Fort Meade - USNA - Andrews AFB: December 2007

Included in Your Online Relocation Package for Anne Arundel County, Maryland - Home of Fort George G. Meade, NSA, Northrop Grumman, BWI, and the U.S. Naval Academy.

When I get that phone call from the office receptionist to say "Your clients are here for their appointment," it always makes me smile.  In the next 30 minutes, I'm going to witness a really special time in the lives of these strangers as they go from nervous and hesitant about buying a home to relaxed, excited, and totally engaged in the process of buying a Crofton home.  I can't wait to meet them and get started!

But the excitement sometimes disappears for a moment when I mention getting a loan pre-approval because most first-time buyers have no idea what to expect when they meet with a lender - they're very concerned about their credit history, the adequacy of their savings for a down payment, and whether they earn enough to qualify for a home loan. 

Unravelling the mystery of home financing is an essential element of educating my clients about the home-buying process, so I took the time several years ago to create a handout that addresses this topic:

THE SEVEN-STEP HOME FINANCING PROCESS

1. You select a local lender.

I've found that most online mortgage factories offer loans with hidden costs which more than compensate them for their so-called lower closing costs or interest rate.  These lenders are confident that borrowers don't know the right questions to ask to protect themselves.  Unfortunately, this includes some beloved credit unions that rely upon members' loyalty over good sense when it comes to home loans.  A local lender who lives and works in your new community is eager to please you, his or her new neighbor. 

There are many other reasons for using a local lender, as well, including the lender's network of local appraisers, the convenience factor for you if additional information is required, and the lender's ongoing relationship with local title companies.  'Not to mention how good it feels for buyers to put a face and handshake together with the name and voice.  That can be very reassuring, especially if any problems arise.

2. You make application for a pre-approval.

You will speak or meet with a local lender (before we begin looking at homes) and provide him or her with details of your financial situation.   It is possible that you could have a written pre-approval for home financing within hours.  

3. You make a formal loan application.

You will follow up with the lender to provide any documentation or information that you did not previously provide.  You will sign required forms and pay for an appraisal (approximately $400) and credit reports for each borrower (approximately $65 each).  At this time, the lender is required to provide you with the following information (and I caution you to keep this information handy rather than pack it for your move):

• Truth-in-Lending disclosure - This disclosure includes a summary of the total cost of credit, such as the Annual Percentage Rate (APR) and other specifics of the loan. 
• A Home Buyer's Guide to Settlement Costs" - This guide is a government publication that describes the closing or "settlement" process, associated costs, and your rights. 
• Adjustable-Rate Mortgage (ARM) disclosure - This disclosure includes information about terms and costs associated with an ARM, past performance of the index to which the interest rate will be tied, and the "Consumer Handbook on Adjustable-Rate Mortgages." 
• Annual Percentage Rate (APR) information - This is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, broker fee and any other charge you're required to pay in order to obtain your mortgage loan.

4. Lender orders an appraisal.

The appraisal is an opinion of value based upon certain criteria established by the lender and the secondary market.  The appraisal will verify the fair market value of the property to be used as collateral for your loan.  The appraised value must equal or exceed the sale price.

5. Lender verifies your personal information and credit history.

Your lender may accept the information and documentation you provided as adequate OR may further verify the information through phone calls, email, or mailing a Verification of Employment form (VOE) and/or a Verification of Deposit form (VOD).

If your loan is pre-approved, a complete credit history has probably already been done and no further verification of your credit will be necessary.  If, for any reason, you do not have a pre-approval, the lender will order a credit report for each borrower to obtain a complete credit history.  This information is used to determine if your payment history satisfies the requirements established by the lender and the secondary market.

6. Lender underwrites your loan.

All the information that is relevant to your loan - the information you provide and the appraisal - is submitted to a loan underwriter, who will issue the formal final approval for your loan.  Occasionally, the underwriter may request additional information from you or the appraiser before issuing the formal final approval.  When I call to tell you "Your loan is approved!" it means that your loan is out of underwriting, the last step before closing.

7. You attend Closing.

Congratulations!  This is the final step of your loan process.  After you sign the mortgage and other paperwork required by the lender, that new home will belong to you.  We'll exchange hugs, I'll hand you the keys to your home, and you will live happily ever after!

By unraveling the mystery of home financing for my clients, I eliminate their fear of the unknown (as it relates to this, anyway) and we can focus on finding the right home.  In fact, it gives home-buyers a sense of being "in control" when I point out that "You" is the first word in four of the seven home-financing steps. 

Whether you are a prospective home-buyer with questions about home financing, or a rookie agent just learning how to help your new buyer-clients, please feel free to contact me.

LOCAL LENDERS:

• FNMC Mortgage, Chris Washburn
• 1st Metropolitan Mortgage, Lou Colletti
• Capital Mortgage Finance, Rod Luck

RELATED LINKS:

• STOP! Don't Pck For Your Move Without Setting Aside Important Paperwork
• Capitol Title Waives Fees for Military Home Buyers
• How to Obtain Your VA Certificate of Eligibility
• Good News for VA Home Buyers in Maryland

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Find a Home and learn about Real Estate Market Conditions in Crofton and Anne Arundel County, Maryland.  Check out Today's Rates, use the free Mortgage Calculator, and watch a brief video about the Power of RE/MAX.  These consumer-friendly real estate tools are provided by Margaret Woda for you to use at your own pace. 

When you're ready to go from "just browsing" to "let's get serious", contact Margaret online or call her at RE/MAX Vision in Crofton Maryland. 410-451-1900 

Included in Your Online Relocation Package for Anne Arundel County, Maryland - Home of Fort George G. Meade, NSA, Northrop Grumman, BWI, and the U.S. Naval Academy.

WELCOME TO MARYLAND, and congratulations on your new job in the beautiful Annapolis area!  

You have probably already checked out the official websites for Annapolis, the U.S. Naval Academy and Annapolis Naval Station, so I won't go there.  Instead, I will give you this:

A checklist for my Annapolis house-hunting trip:

1.  Request a FREE Maryland Travel Kit from the Maryland Office of Tourism.  This is first on the list because it will take a while to receive this information by mail and you may find the Maryland map and other material helpful in getting to know the area. 

2.  Plan your house-hunting trip, starting with arrangements for travel and accommodations.  If you are travelling by air, be sure to choose BWI as your destination airport, if possible, because it is only about a half hour from Annapolis.  Both Reagan National and Dulles are farther AND will probably provide your first unpleasant experience with D.C. area traffic congestion.

Military personnel can make reservations at the BEQ, but there are lots of places to stay in and outside of Annapolis.  If you enjoy American history and want to combine house-hunting with vacation, check out the Historic Inns of Annapolis, located nearby and within walking distance of Annapolis Harbor and the restaurants and shopping on or near Main Street.  Other options include staying at an Annapolis Bed & Breakfast or one of the many hotels on the outskirts of Annapolis, such as the Doubletree - or just 15 minutes away at the Bowie Comfort Inn Conference Center, conveniently located at the intersection of Rt. 50 and 301. 

3.  Gather together your personal financial records, as suggested in Stop - Don't Pack to Move Without Setting Aside These Important Papers!

4.  Military personnel - Verify your BAH, basic pay, and any allowances for which you may be eligible, based on your own rate or rank. You will be required to enter the Annapolis zipcode (21402), so I am providing it here for your reference.  If you need additional information about your pay, consult the website for the Office of the Secretary of Defense. 

5.  If you plan to use VA financing, obtain your VA Certificate of Eligibility. Whether you plan to have your lender handle this or you plan to request it yourself, you will need the same documentation.  And remember, you may be eligible to buy VA again with either full or partial eligibility, even if you have used VA to finance a home in the past.   This may be the way to go if you can't sell your current home, due to today's tough real estate market.

6. Obtain pre-approval from a local mortgage lender.  While there is no shortage of lenders online, I highly recommend a local lender for many reasons.  Here are a few lenders that my clients have worked with recently:

• Capital Mortgage Finance, Rod Luck (USNA '88)
• FNMC Mortgage, Chris Washburn
• 1st Metropolitan Mortgage, Lou Colletti

It is important to do this up-front, so you are realistic about price range in your home search.  There's no point in spending your limited time looking at homes you can't buy, and then suffering the disappointment of learning that after you fall in love with a home.

7.  Check out homes and communities in the Annapolis area with a free subscription to weekly or daily reports on new and revised home listings, based on search criteria you specify.  

Or take a look at some of the homes in these communities near Annapolis, keeping in mind that prices often range from the $200's to well over a million dollars for waterfront estates.  'Odds are that you'll be somewhere between those extremes.

NEARBY COMMUNITIES:

• Annapolis
• Arnold
• Bowie
• Crofton
• Crownsville
• Davidsonville
• Edgewater
• Gambrills
• Odenton
• Severna Park

Of course, it goes without saying that you need to choose a local real estate agent who really knows the area... and knows military life!

I've walked in your shoes, as a military spouse, and gone to new duty stations with only a day or two to make a housing decision.  I had a baby while my husband was deployed, and I've struggled with all the decisions a military spouse makes without any family around to help out.  Add that experience to my years as a Realtor, helping military families...  Who could be better qualified to help you relocate to the Annapolis area?

If you are interested in Crofton real estate, be sure to check out Focus On Crofton, my blog for and about and the surrounding area..  

RELATED LINKS:

• Top 3 Reasons Why You Should Purchase Your Next Home in Crofton, Maryland
• Capitol Title Waives Fees for Military Home Buyers
• How to Obtain Your VA Certificate of Eligibility
• Good News for VA Home Buyers in Maryland
• Welcome to Fort Meade!
• New to Andrews AFB?
• How VA Can Help Sell Your Crofton Home

STOP - Don't Pack to Move without Setting aside Important Paperwork 

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Find a Home online and learn about Real Estate Market Conditions in Crofton and Anne Arundel County, Maryland.  Check out Today's Rates, use the free Mortgage Calculator, and watch a brief video about the Power of RE/MAX.  These consumer-friendly real estate tools are provided by Margaret Woda for you to use at your own pace. 

When you're ready to go from "just browsing" to "let's get serious", contact Margaret online or call her at RE/MAX Vision in Crofton Maryland. 410-451-1900 

Your real estate connection for Anne Arundel County, Maryland - Home of Fort George G. Meade, Northrop Grumman, BWI and the U.S. Naval Academy

Maryland home buyers, this is one of those lessons learned from The School of Hard Knocks:  Find and set aside important paperwork and financial information BEFORE you start packing to move!  I've seen firsthand the unnecessary pressure and tension some of my relocating clients experienced when they failed to do this.

Yes, financing a home is so much easier today than it was a decade ago.  In many cases, through an automated underwriting process, home buyers receive their "ok" within hours of making application.  Sometimes, however, this loan approval requires follow-up with hard copies of documentation before the loan is actually funded.  You don't want to discover this AFTER your important paperwork is packed in one of those 50 boxes in the garage. 

Just to be safe, here's a list of important documentation and information* you should find and set aside before you pack or move: 

1.  Social Security number and birth date of each applicant.

2.  Income verification for each applicant (2 most recent pay stubs with year-to-date earnings).  If you are active-duty military, this includes basic pay and all allowances.

3.  Tax information for each applicant (W-2's and tax returns for 2 most recent years).

4.  Employment verification for each applicant (Employers names, addresses, phone numbers and email addresses).

5.  Bank account information for each applicant (2 most recent statements for all bank accounts).

6.  Assets for each applicant (2 most recent statements for IRA's, 409K's, CD's, Stocks and Bonds; if you have individual investments, bring a brokerage statement with name of the stock, number of shares and the amount per share).

7.  Personal property information for each applicant (cars, furniture, retirement accounts, jewelry, valuable collections and life insurance).

8.  Credit information for each applicant (2 most recent statements for all creditors).

9.  Current housing information for each applicant (If you own: address, market value, original loan amount, balance due, monthly payment amount, copy of listing if property is currently for sale; if you rent: copy of lease).

10.  New home information (Receipt for earnest money deposit, copy of purchase contract and listing information).

11.  Gift letter, if applicable (Letter from donor stating amount of gift and that money does not have to be repaid).

12.  Self-employment information for each applicant (2 most recent years profit and loss statements and balance sheets), if applicable.

13.  Divorce/separation information for each applicant (Copy of the divorce decree or maintenance statement and any amendments, 12-month history of child support and/or alimony payments), if applicable.

14.  In-school/student verification (If you don't have 2 years of employment history, you will need transcript and/or diploma to verify student status) for each applicant, if applicable. 

15.  Rental property information for each applicant (For all rental property, you must provide addresses, copies of leases, account numbers, mortgage lenders' names, addresses, and phone numbers), if appicable.

* Source of List:  Freddie Mac

16.  Medical records for each member of the family.

17.  School records for each of your children. 

The last two items were added to this checklist at the suggestion of Mary Ellen Harvley.  John Walters mentioned, in his comment to this post, that he took these items with him when he evacuated for Katrina.  Now that is some food for thought - perhaps we all should gather together our important documents, whether we are moving or not!  Thank you both.

I strongly recommend that you put originals of all this paperwork in a safe place where you and your movers won't pack it accidentally - preferably a fire-proof lockbox.  Additionally, I suggest you bring on your house-hunting trip either photocopies OR a digital record on a CD or DVD, in case your lender needs it.  Then, be sure to keep your original documents with you during your move.

• Top 3 Reasons You Should Buy Your Next Home in Crofton, Maryland
• Capitol Title Waives Fees for Military Home Buyers
• How to Obtain Your VA Certificate of Eligibility
• Good News for VA Home Buyers in Maryland
• Welcome to Annapolis, Maryland
• Welcome to Fort Meade!
• New to Andrews AFB?
• How VA Can Help Sell Your Crofton Home
• STOP - Don't Pack to Move Without Setting Aside these Important Papers
• Santa's Helpers Lay Wreaths at Arlington Cemetery 

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Relocating to the Baltimore-Washington area?  Check out Your Relocation Package for Anne Arundel County, Maryland.

Find a Home and learn about Real Estate Market Conditions in Odenton and Anne Arundel County, Maryland.  Check out Today's Rates, use the free Mortgage Calculator, and watch a brief video about the Power of RE/MAX.  These consumer-friendly real estate tools are provided by Margaret Woda for you to use at your own pace. 

When you're ready to go from "just browsing" to "let's get serious", contact Margaret online or call her at RE/MAX Vision in Crofton Maryland. 410-451-1900 

With apologies to Clement Clark Moore for this parody by Margaret Woda, based on his "A Visit from St. Nicholas"

'Twas the week before Christmas, and all through the town,
Not a buyer was stirring, the market was down.
Our sale sign was posted in front with care,
In hopes that some buyers soon would be there.

The children were curled up reading in bed,
And visions of moving danced in dad's head.
Now Grandma in her sweater, and pa in his cap,
Were asleep near the fire, taking a nap.

When out in the yard there arose such a clatter,
I leaped from my chair to see what was the matter.
Away to the window I flew like a flash,
Pulled back the curtains and threw up the sash.

The road wasn't shoveled, there was new-fallen snow
And neighborhood children were playing below.
When, what to my wondering eyes should appear,
But a red SUV, full of people, right here.

With a little ol' driver, not lively or quick,
I knew in a moment it wasn't Saint Nick.
I called to the family, and everyone came,
As I whistled, and shouted, and called them by name!

"Now Grandma! now, Grandpa! now Steven and Harry!
Call Susan and Tim, Elizabeth and Mary!
Buyers are coming, there's no time to spare!
Turn lights on, make beds! Pick up toys everywhere!"

As Margaret's clients came up the front walk
I was so excited I could barely talk.
The kids jumped into action, and each knew his chore,
We had to be finished, when they got to the door;

And then, in a twinkling, we left just in time
The buyers were there now, ringing the chime.
As I looked o'er my shoulder, I saw they'd arrived.
And Margaret invited them to step inside.

She was dressed all in red, from her head to her toe,
We could trust our agent, our house to show.  
For buyers today, she knew how to find
All the features they wanted, what they had in mind.

Big rooms made them happy!  The closets did, too,
They loved the new kitchen, and baths all in blue.
A big ol' smile appeared on their face,
Of the homes seen today, this might be the place!

Then quick as they came, they all disappeared,
And they might not buy, that's what I feared.
We went back inside, sat down for a meal,
We cried, then we laughed, how should we feel?
 
Margaret drove to her office, with buyers in tow,
For she knew what to do now, an experienced pro.
She sold lots of homes that were not nice as mine,
She told me herself that our home is fine.

She had not a doubt, but went straight to her work
Explained all the contracts, then turned with a jerk,
And laying her pencil aside on her desk,
Shook hands with the buyers, and wished them the best.

She sprang from the office, and rushed to our side,
And we listened carefully before we signed.
Then I heard her exclaim, with a SOLD sign in sight,
"Merry Christmas to all, and to all a Good Night!"

Anne Arundel County Public Schools recently announced that thirty-four county teachers received National Board Certification this year from The National Board of Professional Teaching Standards (NBPTS), double the number who achieved this status in 2006. 

Ten of the 2007 teachers are in Crofton-area schools, including Odenton and Davidsonville... 

To see a list of Crofton area teachers who received their certification and the schools where they teach, please follow this link to:

Ten Crofton Teachers Earn Certification 

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Find a Home and learn about Real Estate Market Conditions in Crofton and Anne Arundel County, Maryland.  Check out Today's Rates, use the free Mortgage Calculator, and watch a brief video about the Power of RE/MAX.  These consumer-friendly real estate tools are provided by Margaret Woda for you to use at your own pace. 

When you're ready to go from "just browsing" to "let's get serious", contact Margaret online or call her at RE/MAX Vision in Crofton Maryland. 410-451-1900 

Most Maryland home owners won't be affected by the new tax bill signed by President Bush yesterday, but anyone who purchased or refinanced their home in the past 2-3 years could be, if the loan balance is higher than today's selling price.  That situation is known as a "short sale".

Homeowners were taxed on any amount forgiven by a lender in a short sale negotiation or foreclosure, in the past, creating a tremendous financial burden.  Now, under The Mortgage Relief Act (click here), the loan amount written off by your lender will no longer be considered taxable for debts forgiven between Jan. 1, 2007, and Dec. 31, 2009.  

To find out how this legislation could affect you, please follow this link:

Crofton Home Sellers - Relief for Short Sales 

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Find a Home and learn about Real Estate Market Conditions in Crofton and Anne Arundel County, Maryland.  Check out Today's Rates, use the free Mortgage Calculator, and watch a brief video about the Power of RE/MAX.  These consumer-friendly real estate tools are provided by Margaret Woda for you to use at your own pace. 

When you're ready to go from "just browsing" to "let's get serious", contact Margaret online or call her at RE/MAX Vision in Crofton Maryland. 410-451-1900 

GETTING TO KNOW YOU... Laura Tayman

Crofton, Gambrills and Odenton are celebrating this occasion with you!  Suburban Scene Magazine has come into homes and businesses throughout our communities for a year now to tell us about people, businesses, organizations, and events in the area.  As a reader, I have found it a wonderful resource that is both interesting and entertaining.  Speaking as an advertiser, I am grateful for the opportunity to communicate with the very people I serve in my real estate business - and I thank you for that. 

Several years ago, I had the privilege of helping Suburban Scene's creator, Laura Tayman, buy her first Crofton home.  At the time, Laura was working at the Clinton White House and her husband Mike was a music teacher in Prince George's County public schools.  I talked to Laura last week, at the Suburban Scene birthday party, and took advantage of the chance to "catch up" on what's happening in her world. 

That's when I decided to turn the tables on Laura and interview her as the first in a monthly series of "Getting to Know You" posts about our neighbors in the Crofton area.  Drum roll, please... 

To view Laura's interview, please follow this link:

Happy Birthday, Suburban Scene Magazine!

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Find a Home and learn about Real Estate Market Conditions in Crofton and Anne Arundel County, Maryland.  Check out Today's Rates, use the free Mortgage Calculator, and watch a brief video about the Power of RE/MAX.  These consumer-friendly real estate tools are provided by Margaret Woda for you to use at your own pace. 

When you're ready to go from "just browsing" to "let's get serious", contact Margaret online or call her at RE/MAX Vision in Crofton Maryland. 410-451-1900 

Things are looking very bleak for Bowie home sellers in the 20715 zipcode this month, based on statistics for November 2007 and these graphs of the years real estate activity.

• Bowie Units sold:  Down 35.71% from November 2006

• Bowie Days on Market:  Up 42.47% from November 2006

• Bowie Median sold price:  Down 2.88% from 2006

During the same timeframe, we have seen the inventory of active listings grow, while the number of sold properties has, at best, remained fairly consistent - ranging from 16 in September to 42 in June.

The absorption rate for the most recent month was less than 10%, with an estimated inventory of 11 months if sales continue at the same pace.  Given that we are entering the typically slow winter months, that is unlikely.

Based on this data, and the current large inventory of homes for sale, lower prices and longer days on market are extremely likely.

________________________________________

Find a Home and learn about Real Estate Market Conditions in Crofton and Anne Arundel County, Maryland.  Check out Today's Rates, use the free Mortgage Calculator, and watch a brief video about the Power of RE/MAX.  These consumer-friendly real estate tools are provided by Margaret Woda for you to use at your own pace. 

When you're ready to go from "just browsing" to "let's get serious", contact Margaret online or call her at RE/MAX Vision in Crofton Maryland. 410-451-1900 

As I sit across the room from my husband, bonding with my computer keyboard for yet another blog post, my husband seems satisfied to enjoy my company while he reads the paper.  Every now and then, he'll read a little blurb to me (Redskins won last night) and I try hard not to show annoyance that he's interrupting my ActiveRain concentration.  Part of me feels a little guilty, though.

Who is my significant other, anyway?  My husband or ActiveRain?!?!  

Since this is the season for sitting down to write a business plan and make New Year's resolutions, we might want to do a little soul-searching to make sure we have things in perspective in our lives.  Ask yourself these questions, and draw your own conclusion:

1.  Do I spend more time on ActiveRain or talking with my significant other?

2.  Do I spend more time on ActiveRain or listening to my children?

3.  Do I spend more time on ActiveRain than following up directly with current and former clients?

4.  Do I spend more time on ActiveRain than keeping my home and office organized?

5.  Do I spend more time on ActiveRain than I do keeping in touch with my parents, siblings, and friends?

I could add another ten questions here, but I'm sure you get the point.

The bottom line, really, is whether I spend an appropriate amount of time on ActiveRain.  Is it replacing LESS valuable activity or MORE valuable activity in my day?

In my case, most of my ActiveRain time is in lieu of sleep, which I'm not sure is a good thing, either - but at least it does not consume every waking minute when I should be doing other things.  Larry doesn't seem to feel threatened by ActiveRain - it's just the latest of my many interests in our 40 years of marriage - and, after all, he does have his golf!  No kids at home any more, but we probably talk more since they're calling or emailing to comment on my latest blog.  And now I have something of value to send my clients - relevant blog posts - so I'm probably doing a better job of keeping in touch with them than ever before in my career. 

A consumer survey conducted last January for SupportSoft Inc., a firm that makes software for computer help desks, indicated that 64% of all Americans spend more time with their computer than their significant other.  And that was before ActiveRain took off - I imagine the numbers would be higher now, by about 62,000. 

There are worse things, right?

Seriously, ActiveRain is a valuable part of my day that replaces LESS valuable use of time in the past - time that I might have spent watching TV, sleeping (okay, that IS valuable), and plain ol' busy work.  I'm actually more efficient than I was in the pre-ActiveRain era, because I manage my time better.  Larry, don't worry... you're still #1 with me.  (Just don't interrupt my ActiveRain concentration, okay?)   

P.S.  I read this to my husband before posting it, and he assures me that I do a good job of not looking annoyed when he talks to me while I'm on ActiveRain.  And now we both just start laughing when he opens his mouth to say anything because we're thinking about that.

________________________________________

Find a Home and learn about Real Estate Market Conditions in Crofton and Anne Arundel County, Maryland.  Check out Today's Rates, use the free Mortgage Calculator, and watch a brief video about the Power of RE/MAX.  These consumer-friendly real estate tools are provided by Margaret Woda for you to use at your own pace. 

When you're ready to go from "just browsing" to "let's get serious", contact Margaret online or call her at RE/MAX Vision in Crofton Maryland. 410-451-1900 

Included in Your Online Relocation Package for Anne Arundel County, Maryland - Home of Fort George G. Meade, NSA, Northrop Grumman, BWI, and the U.S. Naval Academy.

VA Home Buyers, arm yourself with a Certificate of Eligibility and a loan pre-approval

If you bought your home in that environment, at a higher price than it would sell for today, you may not have enough equity in that home to help you buy again.  But don't worry... just rent your current home and use your VA eligibility now.  If you've never used VA before, or if your full eligibility has been restored by selling a home financed with VA, you may be able to buy without any down payment.  Given the competitive nature of this buyers' market, the seller of any home you buy may consider paying part or all of your closing costs. 

The Department of Veterans Affairs has a lot of very helpful information on their website about VA loans.  I encourage you to read it all, since newer loan originators and real estate agents may not have had much exposure to VA loans.  These loans have not been commonplace, at least not in my area, for many years.

5 Steps for Getting Your VA Certificate of Eligibility:

Many mortgage companies can help you obtain your VA Certificate of Eligibility through an automated process.  Even if you plan to let them do that, however, read these guidelines to find out what information they will need.  It is the same documentation that you must have to request the certificate yourself:

1. Complete VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan Benefits.
2. Send the completed VA Form 26-1880 and any supporting evidence to the Winston-Salem Eligibility Center.  Under normal circumstances a response can be anticipated in roughly 10 days.  This time frame will vary during periods of heavy activity.
3. Include photocopies of your most recent discharge or separation papers covering active military duty, which show active duty dates and type of discharge.  If you served on regular active duty (not a reservist) and were discharged after 1975 or you have previously had a VA loan, it may not be necessary for you to provide documentation of your military service.  However, it is best to provide such evidence with your VA Form 26-1880 if it is readily available so as to avoid possible delays in processing your request.
4. If you are seeking restoration of your previously used benefit, you should include any evidence of payment in full of your prior loan (copy of HUD-1 settlement statement, for example) that you have in your possession.  Normally VA receives notification that a loan has been paid, but this does not always happen. 
5. VA determines your eligibility and, if you are qualified, VA will issue you a certificate of eligibility to be used in applying for a VA loan.

If you have any questions about buying a home with VA financing, don't hesitate to contact me.  My husband is a veteran, and we've used VA to buy four or five homes.  Add to that my real estate experience, helping many other VA buyers over the years, and I probably know how to answer your question or at least where to find the answer!

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Find a Home and learn about Real Estate Market Conditions in Crofton and Anne Arundel County, Maryland.  Check out Today's Rates, use the free Mortgage Calculator, and watch a brief video about the Power of RE/MAX.  These consumer-friendly real estate tools are provided by Margaret Woda for you to use at your own pace. 

When you're ready to go from "just browsing" to "let's get serious", contact Margaret online or call her at RE/MAX Vision in Crofton Maryland. 410-451-1900