News and Updates
Seven VA Home Loan Tips
A lot of people are under the assumption that VA loans are challenging to process and close. That assumption could not be further from the truth. Not only do VA loans have very clean and easy to follow guidelines, but they also come with better interest rates than any other loan program out there. If anyone complains about a VA loan program, they are not aware of how they work and the great benefits that come with them.
Just a few of the great benefits our Veterans can enjoy are:
- More than one VA loan is allowed. As long as the home to be purchased now will be the primary home for the Veteran and their family more than one VA loan is permitted.
- Widowed spouses of deceased Veterans can use their spouses eligibility to obtain a VA loan of their own if they have not re-married
- Waiting periods following Bankruptcy, Short Sales or Foreclosures are shorter with VA loans than other lending programs. It is quite common to get exceptions granted with compensating factors to allow even shorter waiting periods
- Veterans are entitled to do much higher loan amounts and can go up to 1 million. VA Jumbo loans have the same excellent rates that exist on the standard conforming VA loan amounts
- In addition to there being no limits on closing costs from the Seller, VA loans allow for an ADDITIONAL 4% in sales concessions from the Seller. It is permitted to receive credits for a further 4% of the contract price for new appliances and other personal property items.
- VA loans do not require additional time to close. The process to underwrite and close a VA loan is the same as all other loan programs, 30 days or less.
- There is not a separate VA Inspection. I hear this a lot, and its one of the biggest myths out there. During the loan process, the VA assigns a local appraiser to determine the value of the home. That appraiser is trained to not only value the property but also to confirm that the VAs property guidelines have been satisfied, thats all. No special separate inspection.
If youre looking into a VA loan and hear any negative feedback on the program at all, then youre not working with a mortgage professional thats familiar with the program. For in-depth and accurate information about VA loans and the loan process in general, please contact me directly, and Id be happy to help!
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