Here’s some great information Shreveport-Bossier home buyers should know when considering using their VA loan benefit

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VA loans have existed since 1944 following the end of World War II as a benefit for service members to gain a foothold into the American home buying marketplace.  Since then, these loans have helped more than 22 million active and retired service members buy homes.  The program provides flexible, no-down payment loans for veterans making it the best possible of all lending programs on the market today.

The veteran must first need to find a VA lender and, like any other loan, prequalify.  This is based on the individual’s income, credit, current VA entitlement usage and other financial factors.  The veteran will then get an estimate of how much of a house they can afford to buy.

The following step is to get VA loan preapproval, which is a major step forward when the potential buyer finds a home they desire to buy.  Lenders will verify the vet’s income and other financial information, and once that’s verified, the veteran will receive a preapproval letter to show to real estate agents and home sellers.  Not only do these letters show a home seller that you are a serious buyer but it also shows you what a bank will lend to you.  Do not make the mistake of looking at homes, and falling in love with one only to then find out you cannot get funded for it.

Once pre-approved, buyers may then put in an offer for the home and along with the help of a real estate agent and negotiate a contract with the seller.  When the veteran is under contract, their lender will order a VA appraisal of the home and property.

Underwriters evaluate the buyer’s income, financial information and other documents along with the appraisal, once it’s finalized.  Following approval, the veteran will be issued a ‘clear to close’ and may complete the closing.

There are several “Need to know” items, however, when it comes to VA loans.  Although the benefits are reusable as long as the loan is paid off on each property, there are some exceptions to the rules, even if the loan isn’t paid off or it is lost to foreclosure.

VA loans are primarily designed for “move-in ready” condition, whether the loan is for a single-family home, condo, modular home or some multi-unit properties, etc.  While these loans are not for investment properties, but for primary residences only, the VA offers some exceptions. Despite those exceptions, some lenders will have their own standards regarding occupancy standards.

Therefore, it is imperative that you find a lender who knows the VA standards and is an expert in these type of loans.  In the Shreveport-Bossier area, Ryan Wheeler is an expert real estate agent and a military veteran himself.  He is able to recommend excellent local VA lenders that will help you navigate these waters from buying, selling – contract to close. #expert_bossier_agent

**Ryan Wheeler is an expert RE/MAX real estate agent and military veteran serving buyers and sellers of homes in the Shreveport Bossier City area.  Connect With Me

So what are the TOP subdivisions in Bossier City?  Well, take a look at this non-scientific, non-data driven poll to get a good idea and judge for yourself!*

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#1: St. Charles Court

This is a beautiful, gated community right across the street from the newest and one of the top elementary schools, Kingston Elementary. The still-growing neighborhood homes are build with an Acadian-Colonial Flair. The first half of the neighborhood have driveways and walkways paved with a bit of a differently style that stands out and sets St. Charles Court apart. This neighborhood boasts sidewalks, a community pool and rec area, as well as a stocked pond toward the back. Because of the amenities, relatively low HOA, its situation near the new elementary school and close proximity to water recreation, shopping, restaurants and the low crime rate Bossier is known for this is my number one pick!

#2: Legacy

Similarly to St. Charles Court, Legacy is another ever-growing location also anchored by another fantastic elementary school, Legacy Elementary. It is not a gated-community, per-se, yet has the feel of one. When you enter the large, manicured development you see an open, rolling landscape with several stocked ponds for fishing. This community continues to grow on the other side of the school and has several divisions within which correspond to the home sizes. Cattail Point, Redwood and Belle Rose. A community pool is also available in this beautiful subdivision.

#3: Golden Meadows

This is an older neighborhood which has picked up some steam with the building increase so it’s a blend of older and newer homes. A staple of the local military populace due to its close proximity to Barksdale AFB and relatively easy drive, the South Bossier area is also growing although not at the rate of North Bossier.  In the Sun City elementary and Parkway High School districts, this subdivision sits off of Barksdale Blvd and is close to CenturyLink Center and easy access over the Jimmy Davis Bridge to all the shopping and restaurants that Shreveport has to offer.

#4: Cypress Bend

Another in the of the ever-growing vein of North Bossier subdivisions, this one continues to expand.  This gated community is one of the most desirable locations as it’s access point is Benton road with close proximity to I-220.  Again, it is also one that is in the ever-growing Benton school district which is arguably one of the most desirable of districts in all of North Louisiana!

#5: Green Acres Place

This neighborhood has been the staple of Bossier for years with a mixture of homes from the 1980’s to the 2000’s.  The homes are larger, quaint and have bigger yards than most of the surrounding developments.  Because it is a staple the trees are also fuller making this a very nice area visually.  The homes are a bit older but there’s no shortage of owners who have been upgrading over the years.  You are sure to find a beautiful home here.  It is also just north of I-220 and spans the length of Airline Dr over to Benton Road giving perfect access to the newest shopping and restaurants that north Bossier has been experiencing.

#6: Plantation Trace/Estates

This subdivision is also an ever-growing area in South Bossier and it’s close proximity to Barksdale makes it an excellent choice for many military buyers with easy access to Shreveport.

#7: Tiburon

This gated community has also exploded over the past few years.  The homes are of the Acadian-French style and boast great prices and just the right size lawn for most family needs.  One of the main attractions of Tiburon is that it is gated, it is near I-220, and it’s just a few miles from Barksdale AFB.  Not to mention the widening of Swan Lake Rd, Tiburon will continue to be high in the list of  home buyers in North Bossier.

#8: Stonebridge

This isn’t just a gated community it is a guarded / gated community that boasts a golf course, private tennis and swimming and a country club just north off I-220 off Swan Lake Rd.  Bordering Tiburon, this is the premier and safest location to live although it does come with a higher price-point.  But if these are the amenities you are looking for with quick access to all the shopping, restaurants and great schools North Bossier has to offer then this could be the place for you!

#9: Autumn Creek

This “tucked away” neighborhood is little known and little seen as it is nestled between Airline Drive and Benton Rd with access points to both roads but you have to know about it!  These boast some of the biggest yards and homes in the area with many that rival those of Stonebridge, minus the amenities.  It is not a gated neighborhood but the gorgeous, relatively newer homes and lush landscape make it worth your while to look into.

#10: Lakewood

This is also a “hidden” subdivision which keeps it off the radar of most which is what most homeowners like for safety reasons.  Boasting large homes and VERY large yards, Lakewood is the perfect combination of space, luxury and quality.  With part of the neighborhood from the 1990’s and part being the 2010’s you are sure to find something you like here.  Although it is tucked away it has access points out to Airline Drive and Swan Lake Rd.  It is a few miles north of I-220 and allows for easy transportation to all the shopping and restaurants north Bossier has to offer!

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*These are my personal opinions based on professional and anecdotal evidence.  Your thoughts and experiences may be different than mine.

Real Estate Questions From Home Buyers –Answered!

Shreveport-Bossier Home Buyers!  Here are some of the Top Real estate questions around when you’re new to the buying process. Buying a home is thrilling, scary, sometimes weird, often epic, and never dull. You’re ponying up a huge wad of cash for a place you’ll inhabit hopefully for years to come. As such, you’re bound to have a lot of questions throughout every step of the process.

Real estate questions ahead

As an expert local agent in the Shreveport-Bossier Metro I have encountered numerous questions but these tend to rise to the top. 

Q: How much home can I afford?

That depends, of course—on your income and other financial obligations; plug them into realtor.com’s Home Affordability Calculator for a good idea.  And do it before you start shopping.  If you see houses you love which then end up being outside your price range you open yourself up to massive disappointment.  Make sure to meet with a lender first to get pre-approved for a home loan (added bonus: pre-approval makes you much more attractive to sellers especially in this competitive market).

Q: Can I buy a home and sell my current one at the same time?

Yes, you can—but it’s the real estate equivalent of walking a tightrope. This is one of the trickiest questions to answer.  On the one hand, if you buy a home before you sell the one you’re in, you’re overextended financially; if you sell before you buy, you might need to rent awhile before finding a new place. But there are ways to do both at once, and one option is to instate a “sale contingency” in your contract. This means you only agree to buy a home if you can sell the one you’re in.  Just remember, buying and selling of real estate is a mutually agreed upon endeavor.  If the seller doesn’t like your terms they can always so no.

Q: How many homes should I see before making an offer?

That’s entirely up to you but I recommend home shopping online months in advance to become familiar with the market.  Then narrow down your online-homes to your Top 10, then down to your Top 3-5.  Seeing more than that confuses everyone because homes start to blend into each other and can become very overwhelming.  If you want to streamline the process, it can help to really hone in on a particular neighborhood you’re interested in.  That being said, if you feel limited by your options, it may be time to expand to surrounding areas.

Q: What do you think the seller will accept as a fair price?

As a rule of thumb, knocking 5% off the asking price won’t ruffle many feathers. If it’s been sitting on the market for months then venturing below that can be possible.  Just keep in mind you just never know how low a seller is willing to go, since everyone has different motivations for selling.  If the sellers are eager to move, you could luck out and score an awesome deal.

Q: How quickly can I close?

Typical escrow periods are from 30 to 45 days but again it really depends on the needs of the buyer and seller and what each party agrees to.  That gives you enough time to do the investigation on the property and get a loan processed properly by your lender.

Q: Should I get a home inspection?

The short answer is absolutely!  While buyers often wonder if a home inspection is really necessary, most Realtors worth their salt will say unequivocally yes!  A home inspector takes the weight off your shoulders by investigating everything they can about the home to include the condition of the roof, electricity, heating and air, plumbing.  Making sure everything is in working order prevents you from paying to fix them and gives you negotiating power to get the seller to fix anything that is wrong.  

Q: When can I back out if I change my mind?

While buyers can always back out of a deal, doing so without good reason may forfeit the deposit and, in Louisiana, may require you to pay damages to the seller as a breach of contract.

However, built into the Louisiana contracts are many safeguards for buyers.  You have to almost willfully be negligent in order to lose your deposit.  For example, upon an unsatisfactory home inspection, the buyer can get out of the contract and get their deposit back.  Also, if the home appraises under the selling price and the seller doesn’t want to budge a buyer can also be released from the contract.  So basically that means you can get out if your lender doesn’t think the property is worth what you offered.

Make sure to connect with me and see what sellers frequently ask in an upcoming article.  #ryan_wheeler_expert_realtor  Connect With Me