Everything you need to know about the VA Loan
Updated: Dec 27, 2018
So you qualify for the VA Loan benefit, you have a steady income, and you are ready to purchase a home. Here are some things that you need to know regarding the VA Loan.
Types of homes: With your VA Loan benefit, you can purchase several different kinds of homes. You can purchase a single family home, multifamily home (up to four total units in one property), manufactured home (only if you are also purchasing the land it sits on), a townhome, and a condo (it has to be on the approved condo list). This gives you a number of options for your investment of purchasing a home.
Credit Score: Want to know the minimum credit score? Here’s a secret, THERE IS NONE! Only banks have minimum credit scores, not the VA itself.
Appraisal: One important thing to keep in mind when looking at a home to purchase is the value. You should consult a knowledgeable real estate agent who can conduct a competitive market analysis (CMA) to estimate how much the home is actually worth prior to submitting an offer. If you submit an offer on a home for $150,000 but the appraisal comes back at $140,000, then the VA will only allow for financing of the home up to $140,000. This means that you will either need to have the seller come down to $140,000, you will have to come up with the difference of $10,000, a combination of the two, or you will lose the deal altogether. This is why you need a real estate agent who is knowledgeable and will offer you the best advice when analyzing properties.
These are just a few of the most important topics regarding the VA loan benefit. If you or anyone you know requires more information then please feel free to schedule a time for a FREE consultation with myself or a lender.
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