We should first look at what a VA Loan is. The Veterans Administration does not loan the money for the home purchase but they do guarantee the loan for the bank that provides the money to purchase the home. VA borrowers must meet certain criteria in order to qualify for a VA guaranteed home loan through the VA and the borrower must meet home loan qualification guidelines with the bank that is finding the home purchase. A VA loan may be a better way for home buyers to obtain their financing as opposed to FHA or Conventional loan products. If you are interested in knowing if you qualify for a VA loan or the comparison of a VA loan to FHA or conventional I suggest you contact a mortgage lender and discuss your options.
Some things to consider when selling your home to a VA buyer or as a real estate professional working with a VA buyer are:
The Veteran is exempt from paying for a Wood Destroying Organism Inspection. Either the seller or the real estate professional can pay for it, but not the veteran.
The Veteran is exempt from paying any real estate brokerage administrative fees associated with the real estate transaction. That fee will also need to be paid by the veterans agent or broker.The veteran is required to meet service related requirements and have a DD214 discharge form to qualify.
These are just a few of points to consider when obtaining a VA loan or working with a VA home buyer. I advise you to consult with a mortgage professional regarding the VA loan process and ask the mortgage professional any questions you may have.
To all of the Military Veterans of all branches of service I thank you for your service and sacrifice to the people of our country.
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