Choosing the VA Home Loan

Since 1944, the Department of Veterans Affairs has helped over 18 million men and women who have served our country achieve homeownership. The VA offers veterans one of the most progressive lending programs available complete with flexible loan terms and competitive rates. VA loans in the amount of $417,000 can be given to borrowers in most areas of the United States giving potential homeowners in Vermont - where the average home price is between $260,000 and $312,000 - 100% financing. VA loans up to $1,094,625 can even be loaned to eligible borrowers seeking real estate in more expensive markets.

Benefits of the VA Home Loan

Although high loan limits are incredibly beneficial to eligible borrowers seeking their dream home in Vermont, it is not the only perk the VA Home Loan offers. Because the VA insures 25% of each loan given to borrowers, VA-approved lenders are more likely to give borrowers benefits they would normally not find elsewhere with conventional loans. Other VA loan benefits include:

- No down payment

- Down payments in the form of gifts

- Lenient debt-to-income ratios

- Mortgage insurance not required

Who is Eligible for a VA Home Loan?

The VA home loan was specifically designed with veteran and active duty service members in mind. Nearly 80% of all veterans and active service members who qualified for a VA loan would not have been eligible for a conventional home loan. Although the VA home loan was created to help veterans and service members achieve homeownership, there are a few initial requirements that must be met to achieve eligibility.  These initial requirements include:

- Must have served 181 days on active duty or 3 months during war time

- Or must have served 6 years in the National Guard or Reserves

- Or be the spouse of a service member who was killed during active duty

If a potential borrower meets one of the above eligibility requirements, they must also receive a Certificate of Eligibility which an approved VA-lender may be able to help file for. Although there are no income or credit requirements associated with the VA home loan program, most VA-approved lenders will desire a credit score of at least 620 to secure financing.

If you think you might qualify for a VA loan, we recommend contacting  Nick Parent with The Mortgage Guys at Spruce Mortgage He can be reached at 802.863.5102 or Nick@Spruce Mortgage.com.

Winter comes early here in Vermont and usually stays longer than most of us would like, but that's nature and we all make the best of it! Then there are some of us that love winter and can't wait for the snow to fall - well these Vermonters are in luck because snow showers are in the weather forecast for today and tomorrow! We've already had some snow in the higher elevations - Mt. Mansfield, Camel's Hump, etc. And apparently the ski guns are already starting to shoot out their  frozen water at some ski areas.  Bottom line is  Old Man Winter is  coming - are you ready?? More importantly...is your HOME ready?  Here are some helpful tips to keep your home green when it's white outside:

Change your furnace filter once a month to keep your furnace running more efficiently and keep the air in your home cleaner.  This can cut your heating costs by as much as 5 % !! You can buy a new filter at any local hardware store or at Lowe's where they have an entire webpage on their website to help you decide which filter is best for your furnace, home and budget. A new filter can reduce the dust in your home as well!

Don't block heat vents or radiators. Air will circulate better when unobstructed.

You can also make sure to keep your heating bills low by winterizing your windows, doors, attics and basements. Use weather-stripping around any older drafty windows and doors. Or if you've got some extra money and want to invest in your home, may decide to upgrade your windows. Most new Energy Star windows qualify for a federal tax credit for energy efficiency in which you can get up to $1500 of the cost credited to your tax return. For specifics on this visit Energy Star's website or ask a tax consultant. If you are seeing ice dams on your roof, you may have heat escaping from your attic causing snow to melt and freeze. This can affect your energy bills as well as risk serious damage to your roof. Insulate your attic! It's an easy do-it-yourself project! Remember the pink panther? Well he's the mascot for the Owens Corning brand and they have a lot of great advice on this simple home project. And insulating your attic (or basement) qualifies for a tax credit too!

Turn your water heater down to at least 120 degrees Fahrenheit. Trust me, the water will still be plenty warm enough for showering and dishwashing. Also, put some sort of  wrap or blanket around your water heater to keep heat from escaping. Here are some great tips for insulating your water heater from the U.S. Department of Energy. You can cut your water-heating costs by 6-10%  if you follow some of this advice!

Finally, when shoveling or plowing snow in your yard or driveway, be sure to keep your furnace exhaust system outlet free from snow or any other objects. This vent blows out carbon monoxide from your heating system. If it gets blocked CO2 can build up in your home and the only way you would know is if you have CO2 detectors because this deadly gas is completely odorless. In addition, make sure the batteries in your CO2 and fire detectors are charged and working properly.

Happy Winter!

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Just listed a great property in Colchester - a 3 bedroom, 2.5 bath, 2225 square foot Townhouse built in 2001 for $269,900. It had been listed by another Realtor prior and hadn't sold yet, so now it's our turn to try to sell it. A few things we noticed that might make the home more sellable were if we upgraded the kitchen and bathroom cabinet knobs as well as paint a few rooms to more neutral colors. The cabinets in both the kitchen and full baths are a light wood color - most likely maple and they featured white ceramic knobs. We decided to upgrade the cabinet hardware to a more modern style - satin nickel! You can buy a set of 10 knobs at Lowe's Home Improvement for about $19 - that's less than $2 per knob! All that was required to switch out the hardware was a screwdriver and it only took about 20 minutes. A cheap and easy way to give any kitchen or bath a fresh new look!

We also have plans to paint the dining room and living room in this Condo. The dining room is currently a light orange color, which probably looked great with the previous décor and furniture, but it's better to have a more neutral color. This way, prospective buyers can start with a clean slate, so to speak. In addition, the dining room is the first room you see when you walk in the door and the old saying couldn't be any more true, "You never get a 2nd chance to make a 1st impression!" The living room is a deep red, which again is nice and gives the room some warmth and personality, but again most buyers prefer to see homes in more neutral state, so they can picture their own furniture and decorations in the room more easily. Also, new owners can always paint later to match their specific style, but it's always easier to paint over a light color than a dark one.

These are just a couple tips to make your house more sellable, especially in the slow market we're experiencing now! Click here for more tips on how to make your home sell faster!