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Another Great Thing About VA Loans

By
Mortgage and Lending with Summit Mortgage Corporation

Though VA works much differently then conventional products, which sometimes causes some hiccups in transactions, it has many unique qualities that conventional products don't have. One great aspect is that the seller's credit can be used to pay off any collection accounts, or any debts that they may need to pay off to qualify. This may either allow the vet to qualify for the loan they want or feel more comfortable since their other debt is gone. Don't ever count VA out as a great option for your veteran clients!

Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

I have always believed that the VA loan is the very best loan for an elegible home buyer.  That said, the VA Funding fee is getting prohibitive.  The government burns enough of our money on a lot of needless stuff for Congressional members.  I see no reason why the VA guaranteed loan must be in the black.  Nothing else is. 

These loans should be easier to get, not harder.

Good post.

May 31, 2007 12:15 PM
Joe Schmitz
Summit Mortgage Corporation - Honolulu, HI

Well in the case the veteran receives disability pay the funding fee is waved. Generally VA is easier to get approved, however, there are some things that VA requires that sometimes hinders the vet in their purchase.

May 31, 2007 12:19 PM