Bremerton : Silverdale : Port Orchard : Poulsbo

Today if you are an eligible veteran you have an opportunity as a home buyer that many non-veterans don't have when it comes to cash out of pocket to purchase a home. Most of the zero down home loan programs are not available any longer. However if you are a veteran you have the option to use your VA benefit to purchase a home in the Bremerton, Silverdale, Naval Kitsap area of Kitsap County! Here are some facts and links to the official government web pages. If you would like to speak with a lender that can handle a VA Home Loan in the Naval Base Kitsap area give me a call – I know just the person to connect you with!

• VA Home Loan Guarantee program provides mortgage insurance with 100% financing.
• No monthly mortgage insurance required
• Up to 41% Debt to Income Ratio
• Credit guidelines may be more flexible than other types of loans. No credit – there are ways!
• No minimum credit score requirements

If you want to do more research prior to making the call please click on the links below.

Department of Veterans Affairs – Home Loan Guaranty Services

Department of Veterans Affairs – Veterans Information Portal

Department of Veterans Affairs – Am I Eligible

Jo Soss-Olson · WestSoundLive · Copyright © 2008 · All Rights Reserved

I am sure as a military member you have heard this phrase about a million times in the last several years. Interest rates have been so low for so long that home ownership has been easier than ever before for anyone and this especially includes the military population, who until recently didn't feel like they could or should purchase properties. Never before has the military population owned a higher percentage of homes.

The days of base living has changed drastically. With most installations switching over to PPV the climate has changed. The thought of waiting until retirement to purchase a home has become a scary thought with the way housing prices in most areas have skyrocketed.

So as a military member do you purchase a home?

It is a very complicated process which needs some investigation and education before making a decision. You should ask yourself some questions like these at the minimum.

• Do I have upfront money to buy a home?
• Can I get financing?
• Is my tour of duty going to be longer than 2 years before the next PCS?
• Will I have the opportunity to do another tour here or will I have an opportunity to come back?
• If I had to be a long distant landlord would I have the time or recourses?
• Could I afford a property manager?
• What if I had to pay the mortgage for 2-3 months while the home is waiting for new renters?

So after you have considered all the possibilities, searched the internet for information and asked around your shop. Are you ready to buy?

Being a military spouse and real estate professional it was still a decision that I wavered back and forth. After sitting down and writing out all the pros and cons my husband and I decided to purchase. My husband is in the Untied States Navy and at the time we decided to purchase we were looking at the second tour to Iraq, at living in southern California and at a PCS 30 days after his re-deployment. We didn't know where we were going, how long we would be there or how the finance industry would view our dreams.

My husband left for Iraq and I knew that I wanted our next PCS to be a "door to door". I started to look at houses in the Bremerton, Washington area over the internet. Having my license but not practicing in the state of Washington I had to find a real estate agent too. I was lucky because I had several contacts from my days of selling homes in Washington. On a trip up to Washington I viewed a property and made an offer with my POA. My husband just so happen to call while I was in the process. I told him what I was doing and promised to email pictures when I arrived back home. I can tell you that it was not a totally smooth process, but I can also tell you that

I am writing this article in the home office of the house that we purchased so, all in all a happy ending. Well, almost. My husband didn't receive orders to the Bremerton area. He received orders to ALASKA!!! We are now building equity in a home we will retire to in several years. I live here and he lives there and we are Continental frequent flyers. What's that phrase "Semper Gumby"? Yes we are! I am back to the profession I love, he loves Alaska and we have the house we plan to retire in or so we think at the moment.

Do you own your home? Are you afraid of having to sell in 3, 4 or 5 years? If you are smart and do the right things then homeownership for a military member should not be scary!!!!

Be sure to contact me for my Military Rebate Program - there are huge discounts for buyers at closing. It's my way of giving back to those that have or are serving.

LEAVING ON A JET PLANE......

That's the song that I sing when my husband heads out on a deployment. Yep, he is in the Navy but I have never had the pleasure of being involved with a Navy command. We have spent all of our years together hanging out with the Marine Corps.

Deployment can be a very difficult time in a military family's life so; we have to find the positives. Saving all the deployment pay is one! The first tour to Iraq that my husband went on was my first deployment experience as a military spouse. I knew a little about the extra pays and was eager to learn more. I did pay attention at the Deployment Brief. I took all the pamphlets and brochures I could carry. I remember the LtCol standing at the front of the meeting room leaning on the overhead projector and emphasizing about our budgets. He had projected up on the screen the extra pays that our spouses were going to receive.

• Hostile Fire Pay (HFP)/Imminent Danger Pay (IDP). $225.00 a month (HFP/IDP)
• Family Separation Allowance $250.00 (FSH OR FSA)
• Hardship Duty Pay-Location $100.00(HDP-L). Indicated as Save Pay on the Leave and Earnings Statement (LES)
• Depending on the Command and the Branch of Service the service member usually gets to keep their BAS - Basic Allowance for Subsistence . $265.00

That is a TON of extra pay!! But the bottom line gets even better because all the pay while deployed out side the country in several tax free zones is just that TAX FREE!!!!!

Now that does add up. Depending on the length of deployment you could end up with a pretty nice chuck of change for the purchase of a house, condo or vacant land. Remember how important it is for Military members to own real estate!!

Upon return service members usually receive per diem pay too - that rounds around $3.50 per day and adds up too!!

So add this all together and you could be saving around $800,00 - $1000.00 per month. Multiply that buy the normal deployment of 7 months - oh except for the Army and IA's which is between 12-15 months and that is a huge amount to invest in your future.

Do you own your home? Are you afraid of having to sell in 3, 4 or 5 years? If you are smart and do the right things then homeownership for a military member should not be scary!!!!

I am sure you have heard all the doom and gloom from a million different news reports concerning the lending industry mess, how several loan programs once available are no longer, how zero down loan programs are almost non-existent and how hard it is right now if you have little to zero money available for a down payment. 

But wait; are you a military member or a veteran?  If you are the news isn't as bad.  With your VA Guaranteed Home Loan benefit you can still obtain a loan with no down payment and a fixed interest rate that is as good as or better than a conventional mortgage rate.  This is the time for a VA Loan! What a great benefit to those of you that have served our country!

I want to make sure you understand what a VA Guaranteed Home Loan is and will be writing several articles over the next few weeks covering some important information so please check back.  There are still several myths out there about VA Loans and there are still some real estate professionals that don't understand how it could be the best loan for military members and veterans. 

What is a VA Guaranteed Home Loan?

Many have the misconception that the military is the organization loaning the money. No they are not. Your VA Guaranteed Home Loan will be made by a private lender, such as your bank or a mortgage company of your choosing that has VA lending approval.  The guaranty means the lender is protected if you fail to repay the loan.  This is also why you will not have to pay private mortgage insurance (PMI) for a zero down loan (if you could find one).  Normally a lender would require a down payment and/or PMI to obtain a loan, since the VA Home Loan has a guaranty which replaces these you will be able to obtain your loan without, but with the same financial terms as if you had made a down payment.  The risk is removed for the lender when the VA gives them that guaranty.

Of course you still must meet income and debt requirements, your credit reports will be used and if there are items in your history that are derogatory you can be denied a loan even though you have your Certificate of Eligibility.  The VA cannot demand a lender make a loan to you that would violate their lending practices.  Lenders also must comply with the VA rules and policies when it comes to income and credit standards.  Just having the benefit is not enough, you must be credit worthy.  I will be writing an article about your credit  - good, bad or ugly in a few days. You don't have to have that perfect fico score, so check back. 

If a lender is unwilling to approve you for a loan the only thing the VA can do is suggest that you try other lenders. 

It could just be the perfect time for you to purchase a home with your VA benefits.  Where else can a person get a 100% home loan these days?!

If you have any questions about real estate in Bremerton, Silverdale or any area we call Naval Base Kitsap, contact Jo Soss with Skyline Properties, Inc. at (360) 990-1433 or visit her personal website Puget Sound Real Estate Today  where you will be able to obtain valuable information under the Military Personnel Past & Present section about the home buying process.  Jo Soss is a military spouse and offers a military rebate to those in the Naval Base Kitsap area.  Sign up for updates or search for homes hassle free.  See her No Spam Policy here. NO SPAM 

If you have ever been involved with military bureaucracy finding out you have to apply for something might bring memories of frustration and time consuming tasks. Fear not when it comes to obtaining your Certificate of Eligibility.  Because of the updated and automated system the VA has with their application link called WebLGY.  WebLGY provides several "real-time" processes and receiving your Certificate of Eligibility is one.

With the implementation of the ACE (Automated Certificate of Eligibility) system an approved lender can obtain a Certificate of Eligibility (COE) in just minutes - in fact a resent pod cast I viewed on the Department of Veterans Affairs web site actually stated 30 seconds.

Of course you can also request your own determination of Eligibility using VA Form 26-1880 with proof of your military service to the VA Loan Eligibly Center, but I can not understand why you would want to. 

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              • VA Loan Eligibility Center
              • PO Box 20729
              • Winston-Salem, NC  27120

Click here for Department of Veterans Affairs information ::  Am I Eligible?     

This month I will be writing several articles about the VA Home Loan Guaranty Program so check back.  It could just be the perfect time for you to purchase a home with your VA benefits.  Where else can a person get a 100% home loan these days?!

If you have any questions about real estate in Bremerton, Silverdale or any area we call Naval Base Kitsap, contact Jo Soss with Skyline Properties, Inc. at (360) 990-1433 or visit her personal website Puget Sound Real Estate Today  where you will be able to obtain valuable information under the Military Personnel Past & Present section about the home buying process.  Jo Soss is a military spouse and offers a military rebate to those in the Naval Base Kitsap area.  Sign up for updates or search for homes hassle free.  See her No Spam Policy here. NO SPAM 

Look at your new BAH rate for 2008 with Dependants the rate is $1207.00 per month tax fee! Is that enough to purchase a home in the Naval Base Kitsap area in Kitsap County? I say yes it is.  Right now rates are low! If you can use your VA eligibility you can still qualify for a Zero Down home loan.  Today the VA rates were at 5.5%. Please follow this link for questions on the VA Loan Program. 

Today, in Bremerton there are 41 homes in the price range of $180,000 to $200,000 and that includes two brand-new, never been lived in homes!!

Homeownership has some great advantages

• Build Equity
• Income Tax Incentives
• Stability and Security
• Ability to "do what you want"

CHECK OUT SOME OF MY OTHER ARTICLES ON MILITARY HOMEOWNERSHIP

Turn your BAH into Home Ownership - Stop Renting.

Saving for a Down Payment - hmm - Deployment Pay!!

New 2008 BAH Rates Released | Bremerton WA Real Estate

Is this Legal? Receiving Tax Breaks with Tax Free Money?

Naval Base Kitsap | BAH - Tax Breaks - HomeOwnership

Currently in Bremerton there are many homes that are still in a very affordable price range. See for yourself here.  Search Bremerton Now . 

Check here for my Military Buyer Rebate  Information. Yes, I do offer a "Military Discount" all you have to do is ask.

Other links for your interest:

Rent Vs Buy Calculator

Buyer's Resources

Free Buyer Reports

Monthly Payment Calculator

Loan Programs

If you have any questions about real estate in Bremerton Washington, contact Jo Soss with Skyline Properties, Inc. at (360) 990-1433 or visit her personal website Puget Sound Real Estate Today  where you will be able to search for homes and find more Bremerton Real Estate information.

I am sure as a military member you have heard this phrase about a million times in the last several years.  Interest rates have been so low for so long that home ownership has been easier than ever before for anyone and this especially includes the military population, who until recently didn't feel like they could or should purchase properties.  Never before has the military population owned a higher percentage of homes.

The days of base living has changed drastically. With most installations switching over to PPV the climate has changed.  The thought of waiting until retirement to purchase a home has become a scary thought with the way housing prices in most areas have skyrocketed.

Now could be the perfect time in the Naval Base Kitsap area to purchase a home since the market has really changed to a buyer's market you can capitalize on the lower interest rates along with some lower prices and motivated sellers. 

Just think buying a home with your BAH money is a real tax advantage. Read more about how you can receive tax breaks with this tax free money. 

Is this Legal? Receiving Tax Breaks with Tax Free Money?

So as a military member do you purchase a home?

It is a very complicated process which needs some investigation and education before making a decision. You should ask yourself some questions like these at the minimum.

•·        Do I have upfront money to buy a home?

•·        Can I get financing? (Don't forget you are most likely eligible for a VA loan)

•·        Is my tour of duty going to be longer than 2 years before the next PCS?

•·        Will I have the opportunity to do another tour here or will I have an opportunity to come back?

•·        If I had to be a long distant landlord would I have the time or recourses?

•·        Could I afford a property manager?

•·        What if I had to pay the mortgage for 2-3 months while the home is waiting for new renters?                                        

So after you have considered all the possibilities, searched the internet for information and asked around your shop. Are you ready to buy? 

Take a look at: New 2008 BAH Rates Released | Bremerton WA Real Estate  and see the possibilities.

Currently in Bremerton there are many homes that are still in a very affordable price range. Today in Bremerton there are 80 homes between the price ranges of $150,000 - $200,000.  See for yourself here.  Search Bremerton Now .  Or send me an email and I will email you that very list. Or just fill out my Contact Form. 

Check here for my Military Buyer Rebate Information. Yes, I do offer a "Military Discount" all you have to do is ask.

Other links for your interest:

Rent Vs Buy Calculator

Buyer's Resources

Free Buyer Reports

Monthly Payment Calculator

Loan Programs

If you have any questions about real estate in Bremerton Washington, contact Jo Soss with Skyline Properties, Inc. at (360) 990-1433 or visit her personal website Puget Sound Real Estate Today  where you will be able to search for homes and find more Bremerton Real Estate information.