VA Financing… Did You Know?
If you’ve been part of the United States Military, then one of the greatest benefits available to you is VA Financing. Unfortunately, there are many whom don’t know what that really means or where to start, which is why I’ve written this blog!
In the marketplace, there are a lot of misconceptions when it comes to VA Financing:
- Appraisal Process is Difficult
- Closing Takes Forever
- Buyers Aren’t Well Qualified
- Lots of Repairs Required
Let’s hammer these out… while the appraisal process does normally take a few extra days, there is actually a pretty cool process called ‘Tidewater’ that gives notice when the appraiser is having difficulty justifying value. In this instance, we are able to work with the appraiser before the report is completed versus having to appeal one that is done.
Closing or the escrow process typically takes about the same amount of time versus and FHA or Conventional financed transaction. Our Veterans have EARNED the right to utilize this type of financing… it doesn’t mean they are not well qualified. In fact, often times we see military personnel very well qualified as they are disciplined and organized in their daily lives. Finally, when it comes to repairs, the appraiser will be looking at much of the same stuff any other financing requires… it is mainly safety related and ensuring a home is ‘livable’.
Now let’s look at some of the major benefits:
- $0 Down
- Low Interest Rate
- No Mortgage Insurance
- Can be Used More Than Once
That’s right… a VA Buyer can choose to put money down or can qualify with $0 down as well. The interest rate is typically lowest around and no mortgage insurance, regardless of down payment amount. In addition, someone can use their VA eligibility many times over the course of their lifetime.
Remember, these people have EARNED these privileges. They wrote a blank check when enlisting with an amount up to their life, in order for the rest of us to live the way we do each day.
If you have VA eligibility and want to begin the process of Pre-Qualifying to Buy a Home, please give us a call and we will point you down that path!