Posts from February 2020

You've probably seen all the house flipping shows on TV and wondered to yourself what it would take to get started in the flipping game. There are a lot of pieces that need to be in place to successfully flip a house for a profit, but luckily our REALTORS® are here to help. Here's what you need to know before you get started. 

1. Know the Risks
   When done correctly, flipping a house can be an excellent investment. It could also end up costing you thousands if something goes wrong, so it's important to understand the risks. What looks like a great investment property could have hidden defects like a leaky roof or cracked foundation that end up souring the deal, so it's important to do your homework on each property.
2. Understand Your Financing Options
   Because of the risks involved in flipping a house, it's essential to know exactly how you're going to finance the process before starting. While it may not be an option for everyone, it's best to buy houses in cash if possible, because it eliminates the added complications and costs that come with loans and interest while you're trying to flip a property. 

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VA home loans provide a fantastic opportunity for veterans and their families to put a solid foundation under their financial future. There are some changes to the VA home loan program that make it easier for soldiers, sailors, and airmen to purchase a home. These changes will affect loan limits, fees, and other elements of the program that our REALTORS® want you to know about and think over before you apply.

Funding Fees Rise for Some Borrowers

The funding fee for VA home loans is rising to 2.30% for first-time active duty borrowers, which is a slight increase over the 2.15% it is at currently. This change will go into effect on January 1, 2021, so there is still plenty of time to purchase a home before it affects borrowers. On the other side of the coin, Purple Heart recipients who are still on active duty will no longer have to pay the funding fee starting on January 1, 2020. The subsequent use fee is also rising. It is currently set at 3.3% but will increase to 3.6% on January 1, 2020. 

The Funding Fees are based on a sliding scale for regular military personnel based on their down payment.

Further, the Blue Water Navy Vietnam Veterans Act of 2019 streamlines the funding fees for all military personnel. Starting January 1, 2020, National Guard, reservists, and active-duty personnel will be subject to the same funding fees without distinction to which branch they serve.  

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