Veteran loans through the VA are awesome for the veteran - but sellers are frequently reluctant to accept an offer with VA financing. Usually that is becasue the VA requires that the home has a pest clearance, and many sellers (including banks who have held the foreclosed properties) don't want to give a pest clearance. That leaves the veteran pretty ticked. "I served my country, no no one wants to help ME."
But things are changing.
First while the VA still requires a pest clearance, they have lightened up and are now allowing the veteran to pay for the repairs. They can't pay for the inspection, but they can pay for the work. That's a big deal!
Second, unlike other loans backed by the government, VA loans have no restricitons on a "flipped home" that sells within 90 days of having been purchased by the flipper. Confused? No kidding! But the guidelines most lenders follow is that if a home sells within 90 days of it's purchase, the seller has constraints on how much profit he can make. That ties the hands of many buyers wanting a home that has been fixed up for sale, or "flipped" unless 90 days has elapsed. But a VA buyer is free of those constraints. Don't ask me to explain why... I can't.
Third, on a Jumbo loan (in the Sacramento Area, that is a loan higher than $474,950) the veteran only needs to put down 5%, and has NO MORTGAGE INSURANCE. And their interest rate rocks compared to a regular Jumbo Loan. (I can't quote numbers here without a lot of legal mumbo jumbo, but it is significantly lower).
There are other advandages, but these 3 are big advantages to the veteran who has served our country.
