This is a guest post written by Matt Polsky. Matt is a mortgage commentator for VA Mortgage Center, the nation’s leading provider of VA home loans.
Since Congress created it in 1944, the VA Home Loan Guaranty program has abetted more than 19 million men and women who served in the military become homeowners. Designed as a reward for their service to our country, the VA loan program allows service members and veterans to purchase the home of their dreams without emptying their wallets.
Compared to conventional loans, Delaware VA loans provide borrowers with several ways to save. VA loans require little out of pocket expense, with down payments below 5 percent and can even be zero percent for well-qualified buyers. Even without spending a penny on a down payment, homebuyers can still fully finance their home in Sussex County, Delaware, where the VA loan limit is $417,000. Traditional loans’ down payments get as high as 20 percent, meaning borrowers may not be able to purchase a home that meets their needs.
Private mortgage insurance (PMI) is a monthly cost found in traditional mortgages; however, VA loans do not have PMI, which lowers monthly payments in comparison. VA loans also have negotiable interest rates and interest rate caps for active-duty borrowers. Subprime mortgages are sure to include prepayment penalties, whereas VA loans in Delaware have no prepayment penalties.
Due to the credit crunch, banks and lenders expect stellar credit when issuing a traditional loan. VA-approved lenders do not look for immaculate credit though. They assume less risk because the VA guarantees up to one-quarter of every loan. According to VA Mortgage Center.com, lenders look for credit scores of 620 or higher. In some cases, loans can be issued to borrowers who have a bankruptcy or foreclosure in their past.
Other perks to Delaware VA loans include:
- Lower closing and concession costs
- Paying the VA funding fee in monthly installments
- Refinancing options to lower interest rates
- Assistance to borrowers facing default
Those who may be eligible must be on active duty or received a discharge that was not dishonorable. Spouses of service members who died in the line of duty or because of a service-related injury may be eligible for VA loans in Delaware. Service members who were on active duty for 181 days or 90 days during peacetime or wartime, respectively, may be able to get a VA loan, as may Reservists and National Guard members who served for at least six years.
Contact a VA-approved lender today to complete a Certificate of Eligibility (COE) and to receive answers to any questions you may have about Delaware VA loans.
Guest post by happy
Independence homeowner
Bob Scannell.
If you weren’t at the Health Fair at Independence this past Saturday, you really missed out! Free screening for bone density, cholesterol, BMI, and blood sugar were available for residents and guests–and I had it all done!
The volunteers from Beebe were spectacular! A CPR class was held at 10 a.m. and 30 of Indy’s finest were in attendance and practiced what they had been taught. Doing 100 compressions in 60 seconds on someone’s chest is no easy feat! We all had dummies on which to practice and before you jump to conclusions, let me clarify that I’m talking about the training dummies brought by the paramedics. The big surprise at the beginning of the class was the donation of a defibrillator for our very own community! Everyone was shocked, pleased, and extremely grateful.
After the CPR presentation in the Yoga room, it was off to the Ballroom for lunch where 9 different outside caterers were serving their best vittles to win a spot on the Indy preferred caterer list. One caterer even brought its own photo booth with them! I bet you can’t guess who had his picture taken first! Everyone’s food was scrumptious and the residents actually voted for the best of the 9. Wow, was that hard to do! All of the votes had not been tallied as of this blog, but the winner or winners will be announced soon. The Ballroom was filled with 75 residents of this great community and 50 people outside of the community! It’s a good thing that most people had their screenings before lunch and the wine tasting took place. Guess who didn’t? UGH!
Hats off to Wendy Baker for putting this great event together for us! She’s become an integral figure in the community as Director of Activities in just 6 short months. Her efforts enabled everyone here at Indy, and those outside of this community, to experience an educationally healthy morning and afternoon–and the free lunch wasn’t bad either!
Guest post by happy
Independence homeowner
Bob Scannell.
Just came back from a Lunch and Learn at the Indy clubhouse for a complete organic lunch–and I was both surprised and pleased! Organic food is very good and, needless to say, very healthy for you. For as much as we all eat as a community here, it was a welcomed change and a delight for the palate.
Good Earth Market and Organic Farm provided the food and gave an interesting presentation on the 9 different food groups. Good Earth’s mantra is”eat well and you will feel well.” That’s exactly how all seventeen people who attended felt after they left! I never knew that spinach, lentils, flax seed, edamame, and quinoa could taste so good!
This was a great activity for our Indy Health Week and should do a lot to keep our 55+ residents a little more healthy for many years to come. Hats off to Good Earth Market!
Guest post by happy
Independence homeowner
Bob Scannell.
Another fantastic event held at Independence this past Saturday, October 23rd! Indy put on an authentic Oktoberfest party like none you’ve ever seen!
A keg of Oktoberfest beer, bratwurst, knockwurst, German potato salad, roasted chicken, soft pretzels, and black forest cake made up the menu du jour. The food was outstanding!
A disc jockey supplied our music with a mixture of German songs and oldies but goodies! 82 people danced the evening away to fast, slow, and line-dance songs. Many people came in German costumes and it actually felt like you were in Munich for a night.
The event went on for nearly 5 hours and everyone left happy, with a full stomach, and with pride that we live in the very best community in Delaware! If you could have seen everyone arm in arm hoisting their glasses to “Ein Prosit”, a true sense of camaraderie was again visible that gives Indy that sense of true community and Schell pride!
Guest post by
Leafo Photo.
Hey guys, this is Casey & Leif from Leafo Photo, happily typing away as your guest blogger for the day! When Jeremy contacted us to shoot the annual customer appreciation party for Schell Brothers, we were super stoked. These guys build dream homes at the beach, but somehow, amidst the magical Delaware beach lifestyle, the entire company has managed to remain totally down to earth. I mean, seriously — how many new home owners get to play beer pong with their builders?? Anyway, we had a blast shooting plenty of ridiculous party photos…enjoy!
We set up our Leafo Booth, which is like a giant photo booth, and guests could pose for fun photos throughout the evening, then take home a print as their party favor from Schell. Such a cool idea!
When Chris gave his “thank you” speech, he had no idea that the Schell team had planned a special “thank you” of their own! Psych– it’s just confetti! Lucky break, Chris!
Party time.
The Pong Brothers.
Thank you guys SO much for having us out to shoot your event! Your team is amazing, and the relationships you’ve built with your customers is a true testament to your character and your company ethos. We’ll party with you guys anytime!
Guest post by happy
Independence homeowner
Bob Scannell.
What a fantastic time we all had Wednesday October 13th at the first annual Schell Appreciation Happy Hour hosted by our very own community of Independence! 85 people from Indy and Schell Brothers attended to eat, drink, and play games in the clubhouse.
It was heard from one of the Schell employees that this was the first time anyone could remember that a “community” threw a party for its “builder!” Everyone from Indy who attended prepared something scrumptious to eat to go along with the burgers and hot dogs served. The Schell Brothers family seemed very impressed by our efforts and appreciative of the love and hospitality shown to them. Little do they know, however, that it was totally our pleasure to be able to express our thanks to the greatest home builders on the planet!
The love between Indy and Schell lasted until nearly 10 p.m. that evening! That surely speaks volumes about how the community of Independence feels when it comes to ANYTHING related to Schell Bothers. Everyone here at Indy is looking forward to our second annual Schell Appreciation Day next October! By then I know that many more new residents will join the Indy family in letting Schell Brothers know exactly why we are all proud to be Schell homeowners! Happiness is just around the corner with Schell Brothers!
