Home Seller Information Regarding VA Home Buyers

Home Seller Information Regarding VA Home Buyers

There are millions and millions of active duty military and veterans in our community.  These are people who have proudly served their country and sacrificed so much for all of our families, our community and our country.  One way we, as a country say THANK YOU to them is by offering the a VA Home Loan Guarantee Program.  This is a program designed to promote home ownership within the military and veteran community.  There are a lot of negative misconceptions regarding this type of loan program.  Please take a moment and consider the facts below the next time you receive an offer to buy your home from an active duty military member or veteran.  The least we can do is give them the opportunity to make a strong offer to purchase your home.

Check Out the Military Veterans Association of Real Estate Professionals

• How long does a VA purchase take?
  • Most VA loans close in 30 to 45 days.  This was not always the case.  When everything needed to be done using mail, the process was much slower.  The use of modern technology has reduced this time significantly.
• What about the VA Appraisal?
  • The VA appraisal is slightly different than a traditional appraisal.  The VA appraisal evaluates the value of the property and a broad assessment of certain property conditions.  An average VA appraisal is complete within 10 days.  VA loans are not for fixer uppers.  If your home is a fixer upper, or is in need of repair, it might be best to avoid the VA offer.  The FHA 203K loan program might be an alternative.  A great listing agent who knows the VA Program can make all the difference.
• If the VA buyer can buy with no money down, are they really qualified?
  • The no down payment benefit has helped millions of veterans buy homes since World War II.  This does not mean lenders just give away these loans.  The buyers must still qualify based on their credit score and ability to repay the loan.  As a matter of fact, VA loans have had the lowest foreclosure rate of all loan products over the past 5 years!!!  VA buyers are typically the most serious of all buyers.
• What about closing costs?
  • There are a few things that the borrower can not pay for, per VA guidelines.  For example, the buyer is not allowed to pay for the pest inspection.  The costs they are not allowed to pay for themselves is usually less than $1,000.