Wednesday, April 17, 2019 / by Elizabeth Sorensen
Many sellers would love to help veterans use their hard-earned home loan benefits but they may be wary of the VA appraisal process and have been misinformed by well-meaning agents that they can find better-qualified borrowers than those with VA financing.
Unfortunately, long-held misconceptions regarding VA home buyers has prevented not only home sellers, but real estate agents from giving well-qualified military buyers a fair shake.
The reality is that this long-cherished home loan program has many benefits to buyers AND sellers. Accepting VA loans will greatly expand your buyer pool and include a demographic that has long led our country in home ownership rates. In 2018 alone, over 600,000 veterans became homeowners using a VA loan. For the veteran, there are many benefits- no down payment, no mortgage insurance, and access to lower mortgage rates than other loan types.
With the hot sellers market we have been in for over two years now, rising home pri ...
Monday, April 1, 2019 / by Connie Tracy
As Fairchild AFB is growing, so are the amount of military personnel coming into Spokane. Many of the families are looking at purchasing homes using their VA eligibility.
Here are 3 tips to be aware of when selling your home to a VA home loan buyer:
1. Familiarize Yourself with the Minimum Property Requirements
In order for a VA home loan to process, a VA appraiser is required to inspect and approve the Minimum Property Requirements (MPRs). Some MPRs are up to the appraiser's interpretation, and others are very specific.
These are the 14 points appraisers work with:
1. Must be a residential property. It can not be bare land.
2. The property must provide enough space for suitable living, including sleeping, cooking, and sanitary accommodations.
3. Electrical and plumbing systems need to be in good working order and have a reasonable time frame of future use available.
Backup Offer... What is that?
Pre-Approval vs Pre-Qualification...what's the diff? ...