February 2014

There are 4 blog entries for February 2014.

McLean Mortgage  constantly gets asked “Can I have two VA Loans?” The answer varies depending on the situation. It depends on the amount of entitlement and the loan amount.

There are two types of entitlements – basic and the bonus entitlement. The basic VA entitlement is $36,000. Every eligible veteran also receives a “bonus” entitlement which is much more than the basic. The bonus entitlement kicks in for VA loan amounts over $144,000.00. Essentially the entitlements can be used for any loan amount without a cap. There is however, a limit on the amount the VA will guarantee. This is based off the VA county limits. If you’re county limit is $417,000 than the VA will only guarantee a loan for $417,000 and nothing more. Both entitlements can be used in

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Due to resurgence in urban living, more and more buyers are considering condos over single-family homes in recent years.  Condos tend to be located in urban areas, for example in downtown Norfolk and within walking distance of shops, restaurants and other places of high interest.  

In addition, some also have resort-like amenities, such as pools and fitness centers, which are often cost-prohibitive in a house. According to HGTV FrontDoor, people are now living busier lives, which make condos an attractive choice due to their convenience and low-maintenance lifestyle.  Being that association fees cover the exterior as well as the expensive components of the structure, maintenance is limited to the interior of the dwelling.

Many condos offer gated or

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Thinking about renting your home?      How many people actually read these agreements?   How many actually go through their agreements and explain the agreements?       Many property management agreements include a clause that the agency that the first right to list and sell your property if you choose to sell the property.   My suggestion is to cross that out!!    How do you know what type of job the property manager is going to do while they are managing your property unless you have previous experience with them.    You may have a great experience with them and decide to list your home with the agent when you decide to sell, but you could get locked into the agreement with the agency too.      Over the years, I have heard about this a…
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Based on predictions for 2014, the real estate market is headed not only in a positive direction but coming back strong. When buying a home it is critical to maximize your investment, while at the same time minimizing any surprises by calculating all risks.  However that doesn’t mean you shouldn’t follow your heart and your initial instincts... the ideal situation is when you can accomplish all of these.     Problems can arise when a buyer decides to accept too many compromises on the things that are most important to their needs.  For example... not enough bathrooms for the family, or too many amenities that do not increase the home’s value when you want to sell the house.  It is important to remember that your home’s current “live-in” value is…
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