Getting FHA & VA purchase offers approved can seem daunting to a home buyer (and Realtors too).
Many buyers experience a long frustrating process when trying to bid on Bank Owned, REO, Short Sale, or Corporate Owned Properties with a FHA loan or VA loan. Why is this? Steve Hall with RE/Max United, one of our preferred Realtors here in North County San Diego, wrote a great success story on his blog regarding FHA & VA purchase offers.
I fully agree with Steve that it boils down to much more than the type of loan you are using when trying to get an offer accepted. The overall presentation and quality of the offer is the difference. The net price to the seller must be fair, not a low ball offer. The home must be either in reasonable condition to qualify, or the plan to cure any deficiencies must be in the offer, and there must be a PreApproval letter that shows the diligence performed in the PreApproval process. This will show the seller (ie, REO listing agent, asset manager, bank approval department, etc) that the offer is well thought out, supported by a knowledgable and detail minded Realtor, a commited buyer, and a quality lender that PreApproved the FHA or VA Loan before the offer was submitted. The presentation of the offer is key to acceptance.
I have heard from home buyers in many different market areas that their Realtors say "VA offers aren't getting accepted in this market" or "the bank isn't taking FHA offers at this time". We did a quick study of MLS records on the San Diego MLS and found that is not the case. Huge percentages of new purchase loans are made with FHA & VA Loans in San Diego County here in California.
The key: The Buyer and their Realtor stayed committed to the process, wrote quality offers, and then did what it takes to close the deal. It usually does take a minimum of a few offers to get one accepted in this strange housing market, but that is true of most offers, Cash, Conventional, FHA or VA financing.
I would like to commend Steve Hall for his commitment to his buyers, it shows in his results!
The fact is that FHA, VA, and the corresponding FHA High Balance (FHA Jumbo) and VA High Balance (VA Jumbo) loans are one of the best ways to purchase a home with minimal down payment.
San Diego FHA buyers can borrow up to $697,500 with our FHA Jumbo loans with just 3.5% down payment. Veterans and Active Duty Military VA Jumbo buyers in San Diego can borrow up to $537,500 with zero down payment, or can purchase a home for a higher amount and pay 25% of the difference. On a $600,000 home purchase, this would require a $15,625 downpayment, or 2.60%.
Give us a call at 760-752-4480 direct, ask for Brian Skaar to see if this is the right loan for your next buyer. Visit us on the web at www.vandykfunding.com
VanDyk Mortgage has been making FHA loans since 1987. We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender. Go with the Government Loan Pros, go with VanDyk. Visit us at www.vandykfunding.com or call Brian Skaar at 760-752-4480 for help with your FHA loan. We offer FHA, FHA Jumbo, FHA Manual Underwrite, FHA Rehab 203K, VA, Conforming & Jumbo Loans.
We serve the following areas for VA, FHA and Conventional loans: California,Southern California, Northern California, Washington, Texas, Georgia, Florida, San Diego, San Marcos, Carlsbad, Oceanside, Vista, Escondido, Fallbrook, Bonsall, Riverside, Los Angeles, Orange County, Irvine, Corona, Anaheim, Santa Ana, Seattle, Washington, Bellevue, Kirkland, Redmond, Lynnwood, Olympia, Tacoma, Puyallup, Buckley, Auburn, Kent, Federal Way, Seatac, San Francisco, San Jose, Carson, Gardena, Hawthorne, Lawndale, Inglewood, Ladera Heights, View Park, Windsor Hills, Baldwin Hills, Fox Hills, Culver City, Beverly Hills, Malibu, Santa Monica, Brentwood, Calabasas, Encino, Bel Air Estates, Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates, Manhattan Beach, Redondo Beach, Hermosa Beach, Torrance, San Marcos, San Diego, Rancho Bernardo, Carlsbad, Escondido, Poway, Oceanside, Vista, Encinitas, Carmel Valley, Scripps, Tierra Santa, El Cajon, La Jolla, Chula Vista, National City, San Ysidro, Santee, Eastlake, Ramona, Long Beach, Artesia, La Palma, Cerritos, Compton, Lynwood, Bellflower, Temecula, Murrieta, Southern California, Northern California, Washington, Everett, Lynnwood, Tacoma, Kent, Federal Way, Auburn, Renton, Bellevue, Redmond, Kirkland, Whittier, Santa Fe Springs, Downey, Irvine, Newport Beach, Los Angeles, San Bernardino, Riverside and Orange County. VanDyk Mortgage offers FHA, VA, & Conventional loans in addition to FHA Jumbo, VA Jumbo, and Conforming Jumbo loans (aka FHA High Balance, VA High Balance, and Conforming High Balance).
VanDyk Mortgage is a VA Direct Lender (since 1987) offering VA Loans such as VA purchase loans, VA Streamline Refinance, VA IRRRL, VA Refinance Loans, VA Mortgages of all types. As a Government Direct Lender, VanDyk Mortgage is also a HUD Full Eagle FHA Direct Endorsement Underwriter, ie FHA Direct Lender offering FHA Loans such as FHA Purchase loans, FHA Refinance, FHA Streamline Refinance, FHA loans, FHA Jumbo, FHA Jumbo Purchase, FHA Jumbo Refinance, FHA Jumbo Streamline Refinance, FHA mortgages of all types. We offer FHA & VA loans in California, Georgia, Texas, Washington, & More. Visit us at www.vandykfunding.com to get started or just find out more.