“Going green and energy efficient home features popular with recent home buyers.”
Heating and cooling costs rank highest among most respondents when asked about environmentally friendly features considered “very important.”
This Month In Real Estate
March 2015 Santa Clara County Edition
Santa Clara County Home Sales Up 7% and Median Price Up 10% in the Past Month.
In the past month, there were 769 home sales in Santa Clara County and the median price of a home in Santa Clara County was $780,000.
Sales of single family houses, townhouses and condos down 8% since one year ago.
Median price of single family houses, townhouses and condos up 13% since a year ago.
For more information about this month in real estate, contact Richard Hebert Jr HERE
This Month In Real Estate For Santa Clara County
This month in real estate news, home sales in Santa Clara County are down 9.7% year-over-year. Home prices in Santa Clara County increased 11.5% year-over-year. This month in real estate, closed sales of single family, condos and townhomes declined 35.9% since December 2014. This month in real estate, the median price of single family, condos and townhomes declined 1.5% since December 2014. Buyer demand remains relatively strong as inventory of homes for sale continue to decline year-over-year in Santa Clara County, even as prices continue to rise. Mortgage interest rates remain at historically low levels, hovering just under 4%, well below the historic average at 8.9%.
Does My Military Discharge Affect VA Loan Eligibility?
As you’ll see in this vignette, discharge conditions can affect a veteran’s eligibility for a VA loan.
Veterans separated with a dishonorable discharge may not be eligible.
If your discharge state is “other than honorable” or was changed, modified or corrected you may be able to pursue an appeal with the help of the local VA office.
Be sure to have copies of your DD214 – Condition of Discharge form and any documentation clarifying conditions or changes in your discharge status.
Lenders may not be familiar with the process so getting assistance from the VA is advised.
Like the vignette says, immediately contact the U.S. Department of Housing and Urban Development (HUD) if you’re feeling excluded from a certain neighborhood or particular house.
Also, contact HUD if you believe you are being discriminated against on the basis of race, color, religion, sex, nationality, familial status, or disability.
HUD’s Office of Fair Housing has a hotline for reporting incidents of discrimination: 1-800-669-9777 and 1-800-927-9275 for the hearing impaired.
What Should I Do If I’m Feeling Excluded From A Certain Neighborhood? is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.
Can I Buy A Rental Property With A VA Loan?
As the vignette says – NO.
Buying rental property may be a great financial strategy but VA loans aren’t intended for this purpose.
The VA loan program started after World War II to help eligible veterans secure homes and that is still the primary aim.
There are exceptions for houses still being built but the general rule with a VA loan is that you must occupy the house within 60 days of loan closing.
So rental property loans will require conventional financing options based on income and credit.
How Does Divorce Affect VA Loan Re-Eligibility?
This vignette highlights the rules.
If a veteran with a spouse purchases a home with a VA loan they are not eligible for another VA loan until that loan is paid in full.
If the veteran’s spouse is awarded the property in a divorce settlement, the veteran’s entitlement cannot be restored and they can’t obtain another VA loan until their ex-spouse refinances the property and/or pays off the VA loan in full.
If the ex-spouse is also a veteran they may be able to substitute their entitlement; consult with the VA for situations with this level of complexity.
The vignette puts this in more visual terms, but basically, contact the local Chamber of Commerce for promotional literature about community resources or talk to your KW REALTOR® about welcome kits, maps, and other information.
You can get information about school systems by contacting the city or county school board or the local schools.
You may also want to visit the local library. It can be an excellent source for information on local events and community resources; and the librarians will probably be able to answer many of the questions you have.
Who is NOT required to pay the VA funding fee?
This video could save some veterans thousands. VA loan applicants pay a funding fee – as of 2014, 2.15% of the total loan amount – which can be thousands of dollars.
Some veterans and spouses are exempt from the VA funding fee, if eligible.
Broadly speaking, veterans who received disability benefits – current or former and who are NOT currently in debt to the government may be exempt from the VA funding fee. Some spouses may qualify as well.
The key thing to understand is, exemption from the funding fee is NOT automatic! Borrowers must certify their veteran status, government debt, benefits and active service state on VA Form 26-8937.
What Are The Major Types Of VA Loans?
Major types of VA loan programs described in this vignette include:
1) Purchase Loans.
These help eligible parties buy a home at competitive interest rates with little to no down payment and little or no private mortgage insurance.
2) Cash Out Refinance Loans which enable taking cash out of home equity to pay off debt, fund school or make home improvements.
3) Interest Rate Reduction Refinance Loans also called Streamline Refinance Loans can help veterans obtain lower interest by refinancing existing VA loans
What Is A Certificate of Eligibility or COE?
The Certificate Of Eligibility or COE is the key document that verifies to lenders that someone is eligible for a VA-backed loan.
Service-members, Veterans and National Guard and Reserve members may apply online or through their lender; most lenders have access to the system and can verify eligibility IF the VA has records on file.
The VA also maintains a hotline for assistance.
Surviving Spouses can use VA Form 26-1817 to request determination of their eligibility for VA Loan Guarantees.
Your lender may be able to assist with processing or contact the VA for information this vignette did not address.
Can I Use My VA Eligibility More Than Once?
As the vignette explains – you can use your VA eligibility more than once, under the right conditions.
Eligible veterans may qualify for another VA loan, if you completed payments your old VA loan or your prior VA loan was ‘paid in full’ AND you no longer own the property.
In either of these cases, you will need copies of the paperwork such as a “paid-in-full” bank letter or copy of the HUD-1 Settlement Statement.
If you are still in the home you purchased with a VA Loan but at a prior high interest rate check into interest-rate reduction financing first which doesn’t require re-establishing your VA eligibility – before pursuing a new VA loan.
Can I Buy A Farm With a VA Loan?
As this vignette shows, you can’t buy a farm with a VA loan unless it has a farmhouse that is a substantial part of the farm’s value with a VA loan.
VA loans are specifically for the veteran’s residence.
A VA loan for a farmhouse does not require that the farm be active – there is no “farming requirement” but if income from farming is part of proposed loan qualification, the veteran will be required to show that the farm business can turn a profit.
Check into Federal and state-level programs – such as the Veteran Farmers Project – related to veterans and farming; they may be of assistance in your decision.