Most of us working during the "hot market" in Northern Virginia in 2002-2005 fought to get a seller to accept a VA loan. Today sellers realize VA loan benefits are the one of the hottest tickets in town.
March statistics in Prince William County show that 107 VA loans were used to close properties as compared to 70 in 2008 and 14 in 2007. VA loan benefits are the best and the only 100% financing options available for military families and qualified civilians.
There seems to be a rumor flying around Northern Virginia that you can't use a VA loan to buy a foreclosure property. THIS IS NOT TRUE! The electricity does need to be on when the appraiser shows up but that is an easy problem to solve with a couple of phone calls and if you are having a home inspection you want the electricity on anyway.
For a first time buyer a VA loan solves the down payment issue. VA does not require any down payment, ZERO, NADA, ZILCH and a seller can contribute up to 6 towards closing costs. What a deal.
VA loans do require the buyer to pay a funding fee. The fee is required by law is used to offset the cost of the benefits to taxpayers. The fee is 2.15% on no down payment loans for the first time it is used and rises to 3.3% for the second time. The funding fee can be rolled into the cost of the loan still keeping your out of pocket money low. The funding fee is waived for veterans receiving VA compensation for a service connected disability and surviving spouses of veterans who died in service.
For more information on whether you qualify for a VA loan check directly with the Department of Veterans Affairs
If you have an upcoming tour to the Military District of Washington, Fort Belvoir, Pentagon or Quantico give the Cindy Jones team a call at 703-346-2213. Put our experience with relocation to work for you.