Offers with VA Loans
Should I accept an offer with a VA loan? What fees does the seller pay on a VA loan? Find out here right now, and More!
Now should you accept an offer with VA Loan? Absolutely! I have sellers asked me that all the time and we're going to talk about it right now. People also ask me why do realtors not like VA loans? The answer is because they still believe the myths. Some of the myths include that the seller has to pay for all the closing costs. The buyer pays all their own closing costs except for a couple of minor item.
Another myth is that there will be a stingy appraisal. It doesn't matter if it's FHA VA or conventional, the value is still the same. What does change is, what repairs are needed. For instance, with VA, the property has to be safe secure and sound. So for instance if there's a broken window with jagged glass or perhaps there's a railing that's missing on a staircase or the kitchen is torn up because they're going to be fixing it up. Then those items would need to be repaired but that would be true with FHA financing as well. Now if a property has some peeling paint, an exposed wood outside where it's exposed to the elements, so there could be further damage that would also need to be repaired.
One of the other myths is that it takes a lot longer to close a VA loan actually it's very close to conventional or FHA being an extra five days. So just plan accordingly. What are some of the advantages to a VA loan? The first is that you'll be opening up to a whole pool of buyers. There's a lot of veterans out there that want to take advantage of that. VA benefit and why do they want to take advantage because there's a hundred percent financing. That means there's no money down, also it can be any loan amount VA only ensures up to four hundred eighty four thousand three hundred fifty, but the loan amount can be any amount also there's no monthly PMI. There is an upfront funding fee and what that amount depends on the veteran for instance if they were in the regular military or the National Guard and how long they serve will come into play. The VA loan is that you can only use your benefit once, but actually you can reuse it. As long as you pay off loan, you can go ahead and use that benefit again. So yes, please go ahead and accept that VA loan! Not only will you have a great buyer, you're gonna help a veteran use their benefit. if this video was helpful please remember to subscribe a new video is out every Wednesday thanks for joining us