Growing up in California and moving to Oklahoma as an adult taught me a few things. One in particular is that the education system is somewhat superior in Oklahoma. Click on the link below and see what I'm talking about. The schools listed on the page are mainly Lawton schools but there are great schools in the Elgin and Cache areas.

http://www.greatschools.net/city/Lawton/OK

Most offers to buy a house are accompanied by a check. This check is generally referred to as the "earnest money deposit." The basic reason for the deposit is to impress the seller that the buyer "earnestly" intends to purchase the property.

The amount of the deposit varies from purchase to purchase, depending on a variety of factors. If a property generates a lot of interest, a buyer may make a larger deposit to convince the seller that their offer is stronger than the others. During "hot" markets, deposits are generally larger than during slow markets.

In normal times, buyers should hesitate before making a deposit that is larger than two percent of the purchase price. Underwriting guidelines sometimes require strict documentation of such deposits. A buyer may often be required to show a bank statement just prior to the date of the check, plus evidence that the check actually cleared the bank. If you're closing quickly, this might require a trip to the teller window at your bank.

There are reasons to try and keep the deposit as small as possible, but not so small that the seller doesn't take it seriously. You see, once a buyer and seller agree to terms, the earnest money deposit is usually placed in a "trust" account. At that point it is no longer the buyer's money -- it belongs jointly to the buyer and seller.

Almost all deals close and the earnest money funds are applied to the buyer's down payment and closing costs. As the saying goes, however -- there are exceptions to the rule.

Some sellers think that if the deal falls through, the earnest money deposit is automatically forfeit. Some buyers think that if the deal doesn't close, they automatically get the money back.

Neither one is true.

Even when the failure to close is the buyer's fault, the seller doesn't have a "right" to the deposit as a way to "punish" the buyer. Nor does the buyer automatically get the entire deposit back, even when they are not at fault.

First, there are normally a small amount of cancellation fees that must be paid. These fees are collected from the deposit. Second, since the deposit is held in trust, both the buyer and seller must agree on the disposition of the funds. This is a quirk of law in most states and the real estate agents and their companies have no control over the situation.

If something goes wrong very early in the deal, the seller normally understands and the deposit is usually returned to the buyer without a fuss. When things go awry later in the transaction, both parties usually exercise common sense and negotiate a fair solution. In a few rare occurrences, the buyer and seller find it difficult to agree.

The point is that is always makes sense to reach an agreement. Failure to agree ties the money up for awhile, could possibly lead to further legal action and inconvenience, and it just becomes a frustrating mess for both sides -- more so than you realize at the time.

Serious problems are the exception, not the rule. Most "challenges" are routine to a qualified professional real estate agent. The situation may be new to you, but the agent may have dealt with it many times in the past.

Ask your Realtor what amount to give as earnest money. Every deal has different circumstances and trying to put a set number on the amount is impossible. I recommend to potential buyers to use 1% as a guideline. From that point on, it's all negotiations.

Pebble Creek, Lawton  -  We invite everyone to visit our open house at 5032 SE Redbud on March 8 from 1:00 PM to 3:00 PM.

Click below for property details:

http://www.activelyservingyou.com/Listing/ViewListingDetailsAuthenticated.aspx?preview=true&listingid=2259010

Your mortgage can generate significant interest savings, but it costs money up front. Finding out whether mortgage financing makes sense for you is your first step.

We are in a constantly changing market. With a 787 billion dollar stimulus package that passed Friday, the interest rates have dropped considerably. I know that it is very hard to pass up an opportunity to reduce your mortgage payment, and who doesn't want to pay less anyways. Keep in mind a few factors: how long you plan to own the home (longevity); is paying the necessary dollars up front worth it?

 I have refinanced myself and learned that it's not always the best decision. Also, if you do decide to refinance, shop around. It's a terrible feeling knowing that you could have had a better deal after the paperwork has gone through.

Adam

Buying a home entails costs more than what is reflected in your monthly mortgage payment. For some, buying is the right answer, but for others, renting is the way to go. Considering all of the costs and tax implications will lead to a better decision.  As a Soldier, relocating has been a part of my life for over 15 years. Many Soldiers do not want to commit to a home if they fear that they could get moved and be upside down on their mortgage.

 My entire thought on buying vs. selling is on the fence, as stated. What works for some will not work for others. ?? Why pay rent when you can own your own home?? Below is a rent vs. buy calculator: You can search on the web and find them everywhere so make sure that you research all avenues and be educated. Also, look into Suze Ormon. She is a international financial expert that tells it like it is on every aspect on finances including real estate. Thanks.

http://www.dinkytown.net/java/MortgageRentvsBuy.html#calc

Adam 

Here is a checklist that gives you a step-by-step list of what is needed to be done before you make your move. This checklist will help you make your move more affordable and with less headache. Review the list with your relocation specialist at your current duty station to determine what steps apply to your tour and situation. The checklist will countdown from week 8 to the day of move.

Week 8

_____  Visit your relocation office and obtain info on your next duty station. Schedule a meeting with a relocation specialist at your station to plan for the move. Ask them what benefits you are entitled to (this differs depending on marital status). i.e. Dislocation Allowance.  You will not always be told about it, so ask for it.

_____  Discuss the specifics of your move with your transportation office, storage, household goods, and pet shipment. Provide your current TO with your estimated shipping weight of your household goods shipments. Varies on marital status and next duty station.

_____  Call your finance office for details on temporary lodging allowance TLA. Make TLA entitlements/billeting arrangements. This will depend on your current station you are at and in some cases your pay grade.

_____  Notify your housing office, rental agent or landlord of your PCS orders and when you plan to vacate. If the lease contains a military clause, this notification must be made in writing. Most rental agencies require a 30 day written notice, so keep that in mind and back plan from date of move.

_____  Request a sponsor at the new station and make contact with them when one is assigned to you. If you do not hear back from your sponsor, have your commander write directly to your gaining commander on your behalf.

_____  Inventory all your household items by room, closet, etc. Estimate the value of your household items for insurance purposes. A videotape of the contents of each room can be particularly useful in creating an indisputable visual record. Narate what you are recording to help the process. Record ALL serial numbers. Decide what will be moved, what should be stored and what should be sold at a garage or yard sale. All unsold items can be donated to charity. Remember, shipping excess unwanted or needed items that are over your shipping limit can get VERY expensive.

_____  Organize your family records in a Travel Records Kit. Your kit should contain: birth certificates, social security cards and/or numbers, naturalization papers (if applicable), military and insurance ID cards, a copy of your children's medical, dental  and optical records, school transcripts and referral letters, marriage and divorce papers (if appllicable), pet immunization records, expense log books, PCS orders (30-40 copies), copy of wills, your list of serial numbers, financial records, including a list of stocks, bonds, mutual funds, and other financial investments, bank account and credit card info, car registration and title, adoption papers (if applicable), current passports (if they about to expire, get them updated prior), servicemember's last Leave and Earning Statement LES, and spouses resumes, certificates, professional licenses, and transcripts.

_____  Complete all scheduled dental and optical work and exams. Obtain a copy of your medical, dental, and optical records and put them in your travel records kit or have them forwarded to the next duty station. HERE IS A HINT!!!! Take them with you. You may never see them again if they are forwarded.

_____  Update expired passports or those that will expire while you are stationed overseas.

_____  Make sure that you and your family (if applicable) have current ID cards that will not expire while overseas. 

WEEK 5

_____  Give all employers termination notice and obtain references from supervisors.

_____  Establish new bank accounts and safe deposits boxes at the next duty station.

_____  Schedule to have your current utilities canceled the day after you move. Forward the final bills to your new address. If you have a trusted family member or friend handling your finances for you, have the bills forwarded to them to pay.

_____  Contact your finance and base pay office for information on housing allowances (if applicable) at the new duty station. Consider your mode of travel when discussing Advance Traval Pay.

_____  Obtain veterinary records and licenses and arrange for pet transportation. Some duty assignments will required that your pet receive their rabies shots 30 or more days prior and no more than one year prior to arrival on station. Bring the original and 5 copies of the rabies certificate with you.

Week 2

_____  If necessary, arrange for someone to care for your pets or children on moving day.

_____  Settle any outstanding bills. Cancel newspapers. Return any outstanding library books or borrowed goods.

 Week 1

_____  Thoroughly clean the house or apartment for final inspection by your landlord or housing office.

_____  Pack suitcases and other necessary items for the trip. Set out any toys for the trip and prepare a first aid kit. Be sure to pack all necessary military uniforms and appropriate clothing for the weather during that time of the year.

_____  Empty, defrost, clean, and dry the refrigerator for shipping or for storage. While defrosting, secure the door with a strap to prevent it from accidentally closing on children or pets. To keep the refrigerator smelling fresh, put a handful of coffee grounds or baking soda in a sock or in hosiery and place it in the refrigerator.

Moving Day

_____  Lock your travel records kit and other valuables in your car.

_____  Take the children and pets to a safe location.

_____  Plan to be present when the movers arrive. SUPERVISE their work carefully as they inventory and tag your furniture and record its condition. Carefully review your contract with the moving company before shipping

_____  Verify that the seal that is placed on all boxes or valuable items is properly sealed.

_____  Obtain a clear copy of the moving company's inventory list. Place this in the travel records kit.

_____  When the movers are finished packing, make a final check of all rooms and closets for any missing items.

_____  After the movers have left, close and securely lock all doors and windows, and turn off the lights. If required, leave any household keys in a predesignated location for you landlord. Keep in mind that your household goods pickup could be several days or weeks prior to your actual day of move. If so, you will need essential items to sustain you and your family.

Final thoughts:  This list will help you but, you must keep in mind that you will have to do other things as well such as clearing all the other agencies on base or post. I recently cleared Fort Sill, OK and the experience was a pleasant one. Most of the agencies that have to be cleared are centrally located so movement was minimal. Organization is the key. Buy a brief case or case to secure all docs that I mentioned, make copies of everything, and label them so that it makes sense to you. I hope you have a safe and enjoyable PCS move as this is my 6th and hopefully final one. Thank you.

Adam Humphrey

The answer is it didn't. First-time home buyers start the search long before most even realize it.

Here's what you can expect from your home shopping experience.

What is BRAC thing that everyone is talking about? I think that we've been talking about it forever now and we have finally found out when we'll see the new Soldiers arriving. BRAC stands for Defense Base and Realignment Commission. We have some info for and I hope you find it useful. What will the BRAC do for the housing market?? Well, supply and demand is one of the key factors that drive the prices up or down in our market. Right now we are in a "buyers market". That will start to change considering the amount of new Soldiers that are about to transfer in from around the world. I'm excited that we will see a better market for everyone. Read on.......

FORT SILL -- The big influx of people from Base Realignment and Closure (BRAC) won’t be until the summer of 2009, but Fort Sill is already hopping.
  Walls are springing up on the new Air Defense Artillery (ADA) School that’s coming here from Fort Bliss, Texas, under BRAC. And it’s true that the 31st ADA Headquarters will arrive in June with 150 soldiers and their families. But the surge that Fort Sill experiences this summer will be for reasons quite apart from BRAC.
   Fort Sill’s mission as a power projection platform is starting to draw in some hefty units. Lead elements of the 34th Combat Aviation Brigade have been here since January. Made up of National Guardsmen from 11 states, the brigade currently has 50 aircraft parked on Henry Post Army Airfield.
   “It will reach its peak in terms of numbers of people and aircraft in June and July at close to 3,000 people on the ground and almost 100 aircraft,” Fort Sill Garrison Commander Col. Robert S. Bridgford said.
   “Of that, over 400 are trainers who came in from other installations and are here for three, four, five months, and then they’re going to come back after about a month break,” said Bridgford.
   Another multistate combat aviation brigade, the 28th, will arrive here in February-March 2009 with approximately 3,600 Guardsmen. And there’s still another one, the 40th, planned after that.
   “We’ve had huge preparations for mobilization. We’ve increased the number of pads out at the airfield to allow us to have up to 100 aircraft, and we’re going to increase that later on to about 130 … and we’ve done a lot of renovation and minor construction in support of the mobilization,” Bridgford said.
   Temporary dining facilities in the form of two white tents are now in front of the brigades’ barracks, Buildings 1603 and 1604 west of Prichard Field. There are also a couple of tents at the airfield to be used for an operations center and administration.
   Bridgford said barracks, administration facilities and the airfield have been reworked to give the mobilizing units better operations center from which to train.
   While all this is going on, the training side of Fort Sill has a new mandate to “Grow the Army.” As a result, the post has had to add temporary facilities to both the 95th Adjutant General (Reception) Battalion area and the 434th Field Artillery Brigade. Relocatable barracks have gone in to support the 3,000 additional soldiers who will be going through combat basic and advanced individual training this summer.
   Meanwhile, planning continues for both BRAC and the Residential Community Initiative (RCI) partnership with Picerne Military Housing to take effect Nov. 1. 
 
Adam and Lisa

Hi Everyone,

Foreclosures seem to be increasing by the day. The economy is at one the lowest points in history. The slowing real estate market and higher interest rates mean one thing: foreclosures are hot. Real estate investors and novice bargain hunters are hot on the trail of homeowners who have fallen behind on their mortgage payments or homes repossessed by lenders. Nationwide, home foreclosures are up. So, how do you take advantage of this bumper crop of distressed properties?

Buying a foreclosed home is more complicated than the traditional home buying path. It can also entail considerably more risk, even for the seasoned investor. Homes in foreclosure come in several different categories: pre-foreclosures, bank-owned properties and government homes. All may offer below-market value to the smart buyer, but each should be approached with a healthy dose of caution.

Pre-Foreclosures

Pre-foreclosures belong to homeowners who have fallen behind in their loan payments. The lender has not yet seized the property but may have initiated legal action to reclaim the home. The owner may have as little as a month after receiving a Notice of Default before the home is put up for auction. To avoid the negative impact a foreclosure will have on his or her credit, the homeowner may be very motivated to sell the property.

While many cash-strapped homeowners will advertise their home in the local newspaper under “For Sale by Owner” and “Home for Rent” in a last ditch effort to avoid foreclosure, the surest way to find a pre-foreclosure is to check with the office of the county recorder or clerk, since notices of default are public records. If you find a property that way, you will have to deal with the homeowner directly. Be sure to check with your local realtor who may have access to many pre-foreclosures through the Multiple Listing Service.

While some sellers may be highly motivated and might view your interest as a saving grace, others will be less enthusiastic. They may see your efforts as predatory, so tread lightly. Remember to take all the same precautions you would with any home purchase, including a thorough home inspection. In most cases, buying a pre-foreclosure from the seller can be a good investment for you and a fair solution for the homeowner. Be sure to move quickly, as you may have very little time before the lender puts the property up for auction.

Auctions

Buying property at an auction or trustee sale is a tricky business. Frequently, the minimum bid at the auction is the appraised value of a home so bargains are rare. Buyers usually purchase the property sight unseen, and must rely upon the description of the property from tax roles. You will be buying without the benefit of an inspection that could reveal structural problems, mold or toxic materials that could cost a small fortune to repair. Financing auctioned properties is prohibited so you must pay cash, and to make matters worse, you’re not permitted to get title insurance. Remember that the home’s previous owner was unable to cover their mortgage, so there is a chance that they may also have a defaulted on their property taxes. If the property carries a tax lien, the new owner will have to pay it off. There are usually pros at these auctions, and they’re best left to the pros: With all the potential pitfalls of an auction, exercise extreme caution unless you’re a real estate mogul who can afford a mistake or two.

Auctions by municipalities are a slightly better option. These homes are sold to cover back taxes. Properties are sold “as is” meaning that you won’t have an opportunity to do an inspection and, again, you must pay cash. However, because the home is being sold to clear a lien as opposed to covering a loan, properties can often be purchased for a fraction of their appraised value.

Foreclosures

If a property fails to sell at auction, the home is “sold” to the foreclosing lender. Foreclosed properties seized by the lender are called REOs or “real estate owned.” The bank or financial institution will put the property up for sale. REOs are usually sold through real estate brokers, so check with your local agent.

Buyers considering a foreclosure should get as much information as possible. If the home has been vacant for some time, ask neighbors about the condition of the property. If there are contractors there, inquire about the work they are doing. Perform all the usual due diligence (inspections, appraisals, etc.) to ensure that you are fully informed. Some lenders will price a foreclosure at 30-50% below market to ensure a quick sale, rather than having the property on their books as a nonperforming asset, but larger banks will usually put homes up for sale at market value. Check online for comps (recent sold prices for similar properties in the same area) to be sure that the foreclosure is priced at or below market. After all, the goal in buying foreclosed properties is to get a discount.

Government Properties

Homes purchased with loans from the Federal Housing Authority (FHA), the Veterans Administration (VA), Fannie Mae or any other federal agency can be taken back by the government if the owner defaults on the loan. The VA’s foreclosure properties are often priced below market value and offer down payments as low as 2%. Check with your realtor about government foreclosures that may be available in your area.

Homes with FHA insured loans are transferred to the Department of Housing and Urban Development (HUD) upon foreclosure. They are often available for very low down payments, plus HUD will pay the broker’s commission up to 6% of the sales price. A note of caution: HUD homes are sold “as is.” This means that limited repairs may have been made but no structural or mechanical warranties are offered. However, the price of a home in need of repairs is adjusted downwards to reflect the investment the new owner must make to improve the home. For the first 45 days, HUD listings are only available for purchase by homeowners who intend to live in the property, eliminating competition from big-time real estate investors. For more about HUD properties, go to www.hud.gov.

The Bottom Line

Everyone likes a bargain and foreclosed properties can often be a great investment under the right circumstances. As with any real estate purchase, your best bet is to do as much research as possible. Always hire a qualified home inspector to evaluate the home’s condition and consult with an experience, local realtor for valuation guidelines. The experience of these pros can prove invaluable in ensuring that you’re buying a bargain, not a money pit. Fortunately, today's interest rates have been dropping and the market seems to be turning around. I have personally seen the good and bad as regards to foreclosures. Be smart, get educated on what to do in this situation.

Contact me if you have any questions or concerns.

Adam and Lisa Humphrey

Here is something to think about when you are considering doing FSBO or "for sale by owner". I completely understand the thought process behind it and have educated several FSBO prospects. There are a few reasons why sellers do for sale by owner, but, many reasons not to.

"Why do we need a real estate agent? After all, an agent will charge thousands of dollars to sell even an average home, and that commission comes right off the top! Heck, with the Internet and all, we can do practically everything that an agent would do, so why should we pay out all that money?"
Many home sellers have similar thoughts, and because so much money is at stake, these questions deserve some serious thought.

In today's world, the sale of real property is not just a marketing exercise; there are many legal issues involved which can create liability in the sellers. Of all the things you want and expect from selling your home, a lawsuit is probably not one of them.

Unfortunately, residential transactions have seen an alarming increase in the number of claims and lawsuits. Of these claims, the majority are filed against sellers, by their buyers. Home sellers who think they can "go it alone" might want to seriously ponder the observations of a lawyer who has defended many sellers and real estate agents against claims made by "the Buyers from Hell."

In most states, the process by which title to real property is transferred is rather complicated, and the typical home seller is not familiar with the many legal issues that can and do arise, even in a fairly simple transaction. Important decisions must be made concerning contract terms, escrow matters, transfer of title, apportionment of costs and any number of other matters. Also, bear in mind that a simple missing word, or a mistake in grammar can create a dispute which, in turn, can give rise to a lawsuit. Aside from the problem of drafting the contract language itself, sellers can face other dangers as well. For example, did you know:

• that buyers who look for "FSBOs" usually offer 6-10% below the price of comparable properties because they know you are not paying a commission?
  
  
• that there are substantial risks involved when a seller agrees to "carry back" a note from the buyer; risks that can cost you thousands of dollars?
  
  
• that your good credit rating can be ruined by your buyer's default, many months, or even years, after that buyer "assumes" your loan?
  
  
• that a clever buyer can stay in possession of your property for many months after he defaults on the contract, and in effect "live for free" at your expense?
  
  
• that most buyer complaints involve alleged damages of less than $10,000, yet you could be forced to spend thousands in attorney's fees to defend such a claim?
  
  
• that alleged failure to disclose such things as previous repairs, insects, exact lot lines, and the presence of certain types of mold/fungus in the property are the source of many lawsuits against sellers?

In short, a lawsuit can ruin your whole day! Even if you know that the buyer's claims are completely bogus, it can take many months and many thousands of dollars to prove that you are "innocent." What's worse, you have no "malpractice" insurance to pay these bills; you will have to write all the checks yourself. And, of course, you could lose ... and losing a case like this can be disastrous. You and the buyer have a contractual relationship, and sellers who lose such suits can find themselves having to pay not only the amount of damages awarded to the buyer, as well as their own attorney, but they may also be ordered to pay the fees of the attorney who sued them!

Experienced, professional real estate agents understand these kinds of risks, and they can help you to minimize them in a variety of ways. They devote many hours to training and educational programs which emphasize risk reduction, and protecting their clients' interests.
Now, there are any number of reasons why your buyers may decide to take action against you (sometimes, they just don't feel like making the payments any more). However, most of these complaints allege problems with the condition of the property, and/or representations made to them about the property or the transaction. An experienced agent knows how to reduce the risk of these types of complaints, by including effective "AS IS" and other clauses in the contract language, and by providing for such things as a professional home inspection, and a home warranty.

When a problem arises in the transaction, an experienced agent can move swiftly to "nip it in the bud." Their thorough understanding of the myriad facets of modern transactions can help them to identify the real problem, and to either solve it themselves, or by calling upon resources that the typical seller simply does not have access to.

There is no escaping it: the best way to deal with a complaint is to prevent it in the first place. The organized real estate community has spent a lot of time thinking about how to reduce the likelihood of claims, and has responded to this threat in a number of ways. For example, the standard contract forms that most agents use are chock full of language which can help protect you, and reduce your exposure to claims and litigation.

Of course, I don't mean to scare you with all this! But hey, it is a jungle out there. Indeed, I've only touched on a few of the pitfalls of selling your home on your own. Take it from someone who knows: selling your home without professional help is very risky business indeed. Yes, it costs money to employ a real estate agent, but if you find the right one, you will likely be able to sell your property faster, while at the same time reducing the chances that your buyer will come back to haunt you.

Thank you and if you have any questions, feel free to contact us directly.

Kind regards,

Adam and Lisa Humphrey

When using your VA benefits to purchase a home Buyers Beware! Please ensure you shop your home loan.Most lenders provide VA loans but not all lenders offer the same! Be sure that you compare 3 to 4 VA home loands with different reputable companies before signing an agreement.Shopping smart in the beginning can literally save you thousands.When comparing the cost of your mortgage direct your attention to the dollar amount attached to ORIGINATION FEE and LENDERS FEE. The dollar amount in these two areas alone can vary considerably,you are looking for the cheapest deal !

Ensure also that you shop and compare your Mortgage/hazard Insurance,again when comparing these prices you will see a great deal of variations.When you are a service member don't just assume the regular routes that,military use for certain insurance and so forth are the cheapest route,you need to shop and compare everything,you will be amazed again on how prices vary.

Taking the time now will definately save you thousands on your home loan and remember the VA don't issue loans they just guarantee them! You owe it to yourselves as service members to shop smart and protect that money that you've personaly invested from your time in giving service to others! 

Hi everyone,

Here are some common questions that are asked about purchasing a home using your VA benefits. I  have been in the Army now for over 15 years and have noticed a trend that Soldiers (all branches) think that the VA itself gives them a home loan. Remember, the VA is a backing of a loan. You still have to attain a loan through a lending source.  If you have any questions, feel free to contact us and we can answer questions concerning purchasing your next home using your VA benefits or selling your home. We are only a click away.
www.lawton-realestate.com
www.activelyservingyou.com 

Eligibility Frequently Asked Questions

Questions about who is eligible for a VA loan and reuse of eligibility for another VA loan.

Q: How do I apply for a VA guaranteed loan?

A: You can apply for a VA loan with any mortgage lender that participates in the VA home loan program. At some point, you will need to get a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan.

Q: How do I get a Certificate of Eligibility?

A: Complete a VA Form 26-1880, Request for a Certificate of Eligibility: You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility For Home Loan Benefits, to the Winston-Salem Eligibility Center, along with proof of military service. In some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it's best to provide such evidence.

Q: Can my lender get my Certificate of Eligibility for me?

A: Yes, it's called ACE (automated certificate of eligibility). Most lenders have access to the ACE (automated certificate of eligibility) system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through ACE - only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate.

Q: What is acceptable proof of military service?

A: If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from regular active duty after January 1, 1950, a copy of DD Form 214, Certificate of Release or Discharge From Active Duty should be included with your VA Form 26-1880. If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included. A PHOTOCOPY OF DD214 WILL SUFFICE.....DO NOT SUBMIT AN ORIGINAL DOCUMENT.

If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which shows your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from the Selected Reserves or the National Guard, you must include copies of adequate documentation of at least 6 years of honorable service. If you were discharged from the Army or Air Force National Guard, you may submit NGB Form 22, Report of Separation and Record of Service, or NGB Form 23, Retirement Points Accounting, or it’s equivalent. If you were discharged from the Selected Reserve, you may submit a copy of your latest annual points statement and evidence of honorable service. Unfortunately, there is no single form used by the Reserves or National Guard similar to the DD Form 214. It is your responsibility to furnish adequate documentation of at least 6 years of honorable service.

If you are still serving in the Selected Reserves or the National Guard, you must include an original statement of service signed by, or by the direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing the length of time that you have been a member of the Selected Reserves. Again, at least 6 years of honorable service must be documented.

Q: How can I obtain proof of military service?

A: Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

Q: I have already obtained one VA loan. Can I get another one?

A: Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the veteran must send VA a completed VA Form 26-1880 to our Winston-Salem Eligibility Center. To prevent delays in processing, it is also advisable to include evidence that the prior loan has been paid in full and, if applicable, the property disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 settlement statement completed in connection with a sale of the property or refinance of the prior loan.

Q: I sold the property I obtained with my prior VA loan on an assumption. Can I get my eligibility restored to use for a new loan?

A: In this case the veteran’s eligibility can be restored only if the qualified assumer is also an eligible veteran who is willing to substitute his or her available eligibility for that of the original veteran. Otherwise, the original veteran cannot have eligibility restored until the assumer has paid off the VA loan.

Q: My prior VA loan was assumed, the assumer defaulted on the loan, and VA paid a claim to the lender. VA said it wasn’t my fault and waived the debt. Now I need a new VA loan but I am told that my used eligibility can not be restored. Why?

Or,

Q: My prior loan was foreclosed on, or I gave a deed in lieu of foreclosure, or the VA paid a compromise (partial) claim. Although I was released from liability on the loan and/or the debt was waived, I am told that I cannot have my used eligibility restored. Why?

A: In either case, although the veteran’s debt was waived by VA, the Government still suffered a loss on the loan. The law does not permit the used portion of the veteran’s eligibility to be restored until the loss has been repaid in full.

Q: Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don’t own the property anymore. Can I still obtain a VA guaranteed home loan?

A: Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.

Q: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

A: The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. If you wish to make application for the home loan benefit as a surviving spouse, contact our Winston-Salem Eligibility Center. In addition, a surviving spouse who obtained a VA home loan with the veteran prior to his or her death (regardless of the cause of death), may obtain a VA guaranteed interest rate reduction refinance loan. For more information, contact our Winston-Salem Eligibility Center.

[NOTE: Also, a surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003, may be eligible for the home loan benefit. However, a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must apply no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 16, 2003 that are received after December 15, 2004.]

Q: Are the children of a living or deceased veteran eligible for the home loan benefit?

A: No, the children of an eligible veteran are not eligible for the home loan benefit.

Adam and Lisa Humphrey
United Country - Lawton Real Estate Group

Lisa Direct (580) 284-7948
Adam Direct (580) 647-0194

Reduced to Sell

• 1,240 sq. ft., 1 bath, 3 bdrm single story - MLS® $69,900 USD - Motivated Sellers

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