http://www.chelseakurtz.net Updates, news and interesting facts about real estate in Hawai'i, North Carolina and the country. https://irp.cdn-website.com/7feb5167/dms3rep/multi/Business+card+2025+%286%29.png http://www.chelseakurtz.net http://www.chelseakurtz.net/pcs-season-to-hawaii <h3> The VA Loan update </h3> <div> <img src="https://cdn.website.thryv.com/md/dmtmpl/dms3rep/multi/blog_post_image.png"/> </div> <div data-rss-type="text"> This article gives a condensed version of the VA loan guidelines. The VA loan is a comprehensive product that many lenders fail to understand or review as they qualify a service member or veteran. One of the best practices for a service member or veteran is to compare lenders, as some will have a much more robust understand of this loan compared to others. It is also a good practice to hire an agent who is familiar with the VA guidelines in the event your lender lacks knowledge that may be crucial to your eligibility or purchase of a home. <div> <br/> </div> <div> To be eligible for the VA loan, a member must serve 90 days war time or 181 days of peacetime. </div> <div> <br/> </div> <div> The 24 month rule - a member must have an honorable or general discharge to be eligible. </div> <div> <br/> </div> <div> Reserves and National Guard - 6 years of service. Must be an honorable discharge, retired list, transferred to other honorable service, or still serving in the reserves or guard. If a reservist activates, they are automatically eligible. </div> <div> <br/> </div> <div> MYTH BUSTER:  You can use the VA loan more than once and at multiples times.  </div> <div> <br/> </div> <div> The VA loan is for primary residences ONLY. Not investment properties. However, if a service member wants to purchase a duplex, triplex or quadplex, as long as the service member occupies one of the residences, the VA loan may be used to purchase a multifamily property. Know that 75% of the rental income can be used to qualify the multifamily property. </div> <div> <br/> </div> <div> The VA loan requires that the service member/veteran intends to occupy the property for 1 year. </div> <div> <br/> </div> <div> Condotels and Co-ops do not qualify for VA loans. </div> <div> <br/> </div> <div> Leasehold properties must have an excess for 14 years on the leasehold term to include the term of the mortgage. (Example: 30 year fixed loan + 14 years = 44 years on the leasehold at minimum). </div> <div> <br/> </div> <div> There is NO LOAN LIMIT if the service member/veteran has full entitlements. </div> <div> <br/> </div> <div> Second tier entitlements refers to the entitlements left while currently holding a VA loan on a property or properties. </div> <div> <br/> </div> </div> Tue, 17 Jun 2025 19:35:10 GMT chelseadoesrealestate@gmail.com (Chelsea Kurtz) http://www.chelseakurtz.net/pcs-season-to-hawaii thumbnail main image http://www.chelseakurtz.net/pace-of-prices-is-cooling-down <div data-rss-type="text"> <h3> <span> It’s been a rough ride for homebuyers lately, as prices have hit the roof with little respite. All of that looks to change soon. </span> </h3> </div> <div> <img src="https://irp-cdn.multiscreensite.com/md/dmtmpl/a587f606-0600-4809-add4-842c3c8a6cd1/dms3rep/multi/modern_interior.jpg"/> </div> <div data-rss-type="text"> <p> <span> It’s been a rough ride for homebuyers lately, as prices have hit the roof with little respite. All of that looks to change soon. </span> </p> </div> Tue, 12 Mar 2019 15:57:40 GMT chelseadoesrealestate@gmail.com (Chelsea Kurtz) http://www.chelseakurtz.net/pace-of-prices-is-cooling-down thumbnail