Orlando Real Estate

Not Your Grandmother's VA Loan

December 18th, 2009 2:42 PM by David W. Welch

VA loans have never been huge here in Orlando. I believe historically they have made up about 2% of the loans originated here locally. When conventional loans were available for 100% of the purhcase price or everybody's favorite 80/20 loans were easily obtainable VA and FHA almost disappeared. Now FHA has been making their guidelines more stringent (which I completely disagree with), and VA is practically the only 100% loan available. If the home is in a rural location there is an option from USDA that provides 100% financing. By the way Avalon Park qualifies for USDA.

Having said that, if you are a veteran and qualify for VA you may already have relationship with USAA. Edith Navarro with USAA just worked on a loan for a first time home buyer that I have been working with. He just closed today (eleven yes 11 days early). The seller was willing to pick up the majority of his closing costs so he paid a point and closed with a 4.5% interest rate. That is a fixed rate for 30 years. Edith really did a great job for our mutual customer, and I have to say she did a great job of keeping me in the loop as far as the loan process is concerned. If you are a veteran and using USAA, I recommend asking for Edith. I told her manager Bev Morrison that I was going to be mentioning this in blog, so I hope she is reading this. Merry Christmas to Edith and Bev and thank you for making this a smooth closing for everyone involved.

Orlando Real Estate, David Welch Real Estate Optimist, As Seen On HGTV's House Hunters

Posted in:General
Posted by David W. Welch on December 18th, 2009 2:42 PM

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