Super Opportunity for Disabled Vets
The home is 3500 square feet appraised at $447,000. Before you think that's not possible, consider the facts:
- Property taxes are waived at the same rate as your disability rating. 100% disability = no property tax!
- The max VA loan is $453,100 so the home could be purchase with no money down and NO PMI.
- Monthly payment just P&I ($2,250) + HOA $50 + Insurance $222 = $2,522.
- Before concluding that $2,522 is 'too much' consider that homes in the are appreciating at a minimum of 6% per year. Let's knock that down to 3% so monthly appreciation is (3% / 12 ) = .25% on $447,000 = $1,118 for a net cost of $2,522 - $1,118 = $1,404.
- The value of the interest deduction ($1,675/mo) depends upon your tax bracket so assuming a 20% tax bracket, the monthly cost of $1,404 is reduced by 20% ($320) to $1,084.
- Now, there's a very large and beautiful 'office' with private street and patio French-door entrances, floor-to-ceiling windows with built-in blinds and custom blinds - a full closet, separate bath with shower and more cabinet space. There's a very large floor-to-ceiling 'bookcase' on the interior wall. As a rental unit it could easily bring in $800 (taxable).
- Summary: Principal + Interest + HOA + Insurance = $2,522 - 3% appreciation = $1,404 - tax deduction = $1,084 - rental income = $284.
- An option: The existing VA loan is assumable, currently 3.25% with a 2% cap from 2.25%. The loan balance is about $375,000 so the difference between selling price ($441,000) and loan balance would be the down payment ($66,000). The lender requires loan qualification.
Why am I selling such a wonderful property? I'm 71 with a 13-year-old daughter. (Don't ask.) We will lose her share of social-security payments in 5 years and my business income ain't what it used to be. Short answer: "We can no longer afford the monthly cash outlay and we'll be able to afford it even less in 5 years."
We painted it inside and out when we moved in (2013). The backyard has extensive landscaping. Purchase will include a brand-new roof. 3-car garage with immaculate built-in cabinetry. 10 minutes from 3 marinas on the best stripper lake in the world.