Las Cruces NM Real Estate Listings, Homes, Properties, and Lots

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VA LOANS AND VA LENDERS IN LAS CRUCES, NEW MEXICO

Most Veterans now are aware that they can obtain 100% financing for a new home by using their VA Eligibility. As well as financing 100% of the purchase price, you can also finance the VA funding fee which is 2.15% (for a first time purchase loan) of the loan amount. If you have used your eligibility before, the funding fee is increased to 3.3%. The funding fee can be added into the loan.

As of June 7th, 2007, the maximum VA loan amount is $417,000.

If you have a down-payment, a VA loan may not be the best way to finance the new house. Check with your lender.

There are a few steps to take so that you are prepared if you find just the right home to make an offer on.

1) Apply for your "Certificate of Eligibility" right away. Otherwise, you will have a short delay in obtaining it from the VA at a later date. The Veterans Administration is not known for moving swiftly. It could take 10 days to 3 weeks, so get started now. The form needed is 26-1880 "Request for Certificate of Eligibility". You will need your DD-214 to send in with this form. You can obtain this form from a VA lender or go to http://www.va.gov/ webpage and request it from their forms section. You can also go directly to www.va.gov/vaforms/ . Your maximum mortgage is 4 times your eligibility. In other words, the VA will guarantee 25% of the loan to the lender.

2) Select a local real estate lender / banker and start the process of getting approved. Final approval cannot come until the appraisal is completed and reviewed by the VA, but you should get started. Being pre-approved does help when making an offer to a seller.

CLOSING COSTS THAT THE VETERAN CANNOT PAY FOR. THESE ARE ALL RELATED TO YOUR LOAN AND WILL NEED TO BE WAIVED BY THE LENDER OR PAID FOR BY THE SELLER. SO YOU WILL NEED TO NEGOTIATE WITH THE SELLER ON THESE ITEMS. LENDER FEES: PROCESSING FEE (APPROX $250), UNDERWRITING FEE (APPROX. $250), TAX SERVICE FEE (APPROX $75), E-DOC FEE (APPROX $75). THE OTHER FEE IS THE TITLE COMPANY CLOSING FEE WHICH IS GENERALLY SPLIT BY BUYER AND SELLER, SO SELLER WILL HAVE TO PAY THE WHOLE FEE OF APPROXIMATELY $250.00.

VA WILL STILL FINANCE MOBILE HOMES, SINGLE OR DOUBLE WIDE AS LONG AS THEY ARE ON A PERMANENT FOUNDATION. NO AGE LIMITATIONS ON THE MOBILE HOME.

IF I CAN HELP WITH ANY QUESTIONS YOU MAY HAVE ABOUT VA FINANCING, JUST CALL ME AT 575-640-1332. YOU CAN ALSO CALL ANY OF THE LENDERS LISTED BELOW.

SOME LOCAL BANKS OR MORTGAGE COMPANIES THAT DO VA LOANS.

Citizens Bank of Las Cruces, 595 S. Main Street, Las Cruces, NM 88004. Jerome Dodson, Residential Real Estate Lending Officer. PHONE 575-647-4111; email: jdodson@citizenslc.com OR Donice Barnes at the 3991 E Lohman branch, Las Cruces, NM 88011; phone 575-647-4125..email dbarnes@citizenslc.com . Teryl Kinney, Mortgage Operations Officer..Phone 575-647-4145 . email: tkinney@citizenslc.com

Wells Fargo Home Mortgage, 425 S. Telsor Blvd, Las Cruces, NM 88011. Richard Montoya. Phone 575-521-6827 email: Richard.r.montoya@wellsfargo.com

Mountain Pacific Mortgage, 225 E Idaho #11, Las Cruces, NM 88005. Don Gibbons, Branch Mgr. Phone: 575-527-4400. email: dgibbons@mountainpacific.com

1st National Bank, 2145 E. Lohman, Las Cruces, NM 88011. Sharon Carroll, Mortgage Loan Officer. Phone: 575-647-1579. email: scarroll@1stnbnm.com

First New Mexico Bank, 3000 E. Lohman, Las Cruces, NM 88011. Donna Stryker, Phone: 575-556-3000.

Simple Mortgage, 1026 E Lohman Ave, Las Cruces, NM 88001. Denise Schulz, Loan Originator. Phone:575-525-9660 (office), cell: 575-202-4779. Email: simplemortgage@qwestoffice.net. Website: www.SimpleMortgageNM.com.