Yesterday, I went to a four hour class on VA loans. I know, that sounds really REALLY dull, but it actually was quite interesting and it when much faster that I anticipated, (although I did take my knitting!)
The Denver office of VA came to our little Valley to give us just a hint of what goes on at VA and how to make things go smoother for our past and present military guys and gals. I know that active military usually know their benefits, but veterans don’t always. So if you are a veteran, you might be entitled to things that you just didn’t know about.
Here are some of the TRUE FALSE questions that they talked about yesterday.
1) Member of the Reserves and National Guard are eligible for WA home loans.
a. TRUE, there are some limitations on time of service so make sure you prequalify with a great loan originator
2) A veteran may reuse the entitlement for VA home loans over and over again.
a. TRUE, sometimes you can even have 2 VA loans a time.
3) VA appraisers are to list all problems a buyer may find in a house.
a. FALSE, this is the job of the home inspector. If you are a VA buyer, get a home inspection. The appraiser finds the value of the home, the home inspector finds the discrepancies with the home.
4) Repairs required by VA have to be paid for by the seller.
a. FALSE, either party can pay for repairs, it’s not required for the seller to pay. This is negotiated by your very own qualified REALTOR!
5) Most lender close VA home loans without VA approval of the credit package before closing
a. TRUE, 99% of the VA loans are automated and approved thru an automated approval system.
6) Processing VA home loans is difficult because of the “red tape”
a. FALSE! VA loans are simple and are very beneficial to our military past and present.
If you are a vet, here are some interested facts for you:
1) there is no mortgage insurance with a VA loan
2) changes are coming in the reduction of costs for the VA funding fee! Yippie!
3) there is no loan limit on a VA loan
4) You can purchase multi unit property with a VA loan, up to a 7 plex!
5) There are grants available to home remodels for disabled veterans to make life a little easier
6) A spouse is eligible for a VA loan under certain circumstances.
There is much more on www.va.gov with helpful ways to get the home of your dreams. Remember, call a REALTOR to help you with the process and make sure that they are familiar with VA loans, benefits and allow them to direct you to a VA loan originator who can get you the benefits you deserve.
To all of the Military personnel out there, past and present, thank you for your service. And to the wives and husbands of military guys and gals, a special thanks to you. I know the sacrifices that you make and they usually go unnoticed!
Have a great TODAY! There will never be another one like it! The weather here in Wasilla Alaska is cloudy but the colors of the leaves are fantastic! I wish I could send you pictures!
Cora Carleson – Remax Dynamic of the Valley – Wasilla Alaska