VA Loans – The Veteran’s Best Friend!
No Down Payment required to $697,500!
Maximum Seller Contributions may exceed 6%!
100% Gift Funds Allowed!
No Minimum Reserve Requirements!
Not Limited to First Time Homebuyers!
Reservists Qualify for VA Benefits!
Quick Closings!
* The seller must pay all escrow fees and non allowable charges. In a $400,000 transaction this
will total about $3,000
* The seller may pay 4% over and above all the closing costs. Closing costs are not counted
towards the 4% seller contribution. This means the seller may pay all of the closing costs and
up to 4% towards discount points or the VA funding fee. This is the classic “VA No-No”
* The appraisal must be done by a VA approved appraiser. If the property does not appraise, the
borrower may cancel escrow with no loss of deposit.
* Repairs requested by the appraiser must be completed and re-inspected before closing.
* Termite report and clearance is always required for VA approval.
* Non occupant borrowers are not permitted to help the borrower qualify.
* Borrowers must occupy the property. No investment property purchases allowed. VA is often
confused as a “first time homebuyer” program, but this is not the case. VA borrowers may own
other property as long as the subject property will be owner occupied
* VA loans can be closed quickly. They don’t take longer to close than conventional loans.
* VA loans are assumable -
* Condos must be on the VA or FHA approved list.
* Condos must have 51% owner occupancy or greater, and 90% of the units must be sold and
closed. Some exceptions to the sold and closed ratio can be made for newly constructed
projects.
* To get a condo project approved, the loan officer must obtain a completed condo cert, and the
seller will have to provide CC&Rs, HOA Budget, By-Laws, and Articles of Incorporation.
If you would like more information regarding VA or other loans, feel free to call Patti Matta.
Patti Matta
858-831-0083 x104
Sr. Mortgage Advisor
Your Government Loan Expert!
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