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How many times can I use a VA loan?
Can I use a VA loan more than once?
The answer is YES!
You can even have more than one VA loan at a time.
There are many myths and misconceptions about VA loans, and one of them is that you can only use a VA loan once in your life.
There are different ways you can be eligible for a second VA loan:
1.You’ve paid off your previous VA loan.
If you have paid off your entire mortgage, you shouldn’t have any problems being approved for a second VA loan. Of course, you will still have to go through the entire application process, but once you restore your entitlement, you can deploy it again.
2.You haven’t used all your entitlement.
In the case you haven’t used all your entitlement, there is no limit to how many VA loans you can have simultaneously, but they must be used for primary residences,
and they have strict occupancy criteria. So, depending on how much entitlement you have left, it is possible to have two VA loans simultaneously.
3.Your VA loan is assumed by the buyer of your property.
Usually, the VA entitlement stays with the property when the loan is assumed, but if the new owner substitutes their VA loan entitlement for your own, yours will be restored and you will be able to use it again for another property.
Of course, these are just the general terms and there are many other factors that play into it, so be sure to consult a loan specialist.
If you have any questions feel free to contact me, I am a military spouse and a real estate agent certified in Military relocation.
Where can I live when stationed at Luke AFB
At Luke Air Force Base (AFB), military personnel have housing options both on-base and off-base. If you choose to live on-base, there are two main areas available: Manor, located on the main side of the base, and Ocotillo, located off-base, but just across the street. However, if you prefer to live off-base, there are several towns within a 30-minute commute of the base.
Some of the closest towns to Luke AFB include Surprise, Litchfield Park, Goodyear, Waddell, Buckeye, Avondale, and Peoria. These towns provide many different housing options, and you can find more detailed information by referring to the provided link.
For on-base housing, the accommodations are privatized, and will use your full Basic Allowance for Housing (BAH). The monthly rent includes average utilities, simplifying your budgeting process. If you require ADA (Americans with Disabilities Act) accessible homes, they are available to meet your specific needs.
Education options vary depending on the housing area. Main side housing is zoned for Dysart Unified District, which caters to students up to the 12th grade. On the other hand, Ocotillo housing is zoned for Litchfield Elementary District up to 8th grade, and Agua Fria High School District from 9th to 12th grade.
It's important to note that the demand for housing at Luke AFB can be high, so it's advisable to put your name on the waiting list as soon as possible. The wait time may range from several weeks to a few months, depending on availability.
Whether you choose on-base or off-base housing at Luke AFB, you'll have various options to suit your preferences and needs. The base provides a supportive and convenient living environment for military personnel and their families.
Things to do near Luke AFB
Luke Air Force Base is located in Glendale, Arizona, and it is an important military training facility for the U.S. Air Force. Unlike other military base locations, it is in a large metropolitan area and regardless of your interests, there are many attractions and activities to do all year long. In this blog post, we will explore some of the best things to do near Luke AFB.
1.If boating or fishing is your interest, you would think that being in the middle of the desert could penalize you but think again! The area surrounding Phoenix has many man-made lakes where you can go swim, fish, kayak, paddle board, or boating. The closest lake to Luke AFB is Lake Pleasant, where you can enjoy many water activities, dine at one of the two marinas, or camp in one of the available campgrounds. Don't fret if you don't have your own equipment, as the Outdoor Recreation center on
base offers rental equipment at reasonable raters for military ID card holders.
2.Visit Wildlife World Zoo, Aquarium & Safari Park.
If you're an animal lover, the Wildlife World Zoo, Aquarium & Safari Park is a must-visit destination. This 215-acre park is home to more than 6,000 animals and over 600 species from around the world. You can see everything from tigers and lions to penguins and sea turtles, and you can even take a safari ride to get up close and personal with some of the animals.
3.Hike in White Tank Mountain Regional Park.
White Tank Mountain Regional Park is a beautiful desert park that offers over 30 miles of hiking trails. The park is located just a short
drive from Luke AFB, and it is a great place to enjoy the outdoors and get some exercise. The park also features picnic areas, a nature center, and a camping area.
4.Catch a game at State Farm Stadium.
State Farm Stadium is home to the Arizona Cardinals NFL team, and it is located just a few miles from Luke AFB. If you're a sports fan, catching a game at this impressive stadium is a great way to spend an afternoon or evening. The stadium also hosts other events throughout the year, such as concerts and other events.
5.Explore the Glendale Historic District.
If you're interested in history and architecture, the Glendale Historic District is worth a visit. This area features over 100 historic homes and buildings, including the historic Sahuaro Ranch Park. You can take a self-guided walking tour of the district or join a guided tour to learn more about the area's history and architecture.
6.Visit the Desert Botanical Garden.
The Desert Botanical Garden is a beautiful and unique attraction that showcases the beauty and diversity of desert plants. The garden features over 50,000 plants from around the world, and it is a great place to learn about desert ecosystems and conservation. The garden also hosts various events throughout the year, such as concerts and festivals.
7.Go shopping at Westgate Entertainment District.
The Westgate Entertainment District is a popular shopping and entertainment destination that is located just a few miles from Luke AFB. The district features over 30 restaurants, shops, and entertainment venues, including a movie theater and a miniature golf course. This is a great place to spend an afternoon or evening with friends or family.
In conclusion, Luke AFB is surrounded by many interesting attractions and activities. Whether you're interested in nature, history, sports, or shopping, there is something for everyone in the surrounding area. Be sure to take advantage of these opportunities during your time at Luke AFB.
The home buying process
Are you curious about how the home buying process works? Here's a quick overview:
Meet with a real estate agent to discuss your needs, budget, and preferences.
get pre-approved for a mortgage: this is important, because it will give you a clear idea on how much you can really afford. you will need pay stubs, W2s and bank statements
Start your home search, that’s the fun part! Your agent will arrange showings and help you find your home
Make an offer: your agent will help you prepare the offer advising you on proper price, contingencies and other terms
Negotiation: this might take a few trials, but your agent will help you negotiate the terms and finally get you under contract or in escrow
Now comes the time when you will have a home inspection, negotiate repairs, if necessary, have the home appraised, secure final financing and prepare for closing.
And finally, Close the sale, get your keys and move into your new home!
Of course, there are many details involved in each of these steps, but with the right guidance, the home buying process can be a smooth and rewarding experience. If you're ready to take the first step towards homeownership, contact me to schedule a consultation, I’m here to help you every step of the way!
The risk of overpricing your house
When you decide to sell your home, it is critical to set the right price.
A real estate agent can help guide you in determining a fair market value for your home, but it is important that you understand what are the risks of overpricing your house.
1.Longer time on the market: If a home is priced significantly higher than similar properties in the area, it may take longer to sell, causing the property to sit on the market for an extended period. Often this results in potential buyers becoming suspicious of its value, or wondering what is wrong with the house and discourage them from making an offer.
2.Decreased interest: Overpricing a home can lead to decreased interest from potential buyers, as they are likely to view the property as overvalued compared to others in the area.
3.Missed opportunities: By pricing a home too high, you may miss out on potential
buyers who are shopping within a certain budget and overlook your property.
4.Lost bargaining power: Overpricing a home can also make it more difficult for the seller to negotiate if a buyer does make an offer. The seller may have to accept a lower offer or make more concessions than they would have otherwise.
5.Reduced appraisal value: Overpricing a home can also lead to a reduced appraisal value, which can pose problems if the buyer needs a loan to purchase the property. If the appraisal comes in lower than the sale price, the buyer may have to come up with the difference in cash or renegotiate the sale price, and it’s a possibility that the sale will fall through.
It's important to work with a real estate agent to accurately price your home based on market conditions, comparable sales, and other factors.