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It’s critical for military borrowers to use an agent who’s worked with VA loans and understands the program’s requirements. Agents who can maneuver through the agency’s procedures can save borrowers from big-time hassles and headaches on things like appraisals and property criteria. Ask your lender what is required in your specific transaction to get to closing day, how much money is needed to close the deal, and when you can pick up your keys.
That means that even if the homeowner doesn’t want to cover the cost, the veteran home buyer has no option but to avoid paying the fee. Worse still, with real estate agents, there can be a lack of commitment or experience. After you help your VA clients connect with an experienced lender and obtain the preapproval they need to compete in the market, it’s important that you continue to educate them on the process. Make sure to walk your clients through the financials, so they know exactly what to expect.
Main pillars of the VA home loan benefit
“Sellers have a few old misconceptions about VA loans that they are burdensome, take longer to close, have more requirements, etc. but for lenders, VA loans are one of the easier loan types,” says Viola. Of course, it’s not always the items on the appraisal that create a problem. Sometimes it’s the estimated home value itself that may lead to second thoughts or financing hiccups. Again, your client will have options if the appraisal comes back lower than expected.
Real estate agents, also called buyer’s agents when buying a home, are professionals who bring plenty to the table. But many home buyers opt to forego using a buyer’s agent, instead opting to go through the whole process on their own. Closings may occur at a title company, escrow office, or attorney’s office depending on your area’s laws. Expect to sign many documents including the mortgage, the note, and the deed. During the closing expect your real estate agent to be present, an escrow officer or closing agent to conduct the transaction, and the seller or a representative may or may not be at closing with you.
Loan Volume Data
Military home buyers have a number of home buying benefits at their disposal. They know what neighborhoods are growing in popularity and value, and they know which areas are best to avoid. Nobody understands the local housing market quite like them, making them valuable if you’re moving from a different city or state. Your lender is required by law to provide you a Closing Disclosure at least three business days before closing. The lender will review the appraisal when it is complete to ensure it meets their underwriting standards, and there is sufficient collateral to complete the home loan. If you are using the VA-guaranteed Home Loan benefit, a VA approved appraiser will complete the appraisal to determine the home’s value and ensure it is safe, sound, and sanitary for you and your family.
At SoCal VA Homes, we are staffed with both Veteran friendly real estate agents AND Sr. Nearly all of our staff are military Veterans who "get it." They know what its like to be you. And they are passionate about helping other Veterans achieve their home ownership goals! Our experience has shown that you achieve tremendous advantages and superior results from having BOTH under one roof which increases the strength & muscle of the team supporting your efforts. In order for your client to be able to obtain a VA loan, the home that they wish to purchase must meet the VA’s minimum property requirements.
Interest Rate Reduction Refinance Loan (IRRRL)
First, working with a licensed real estate professional can save home buyers time and money. Veterans may find that some real estate professionals who work near military towns may specialize in active duty relocations. Someone who is very familiar with the housing market will likely be able to help negotiate the best purchase price for the buyer’s budget.
Make sure your agent has done his or her homework before meeting with you. Your agent should be well informed on the homes you are considering and recent comparable sales. The VA requires properties to meet specific criteria and be in good repair. Condos and homes that are part of an association require VA approval. Private wells, septic systems, termite inspections and shared maintenance of roadways can all have specific VA and lender guidelines. Situations where the borrower’s credit score gets lowered mid-transaction.
Real estate agents are individuals with their own personalities and way of going about things. While the right agent could make things go smoother, the wrong agent can slow things down, and you might end up clashing with them throughout the process. VA has migrated all IT help desk and support services to the ServiceNow Customer Service Management application.
Are you a Native American Veteran or a Veteran married to a Native American? Find out if you can get a loan through our NADL program to buy, build, or improve a home on federal trust land. You may be able to get a COE if you meet at least one of these requirements.
1RateShield Approval is a Verified Approval with an interest rate lock for up to 90 days. If rates decrease, you will be able to lower your rate one time within 90 days. Please contact your Home Loan Expert for additional information. This offer is only valid on 30-year FHA, VA and conventional purchase loan products. RateShield Approval not eligible for clients with a signed purchase agreement, on Charles Schwab loans or on new construction loans.
Now all service members pay an identical fee based on whether or not the VA loan benefit has been used before and whether or not there is a down payment. A significant benefit of military service is the VA home loan, allowing you to purchase a home with no down payment or refinance a home. Using the right professional for the right job can make all the difference for veterans looking to use the VA loan program to buy a home. For more information about VA-backed loans, contact a VA-approved lender that specializes in VA home loans.
You will, however, generally need to complete a VA assumption loan form application to apply for the loan. A VA loan assumption is when a veteran with a VA mortgage has their loan assumed by someone else. You may choose to sell your home if your plans, goals, or needs have changed, but assumable mortgages are another option if you need to get out of a VA loan. Want to take cash out of your home equity to pay off debt, pay for school, or take care of other needs? You may be able to “restore” an entitlement you used in the past to buy another home with a VA direct or VA-backed loan if you meet at least one of these requirements. If you’ve received an other than honorable, bad conduct, or dishonorable discharge, you may not be eligible for VA benefits.
It is important to select a real estate agent that you are comfortable working with, and that will work diligently to help you find the right home. You can also use the resources below to learn more about the VA home loan program and the home-buying process. We strongly recommend that you get an inspection to check for any major defects before you purchase your home.
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