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Steps to Obtaining a VA-Guaranteed Home Loan
- Have a VA-approved mortgage lender obtain a Certificate of Eligibility (COE) electronically. In most cases, a COE can be obtained online by the Veteran or the Lender at this website: http://www.ebenefits.va.gov
- Sign a purchase agreement for a home contingent on obtaining approval for a VA loan
- Complete a loan application with an approved VA lender of your choice
- You lender will request an appraisal online and it will be processed electronically (this protects the value of a property).
- After reviewing the appraisal, income and credit information, the lender will promptly advise you of a loan decision
- After your transaction closes, the lender will request a loan guaranty certificate online
Learn about eBenefits
Advantages of a VA-Guaranteed Home Loan
- No down payment home loans are available to eligible veterans
- Interest rates are negotiable
- Appraisals are processed electronically for faster service and accuracy
- Closing costs paid by the Veteran are limited
- No mortgage insurance premium (PMI)
- No prepayment penalty
- Mortgages are assumable
- VA will assist Veteran borrowers in default on a VA-guaranteed loan who are experiencing a temporary financial hardship, the lender must be contacted first
How to Get Out of Your Rental Lease
Thinking of buying a home, but you’re not sure about the best way to break your current rental lease? Here are some tips to make the break-up amicable.
If you’ve been thinking of buying a home, but the prospect of breaking your apartment lease has you holding back, you might be glad to know there are options available to you as a renter. A lease isn’t always an iron-clad agreement with all the rights on the side of your landlord. Of course, buying a home isn’t the only reason to break a lease. There are many reasons to break a lease: Your job may have changed, you might find the rent too steep, or you may have lost a loved one who used to share the space with you.
Here are a few things you can do to help extract yourself from the situation:
- Find the opt-out clause. You may not have read your lease very carefully when you were excited to move in, and now is the time to go back and pick it apart with a fine-toothed comb. Many leases will have clauses which allow you to legally break your obligation to stay for the full-term of the agreement. This might involve a fee of some kind, but can often be worth the expense if the conditions are right.
- Negotiate with your landlord. If you’re on good terms with your landlord, come out and explain your situation honestly. The landlord (or property management company) can elect to let you out of the lease, even without an opt-out clause. See if you can do anything to “sweeten the pot” for the landlord, such as finding a replacement renter, or propose a sum to buy your way out. (Get anything you agree to with your landlord in writing.)
- See about subletting. Look at your lease agreement and see what your rights are regarding subletting the apartment to someone else. While some forbid the practice, others may create allowances for subleasing your apartment to someone for the balance of the agreement. If the agreement is unclear about subleasing, talk with your landlord about your plan and get an agreement in writing. (Recognize you’re risking your security deposit if the subletter doesn’t take care of the place.)
- Go to mediation. If you can’t come to common terms, consider enrolling the help of a mediator. Local housing advocates and “renter’s rights” groups may be able to connect you with people who can help.
This all assumes, of course, that you’re not leaving because your landlord is a deadbeat. If you’re battling a landlord who refuses to fix up the place or otherwise has been combative, you may have a legal case to make to break your lease. The key is documentation. Document everything with photo or video evidence, and keep meticulous records of your complaints.
Shouldn’t your monthly payment be paying you instead of a landlord? Talk to me today about taking the first steps towards home ownership.