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Should You Get A VA Loan with Bank of America?
Should You Get A VA Loan with Bank of America?
 
Are you aware that Bank of America’s policies deter offers written with VA financing from being accepted on short sales? They do. And because Bank of America controls so much of the REO and short sale market -- their policies have a tremendous effect. Just last month, Bank of America changed their policy to allow back up offers on their short sales. This one (long overdue) policy change should have a tremendous effect on the amount of time it will take to close a Bank of America short sale, and accordingly, it will drastically reduce days on market for short sale listings overall and hopefully change buyer perception about short sale wait time.  BofA can also have a tremendous effect on the market by changing their policy that makes it more difficult for veterans to purchase short sale homes using their earned VA home loan benefit.
 
 
Eligibility for a VA loan is a benefit earned from military service. It allows the borrower to buy a home with zero percent down and the loan is backed by the Veteran’s Administration. The main issue with Bank of America and VA financing ... more

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