Tag Archives: real estate

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How to Get a VA Home Loan

How to Get VA Home Loan

How to Get a VA Home Loan

One of the best benefits for military service men and women and their spouses, is the Federal VA home loan option. Owning a home is still the great American dream, and for our personnel who have served in any military branch, VA home loans can help make this dream a reality. What’s more, is that these loans can also be used by surviving spouses, giving the families of our fallen heroes a legacy in housing security.

While these home loans are funded through private lending companies, as an active duty soldier, reservist or veteran, the required parameters to get a loan are different compared to civilians. With a VA home loan down payments and private mortgage insurance aren’t required. This is a big boon to getting over one of the biggest expenses towards homeownership with no need to save thousands of dollars before you buy a house.

There are various types of VA loans available depending on your personal situation as a veteran. For example, disabled vets can apply for an Adapted Housing Grant which will help cover the costs of adapting an existing house or having one constructed to accommodate housing features as needed. Other benefits include different refinancing options to lower the interest rate on your current VA loan and property tax reduction and exemptions for applicable veterans, such as is offered through the New Jersey Dept. Military & Veteran Affairs.

How to Get VA Home LoanSo, how do you get a VA loan? The first place to begin is at the Federal VA website. Here, you can find the resources you need to check for eligibility requirements and what options may be applicable for you.  Once you determine which type of VA loan you want, a Certificate of Eligibility (COE) form needs to be completed. You can access this form through the VA eBenefits site, or ask your chosen lender for the form. With your COE in hand you can work with your lender to complete the VA loan application process and get approved for funding.

With all the benefits available through a VA home loan, going through this bit of paperwork is worth the effort in achieving your home dreams. You can also review your options with your Realtor®. The agents at The Haviland Group and Keller Williams Realty understand all the options available for veterans and their families; we’re here to help every step of the way. Get the conversation started with Matt Haviland, give him a call today at 609-338-3773 or send him an e-mail.

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Down Payments for a Home – How Much do I Really Need?

One of the first questions asked when someone is planning to buy a home is, “How much do you have to put down to buy a house?” You may think the answer is a simple one, but this is not necessarily the case. The amount of a down payment needed depends on several factors and your own individual situation.

The first thing to consider is what type of mortgage loan you can qualify for. The type of loan will determine what the minimum requirement is for a down payment on a house. If you qualify for a first-time buyer loan program, chances are you will need a lower down payment, good news for those struggling to save for this major investment.

For qualified buyers through the FHA you can buy with a down payment as low as 3.5%, or possibly with a zero-down payment, but there’s a price. If you qualify for this option, you’ll be required to pay for mortgage insurance for a while. Mortgage insurance isn’t for you but for your lender to be able to recoup the losses should you not make your payments. A down payment helps lessen the overall principal amount of a loan. The higher your down payment, the lower the principal funding. The more principal funding a lender provides, the more money they’re putting at risk in a loan.

While you may not need a down payment through an FHA loan, your monthly mortgage payment will include the cost of mortgage insurance from which you won’t directly benefit. This can be a worthy trade-off if saving for a down payment is a challenge. And the good news is, you won’t have to pay for mortgage insurance for the duration of your loan. When there’s a suitable amount of equity built into your property, you can request a review to discontinue the insurance.

Military veterans and active personnel can qualify for a VA loan, which will waive the down payment completely if you don’t have the funds to put down. These loans are provided through various lenders but backed by the US Dept. of Veteran Affairs. As such, if you don’t have a down payment you won’t have to include mortgage insurance. If you or your spouse has been a part of the military, this is an option worth looking into.

So how much of a down payment do you have to have for a house if you don’t qualify for a special program loan? The standard answer is 20% of the sale price. For a $100,000 home, this would mean you need $20,000 for a down payment. This is a sizable sum which can be a challenge for even the savviest saver. If you don’t have the full 20% however, not all is lost. Some lenders are willing to go as low as 5%-10% for a down payment, provided you pay for mortgage insurance to help lessen the risk to the lender.

To help avoid this extra expense though, you may be able to achieve the 20% down payment through a grant. While most grants are geared towards lower incomes and first-time home buyers, there are options for those in-the-middle-income buyers as well.

Learn more about down payments with this Bank Rate article. If it’s time to buy a home, get the conversation started with Matt Haviland; give him a call today at 609-338-3773 or send him an e-mail. Matt and his team are passionate about helping their clients achieve their home dreams; The Haviland Group and Keller Williams Realty are here to help you find the right home from start to finish.

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First Time Homebuyer Mortgage Options Around Atlantic County

First Time Homebuyer Mortgage Options Around Atlantic County

First Time Homebuyer Mortgage Options Around Atlantic CountyYou’ve saved and planned and you’re ready to take the plunge into home ownership. There are many great mortgage choices for first-time homebuyers to consider. This list will break down some of the most popular options and provide links to find out more about the ones you may qualify for.

First Time Homebuyer Mortgage Options Around Atlantic County

FHA Loans are 15 or 30-year loans which are backed by the Federal Housing Administration under the U.S. Department of Housing and Urban Development (HUD). FHA Loans usually allow approval for borrowers with lower credit scores. These loans can also help through low down payment mortgages and lower closing costs. You’ll have to pay a slightly higher rate for mortgage insurance however, which can be paid upfront or annually.

USDA Loans are based on income for qualification and backed by the U.S. Department of Agriculture (USDA). These loans provide help with the purchase of houses located in certain rural areas and include zero down payment mortgage options for borrowers who qualify.

VA Loans are available to active military members and veterans through the U.S. Department of Veterans Affairs and are partially backed by the same. The goal with this program is to assist veterans in purchasing houses. These loans can include no down payment mortgage options and don’t require private mortgage insurance. They do require a one-time funding fee which is a small percentage of the total loan amount.

Good Neighbor Next Door assistance program offers loans for houses which have been foreclosed on at half price to qualified borrowers. This is an incredible program and as such has stringent guidelines. The Good Neighbor Next Door program is available only to borrowers who work in public service sectors as law enforcement professionals, teachers, emergency medical technicians (EMTs) or firefighters. The firefighters and EMTs must also work within the same jurisdiction as the house they are purchasing. These homes are offered in “revitalization areas” as defined by the FHA. These areas generally have a high number of foreclosed properties available.

Fannie Mae and Freddie Mac are government programs which help qualify first-time homebuyers who have low or moderate income with lenders.  The Fannie Mae HomePath Ready Buyer Program in particular offers qualified first-time homebuyers up to 3% toward closing costs for HomePath Properties which were foreclosures under their loan programs.

New Jersey State and Atlantic County Residents can also benefit from some wonderful down payment assistance options outlined in our previous post about First Time Homebuyers Government Programs. Check out the blog post to find out more about first time government programs that are available. These are great offerings specifically for area residents.

The options are too many to list but there’s sure to be something for most any first-time homebuyer to benefit from. For more choices and information see this informative Bankrate article.

Matt Haviland with The Haviland Group and Keller Williams Realty always offers free consultation for first-time homebuyers. Contact Matt today at 609-338-3773 or via e-mail to find out how he can help you.

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Take Advantage of First Time Homebuyer Programs Around Atlantic City

First Time Homebuyer Programs

First Time Homebuyer ProgramsSometimes growing up is hard to do and sometimes there’s the thrill of it all, the firsts you’ll experience. There are few things in life as thrilling as becoming a first-time homeowner. Buying your first property, getting the keys and walking through the threshold of a house which will become the first home of your dreams is an exhilarating experience. But where do you start? First-time homebuyers often have many questions about how to search for the features they desire in a house, how to get the best financing assistance and how to find a Realtor® they can trust. There are some great first time home buyers programs right now. Let’s look at how to qualify.

Take Advantage of First Time Homebuyer Programs Around Atlantic City

You’ll want to begin by saving for your down payment but how much do you have to put down to buy a house? Typically, conventional loans require 20% down, but as a first-time homebuyer you may be able to get help covering your down payment. It’s possible to lower or eliminate the amount you need to have up front for a down payment through federal, state and local government programs.

How do you qualify for first-time homebuyer government programs?

Your lender and buyer’s agent will be trusted sources in directing you to the best options which may be available to you. Some of the most common federal government mortgage options such as FHA and USDA loans are well-known and may offer solutions for low or no-down payments for those who qualify.

Most state and local governments offer some assistance as well. We dug a little deeper to find out.

 first-time homebuyer government programs are available in the area.

The Atlantic County Improvement Authority offers a down payment assistance program to individuals who have resided in Atlantic County for at least 12 months and who have not owned a home in two years or more. At a state level, The New Jersey Housing and Mortgage Finance Agency offers several different programs for first-time homebuyers including down payment assistance and mortgage programs explained in a step-by-step guide to help you decide which options are best for you.

First Time Homebuyer ProgramsAll of this information can be overwhelming, but it doesn’t have to be. Check out some great tips for first-time homebuyers from Nerd Wallet. They offer an easy-to-follow but detailed list with some general information to help you get started.

Now that you’re ready to set sail, the importance of having a trusted buyer’s agent is key in making the home-buying process go smoothly. You’ll want to find someone who’s ready to work for you, who’s also experienced in serving first time homebuyers and who knows the area real estate market. Matt Haviland with The Haviland Group and Keller Williams Realty offer free consultations for first-time homebuyer programs. Contact Matt today at 609-338-3773 or via e-mail to get started on the path to the door of your first home.

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Thank You For Helping Me Earn The NJ Circle Of Excellence Silver Level In 2017

I want to say thank you for my friends, family past clients and all the wonderful people I was able to help in 2017.  I was able to achieve the NJ Circle Of Excellence Award Silver level.  My business is almost 100% referral based so I want to thank all of the people who felt comfortable and confident referring me to the people that they care about.  Thank you and I look forward to another fantastic year in 2018!  Matthew Haviland

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Egg Harbor Township, NJ Market Statistics

What's happening in the real estate market September update

Houses for sale in Egg Harbor Township New Jersey

Here’s a quick overview of what’s happening in the real estate market in Egg Harbor Township.  Median sold price is down 6% to $190,000.  The median for sale price is up 2% and sold properties are down 2%.  New properties are down 9% and total inventory is down 19%.  

So even with lower inventories prices are still down overall.  My interpretation of these statistics indicate that the foreclosure properties that are still on the market are continuing to pull prices down.  At the same time some of the communities in Egg Harbor Township are very short on inventory and so there is a great possibility of price appreciation.  Contact me if you’d like to know how much your home is worth in today’s market.  To view full statistics for August 2017 Egg Harbor Township real estate click here:  egg-harbor-township-market-stats

Matt

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Add-On Front Patios

A New Home Trend Front Patios

Front porches and back patios have joined forces. The result is the emergence of the “front yard patio.”

A front yard patio is inviting, which might herald a reversal of a 70 year trend towards hiding out in our houses and entertaining only in our backyards. This condition was a direct result of the age of the automobile, when garages gradually crept to the front of the house at the expense of our porches.

For those of us with garage-dominated or porch-less facades, the front yard patio is a welcome feature—a decorative, as well as functional entertaining space that says, “Hello.”

Front patios can look like almost anything, and be constructed of any material that can be made weed-free and level, including brick, stone, gravel, or wood. They can be attached to the home, wrapped around the front door, or set off on their own. And they can be enhanced by such things as:

  •   A fire pit or heat lamps.
  •   A small side fountain.
  •   Low shrubs or low walls.
  •   Tea lights or lanterns.Front patios are more than simple functional changes in our space and lifestyle. They’re also a smart move for home sellers as they gain traction with buyers who see them as inviting and desirable features that add value to the house.

For more great tips and interesting articles download Matt’s Home News February edition here:  February Newsletter – Matt

Best wishes,

Matt

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Market Statistics For Atlantic County, NJ 2016

I have several clients investing in real estate in this market.  Prices are low inventory is high and it’s a great market to buy and hold.  I also have investors looking to flip properties.  I’ve put together some interesting statistics that should be helpful for people looking to invest in the Atlantic County, NJ real estate market.

Market statistics as of 12/22/16 For Atlantic County NJ

City Number of sales In 2016 Year to Date # of homes for sale # sold/month % sold/month
Galloway 349 311 29.08 9.35%
Absecon 122 98 10.17 10.37%
Port Republic 9 7 0.75 10.71%
Egg Harbor Twp 548 362 45.67 12.62%
Hamilton Twp 278 219 23.17 10.58%
Somers Point 127 86 10.58 12.31%
Northfield 130 84 10.83 12.90%
Linwood 98 85 8.17 9.61%
Pleasantville 224 121 18.67 15.43%

Sunset, Port Republic, NJ

This first chart shows some of the mainland areas, the number of homes sold and % of homes that sold.  The highest % sold was Pleasantville at 15.43%.  Pleasantville was followed by Northfield, Egg Harbor Township and Somers Point.

It’s also interesting to look at the number of sales in certain price ranges to see what price ranges have been selling the most.  Homes in the $150,000-$200,000 are selling most followed by $200,000-$250,000.

 

Sold Price Number of sales by price point
0-50k 94
50-100k 214
100-150k 307
150-200k 468
200-250k 350
250-300k 159
300-350k 56
350k-400k 33
400-450k 23
450-500k 16
500-550k 7
550+ 10

*Includes these areas: Galloway, Absecon, Port Republic, Egg Harbor Twp,
Hamilton Twp, Somers Point, Northfield, Linwood

I also get asked frequently how long it’s taking to sell homes so I broke that out based on the number of bedrooms.  Three bedroom homes are selling faster.  This is most likely due to their lower price point.

3 bedroom Average 71 days on market
4 bedroom average 91 days on market

Now is a great time to buy, sell and invest in real estate in Atlantic County.  Contact us for a free consultation to help you evaluate your opportunities in today’s market.  Matt

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Fall In Love With Your Home!

Is it better to move in the Spring/Summer or Fall/Winter?

Here’s a quick post to let you know how I can help you and the people you feel comfortable

introducing me to.

If you or someone you care about had been thinking about buying or selling a home in the spring or summer and decided to wait, there is a subtle yet important shift to moving in the fall that deserves consideration.

Summer moves are often triggered by family needs, while fall and winter moves are frequently influenced by external factors such as work. Whether you are buying or selling, here are critical seasonal influencers which affect the value of a home.

springorsummer-move

 

 

 

It is important that you know I optimize marketing strategies based on several factors that influence your micro-market. The next time you notice a person who is falling into an autumn or winter move and you know they’d benefit from my help, call or text me immediately. I promise they’ll be delighted you introduced us.

Matthew Haviland, Your Real Estate Consultant For Life

Keller Williams Realty Atlantic Shore 609-484-9890 ext 132

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What Do Baby Boomers And Millennials Share?

Here’s a quick note to let you know how I can help you and the people you feel comfortable introducing me to.

This year there are more healthy and happy baby boomers over 65 than ever before. At the same time, there are more millennials than ever before, many of whom are well-educated, but paying the price in terms of high student debt, which keeps them living with their boomer parents longer.

Despite their financial and age differences, both these groups want the best for themselves and each other. For that reason, they appreciate the input of family and friends when choosing a product or service. Both prefer an enthusiastic introduction over the thought of working with the unknown.

Baby BoomersMillennials (1)
It’s important you know I skillfully work with people of many income brackets.

Whether you know a person with a lot of student loan debt or someone who could pay cash for their next home, I love helping people make good financial decisions. The next time you notice someone who would benefit from my help, call or text me immediately. I promise they’ll be delighted you introduced us.

Matthew Haviland, Your Real Estate Consultant For Life

Keller Williams Realty Atlantic Shore 609-484-9890 ext 132