Real Estate Blog by David Phillips, REALTOR

Can I have two VA loans ???

McLean Mortgage  constantly gets asked “Can I have two VA Loans?” The answer varies depending on the situation. It depends on the amount of entitlement and the loan amount.

There are two types of entitlements – basic and the bonus entitlement. The basic VA entitlement is $36,000. Every eligible veteran also receives a “bonus” entitlement which is much more than the basic. The bonus entitlement kicks in for VA loan amounts over $144,000.00. Essentially the entitlements can be used for any loan amount without a cap. There is however, a limit on the amount the VA will guarantee. This is based off the VA county limits. If you’re county limit is $417,000 than the VA will only guarantee a loan for $417,000 and nothing more. Both entitlements can be used in combination with each other.

If a veteran has a loan that is up to $144,000 than the veterans bonus entitlement is still available. The only issue is that the VA loan is only for owner occupied properties, which means you can’t have more than one VA loan in the same city.

Veterans can use their entitlements as many times as they want, as long as prior VA loans have been paid off, or if a veterans’ entitlement is still available. The VA entitlements are restored when prior VA loans are paid in full.


Should I Buy a Condo?

Should I Buy a Condo?

Due to resurgence in urban living, more and more buyers are considering condos over single-family homes in recent years.  Condos tend to be located in urban areas, for example in downtown Norfolk and within walking distance of shops, restaurants and other places of high interest.  

In addition, some also have resort-like amenities, such as pools and fitness centers, which are often cost-prohibitive in a house. According to HGTV FrontDoor, people are now living busier lives, which make condos an attractive choice due to their convenience and low-maintenance lifestyle.  Being that association fees cover the exterior as well as the expensive components of the structure, maintenance is limited to the interior of the dwelling.

Many condos offer gated or locked entries, doormen, or even security professionals for residents. If you live alone, or security is a concern for you, this can be a major perk. In addition, you’re living in close proximity with many other people and in an emergency; you’ll have plenty of people to turn to for help.

Condominiums are often priced lower than single-family homes. If you want to dive into home ownership, a condo can be a great first step. Purchasing a condo is often a good investment if the buyer is a first-time home-buyer and if the only other option is renting. 

By the same token, what is an advantage can also be a drawback. Condo fees are in addition to the monthly mortgage payment and are used toward building maintenance and...

Stop! Read this before signing a property management agreement!

Stop! Read this before signing a property management agreement!

Thinking about renting your home?   
How many people actually read these agreements?   How many actually go through their agreements and explain the agreements?    
Many property management agreements include a clause that the agency that the first right to list and sell your property if you choose to sell the property.   My suggestion is to cross that out!!    How do you know what type of job the property manager is going to do while they are managing your property unless you have previous experience with them.    You may have a great experience with them and decide to list your home with the agent when you decide to sell, but you could get locked into the agreement with the agency too.   
Over the years, I have heard about this a number of times!    If the property manager has a problem with it, you should move on, and find someone else to work under your terms   Maybe, the property manager does not have confidence in his or her abilities because if they are doing a great job, the property manager/agent will probably be the first one you probably talk to.
Before you decide to list with any agent discuss the marketing plan what they are going to do to get your home sold!  It does not matter what price I think your home will sell for, if you are not listing the property with me as I might be representing a buyer at a later date and will share my expertise with my client and present an offer to the listing agent or for sale by owner.
What I tell people is find someone that you feel comfortable with to represent your interests and has a marketing plan to achieve your goals.