We have seen a surge in the market of buyer activity... Not simply buyers looking at homes but writing offers quickly as they take advantage of the lower interest rates. We have seen a pick up in the Northern Virginia & Washington DC real estate market. Not only investors but primary home owners getting into the market to find the right home. The Nellis Group recently listed 2 different types of homes. One home in Springfield in Daventry Village on Jewelweed Court and the other home in Arlington on Arlington Mill Drive.

     Both homes received offers within 7 days of being on the market and each offer was submitted by a buyer using VA financing. VA loans became popular because there is no required down payment. It is viewed in lending terms as a 100% loan (no money down). There is no mortgage insurance with a VA loan but there is a funding fee. This fee can be paid in cash up front or wrapped into the loan. A buyer can use a VA loan multiple times however if they have used it more than once the fee increases.

      If you are thinking about using a VA loan or to know whether or not you are eligible go to: VA Eligibility

Some highlights on the Eligibility per the United States Department of Veteran Affairs:

  • Veterans
  • Active duty personnel
  • Certain reservists and National Guard members
  • Surviving spouses of persons who die on active duty or die as a result of service-connected disabilities
  • Certain spouses of active duty personnel who are (a) missing in action, (b) captured in line of duty by a hostile force, or (c) forcibly detained by a foreign government or power

       The Nellis Group has worked with many VA loan buyers and military clients over the years. Our company originated in the Northern Virginia area as a result of the Nellis family being transferred by the US Navy to the Pentagon. Jim Nellis was an officer with the Navy prior to becoming the Licensed Appraiser and CFO for The Nellis Group. Contact us today to get the best rates/options for your next VA Loan.