a variety of additional veteran benefits.

There are different ways you can acquire this paperwork:

1. Veterans receive a copy of their DD 214 when they leave active duty. They get their form regardless of the circumstances behind their leaving.
2. If you are a spouse (note: you can’t be re-married), a parent, or a child or sibling of a veteran, you can get a copy of from either the National Archives or the U.S. Department of Defense.
3. It is also possible that we can receive your Certificate of Eligibility online without having your DD 214 form. I still recommend that you get a copy of your DD 214 for future reference.

If you did receive your DD 214 when you left active duty but have misplaced or lost it, you can also get a copy of it through the National Archives or the U.S. Department of Defense.

For veterans, Certificate of Release copies are typically free of charge, although spouses and family might have to pay a nominal fee. When I got out of the service, they recommended that we file the form with the County Recorder, but that was before Social Security numbers were used instead of serial numbers and now it is not a good idea.

To request a copy, you will first need to fill out Standard Form 180 (also known as SF 180). You can download a copy of it HERE.

After you have filled out both sides of SF 180 you can then either fax or mail it to the address listed on the bottom. Simple enough!

Once you have you DD 214, be sure to confirm that it has the following information:

• Your complete name during your time of service.

• Date of birth.

• Your specific service branch.

• The dates of your service.

• Your social security number.

• Your service number.

As we already mentioned earlier in the article, having a DD 214 form is absolutely essential in applying for and getting approved for a VA loan. If you do not currently possess yours, you should request a copy of it as soon as possible, even if you are not currently shopping for a new mortgage or refinance.

This will ensure that when you do begin the VA loan process your approval won’t be held up waiting for the form to arrive.

Contact me

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

The Lane County Women’s Council of Realtors® is a dynamic group of Realtors® and affiliates that meet on a monthly basis to share information and knowledge.

Some of the upcoming programs for the WCR include a Broker Panel (knowledgeable RE managing brokers) from the Eugene/Springfield area sharing their years of knowledge with others in June. July will feature a lender’s panel, with local mortgage lenders answering questions about the myriad of changes in the mortgage market place.

Distressed property panel, tax issues are other upcoming topics. Check out the WCR website here for more information as the programs are finalized.

Although it is the Women’s Council of Realtors®, men are welcome to join and attend the meetings. Come out and find out what is happening with some really great people.

Contact me

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

If you’re Eugene/Springfield home of your dreams is over $417,000, a VA jumbo loan may very well be the best option for your mortgage.

In most veteran loan scenarios, the VA guarantees up to 25% of the total amount of the loan up to the VA loan limit in your county – which, in all of Oregon including Lane County, is $417,000. There are parts of Washington and California that are higher.

But what happens when the value of the loan exceeds your county loan limit?

This is where VA jumbo loans come into the picture.

For the purposes of this example, you live in Lane County where the VA loan limit is indeed $417,000. You find the perfect house for you and your family, and it’s selling for $517,000.

You decide that you would like to use your hard-earned veteran benefits to take out a VA mortgage!

So, the VA guarantees $104,250 of your loan (with $104,250 being 25% of $417,000). Yet what happens with the remaining $100,000 of the loan?

Simple. The U.S. Department of Veterans Affairs mandates that on jumbo loans above the county loan limit, the borrower put down 25% of the difference between the cost of the loan and the applicable county VA loan limit.

Continuing on with our jumbo loan example from above, 25% of $100,000 ($25,000) would be required as a down payment, and the VA would guarantee 25% of $417,000 ($104,250).

Not bad at all! In this example you’re buying your $517,000 dream home for only $25,000 down in addition to the required closing costs.

The real value of VA jumbo loans is apparent when you compare and contrast it to the standard down payment requirement of a conventional mortgage, which is typically 20% to avoid paying private mortgage insurance.

This means that for the example $517,000 house, a conventional loan down payment would be $103,400 while a VA loan down payment would only be $25,000. That’s less than one quarter of the down payment required for the conventional loan in this scenario!

In a case like this, I would actually recommend putting an extra $850 down because it changes the VA Funding Fee for those that have to pay the fee.

Please keep in mind while house shopping that VA county loan limits vary widely throughout the country and will be higher in areas with especially high property values. Once again, the standard VA county loan limit is $417,000, but it’s smart to check with your local VA mortgage expert, me, prior to looking at houses.

For example, as of 2011 the VA county loan limit for Marin County is $1,000,000! San Francisco County has a loan limit of $1,000,000 as well.

To check what the VA county loan limits are for each county in the United States, you can visit the U.S. Department of Veterans Affairs at their loan limit website. For counties that are not listed on the website, the official VA loan limit is automatically set at $417,000.

Why is there such as large difference in county loan limits throughout the nation? In short, because the various housing markets across the country vary greatly.

In San Francisco a small single-family house may sell for $1,000,000, while in other places you might be able to find a similar house for $100,000!

Wherever you are, if you are in need of a substantial home loan, a VA jumbo loan is certainly worth checking out.

Contact me

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

Interesting question, several answers. VA Mortgage Approvals timelines can differ due to a number of variables like the type of property. It can help reduce the time on most loans by dealing with a direct VA underwriter, like we have at Alpine Mortgage Planning.

However, if purchasing a manufactured home or having a credit score below 640 can extend the time for approval significantly. Additionally, even though appraisals are being done in short order currently, VA appraisals are ordered through VA and the appraiser can take up to 30 days to complete the report.

Also, our country’s economic crisis has resulted in tightened lending guidelines and longer processing and approval time-lines for all loans including VA mortgages. We pride ourselves at Alpine in closing most loans within a 30 day window, but for some special cases, that may not be possible.

Full mortgage approval can take anywhere from one to five weeks, depending on how complete and organized your paperwork is when submitted to the underwriter. It is your job to get the paperwork asked for as completely as possible. It is my job to make sure the submission is presented to the underwriter in a logical manner.

While there are a few explanations as to why the entire process is now taking as much time as it does, the simplified reason is that there are now more underwriting guidelines and restrictions on the mortgage industry today.

Fortunately, there are ways that veterans and military families can ensure that their VA mortgage approval process will go as quickly as possible:

1. Keep Yourself Organized

It’s a good idea to keep a well-organized folder of all the documents that you will need to send to your loan officer; this will ensure you aren’t scrambling at the last minute to find your required paperwork. You should also keep records here of any messages or documents you receive from your loan officer.

2. Fully Understand Your Benefits

You should now have a good understanding of your benefits and VA home loans. Ask your lender any questions you might have.

3. Send Requested Documents ASAP

As obvious as this one may seem, it is often a problem. Be sure to send requested documents as soon as possible to keep the VA loan process moving along.

4. Ask Questions As They Come Up

If you have questions or concerns, ask your lender right away. Don’t wait until the very end of the process to ask, or else you risk causing a slowdown.

5. Do Your VA Lender Shopping Early

The sooner you select your VA lender the sooner the process can begin, and the sooner you can be at closing.

6. Work With A VA Loan Specialist

If you work with someone who has been through the VA loan process many times before, there will be far fewer errors and setbacks. The choice is obvious: work with an experienced VA lender.

7. Be Available

Make your hours of availability as flexible as you can. There will be questions that arise throughout the course of the process, and the faster you communicate with your lender, the faster your VA loan approval process will be. If you will be unavailable for a period of time (for example, current military personnel going into the field) let your VA loan officer know in advance so there are no surprises.

8. Be Able To Communicate Through Email

The majority of the loan process can be done without extensive phone conversations. Also, if your lender has your data saved on their computer, there will be reduced chances of having information lost.

9. Stay Updated

Ask your lender to routinely keep you informed of where you are in the VA approval process.

Contact me

I am a VA home loan specialist and a veteran. Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

The Veteran’s Administration (VA) does not have a minimum score in order for guarantee of the loan. The mortgage lenders, who are lending the money, are allowed to set their own standards for VA credit score requirements.

In the recent years, eligible veterans and military personnel have enjoyed a simpler mortgage process than was available to many home buyers obtaining conventional loans. Occasionally, a veteran could receive a loan through the VA with a poor credit score and without a down payment.

Changing economic conditions and increased losses due to loan defaults have motivated lenders to limit the availability of such mortgage deals. Since early 2010, most lenders in the U.S. have tightened their lending and credit score requirements, making these loans harder to come by.

As a result, getting a loan without a down payment is more difficult, though one of the few remaining options for 100% financing is a VA loan. Major lending groups have generally resolved to set the minimum credit score requirement at a 620 minimum with many lenders opting for higher minimum scores.

These conditions similarly impact the Streamline Refinance program. Previously, the program let borrowers with a standing VA loan refinance to another VA loan without an appraisal. Although this is no longer the case, it still allows veterans to navigate the process with much less paperwork by streamlining the process.

Most lenders now require borrowers to pay up to $300 or more for their own appraisal, which varies in price depending on the location and value of the home. If the appraisal shows the home value to be less than the VA loan amount, the lenders are likely to decline the application.

There is some good news for those eligible for a VA loan, and the VA lenders who offer them: VA borrowers default significantly less (2.6%) than prime borrowers in general (3.4%).

However, the credit scores of V.A. insured borrowers are generally lower than other prime borrowers, according to the Federal Housing Finance Agency.

All things considered, VA loans remain a great opportunity. Veterans and active duty military personnel who qualify can often secure a low mortgage rate and meet the VA loan requirements even if their credit score is less than perfect. In addition, about 25% of applicants to the VA loans, such as disabled or retired veterans, qualify for exemption from the one-time insurance fee that amounts to about 0.5% – 3.3% of the loan amount, depending on the scenario.

Contact me

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.