veterans: Buying your 1st Home - From Rental to Ownership
- 10/15/18 05:55 AM
Prior to purchasing a home for the first time, many buyers often will rent a home. And in doing so, the common household and some not so common issues, are the responsibility of the landlord – homeowner of the rental property. A landlord traditionally handles anything from a leak with the shower to a crack in a foundation. Renters, also known as tenants, are not responsible for these issues. However, the transition from being a tenant to a homeowner is difficult and often surprising for many first-time buyers.
While renting a home, a tenant is protected by law from having to live … (1 comments)
veterans: But a VA Loan takes longer to close…FALSE!
- 10/09/18 12:23 PM
There is a lot of misinformation surrounding a Veterans Affairs (VA) home loan. Often times, Veterans are unnecessarily convinced to use another loan option, primarily due to lack of new information surrounding VA Guaranty Loans. One of the largest VA Myths is the unusually long processing time of a VA Home Loan.
Recently, the Military Mortgage Bootcamp was held in Novi, MI. This two-day event cleared up a ton is misinformation and longstanding myths surrounding VA Guaranty Loans. A huge factor for the relatively low number of Veterans using a VA Loan are bad experiences Realtors & Lenders have faced with … (2 comments)
veterans: OMG! A VA Appraisal!!!!
- 09/24/18 04:43 PM
Many times, a seller or their agent may cringe when they receive a VA-Backed Offer. Immediate fears of an intense inspection and overly scrutinized appraisal process. A lot of people have experienced nightmares with a VA loan or know someone who had to deal with the excruciating pain of aa appraisal visit. What if I told you, there is no need to swallow to continue with the Blue Pill…Red Pill will set you free!
A VA Appraiser objective is to determine if the home is adequately priced and to verify the VA’s Minimum Property Requirements (MPR). According to Brad Stinson with Benchmark … (1 comments)
veterans: VA Loan Myths Busted - Lender Overlays
- 09/18/18 07:43 AM
Regularly, veterans are told or come to understand, the VA has the toughest requirements when it comes to buying a home. More often than not, these are myths. In fact, these “myths” are often disguised as Lender Overlays.
Lender Overlays are additional guidelines placed on a loan by the lender. The VA is insuring the loan. However, the lender has the right to further protect their investment by adding an additional layer(s) of protection. This additional layer(s) of protection by the lender is oftentimes mistaken as a VA requirement.
Some examples of lender overlays would be: No manufactured homes … (0 comments)
veterans: Buyer's Offer: Contingent to sell...seller beware
- 09/10/18 01:27 AM
When sellers are considering an offer from a buyer, understanding the effects contingencies often are under estimated. Contingencies are considered to be the ability to obtain financing, inspections, septic inspection, pest inspections, appraisal, early occupancy, but for the sake of discussion let’s address the “contingent to sell existing home”.
Contingent to sell existing home is when a buyer’s offer cannot close unless the buyer’s original home sells first. And there are times when a buyer may submit an offer, even though their existing home is not listed yet. This scenario creates an open-ended contract with no end in sight. This type of … (1 comments)
veterans: Trust but Verify
- 09/04/18 03:29 AM
When you have an accepted offer on a home you are interested in, it is very important to know all the facts. Reasonable expectation could be placed on the home inspector’s report and an appraisal, if you are using a federally backed loan (FHA, VA, etc.). However, you do have the right to conduct specialized inspections as well.
With specialized inspection, an additional review of life safety areas of the home, will provide a better understanding and condition of your future home. These specialized inspections include but not limited to: Roof; Heating, Ventilation, Air Conditioning (HVAC), Plumbing; Electrical; and Foundation.
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