I work with active and retired Military buyers and sellers and I learned quickly that there are a lot of myths and misconceptions about the buying process for Veteran Buyers.
This page is designed to provide accurate information for Veteran Buyers and dispel some of the misinformation.
WORK with an EXPERIENCED REALTOR®
There are some extra steps that are added to the VA Lending Process, or a VA Contract that are designed to protect the Veteran Buyer. These extra terms and conditions will add extra time to the contract time frame and can impact the entire offer, so they need to be addressed before an contract is even submitted to the seller.
A knowledgeable Realtor with VA Contract experience will seamlessly guide you through the entire buying process and negotiate the best possible contract for you. In fact, a good Realtor will make sure that your contract is written so that you pay less closing costs.
Don’t risk losing the home of your dreams because your Realtor is not experienced with VA Contracts.
BENEFITS to USING a VA LOAN
- Zero money down
- No costly monthly PMI (private mortgage insurance)
- Competitive Interest Rates
- No Prepayment Penalties
WHO is ELIGIBLE FOR a VA LOAN?
- Military members who have served 181 days on active duty, or 90 consecutive days during war time
- People with at least 6 years in the National Guard, or Reserves
- Spouses of those killed in the line of duty, or as a result of a service-related disability
The applicant needs to obtain a VA Home Loan Certificate of Eligibility (CoE), which is issued by the Veterans Administration. This does not guarantee the loan, but is the first step that any lender will require to start the process. You can apply for a CoE here – www.eBenefits.va.gov . This link will provide you with all of the evidence that you need to submit to to obtain your COE.
VA BORROWER COSTS
- Zero down-payment required for qualified military members
- VA Funding Fee – (Funding Fee exemption with a service-connected disability)
- Closing costs, state and local taxes and recording fees (all may be paid by seller, or both)
- VA appraisal and Home Inspection
- No brokerage fees, or commissions may be charged to VA Buyer
- Seller must pay for Termite/WDO Inspection
- Seller can pay up to 4% of closing costs and a good Realtor will work with the buyer and seller to work the contract so that Veteran pays less at closing
- VA Loan may take 1-2 weeks longer than a usual loan, so prepare for that delay
- VA Contract needs to include addendums for VA Loan and Appraisal/inspection protection
Call Sean today to hire an experienced and Professional Realtor that will protect you through the process of buying your next home.,/font>