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It ranks with nanotechnology, nuclear physics and bioengineering as one of the world’s most complex sciences. Yep, it’s credit.
Credit determines much of a consumer’s financial possibilities, but can be difficult to keep in check. That’s where an experienced (and reputable) credit consultant can be a godsend.
Of particular interest to our military-friendly real estate agents is the credit consulting provided by
Veterans United Home Loans. Military buyers in any stage of credit confusion are eligible for free credit services through Veterans United and its
Department of Secondary Approval (DSA). DSA reps help keep service members on the track to homeownership with a focus on credit repair.
Wondering if your military buyer needs a credit tune-up? Watch for these four signs your buyer might need personalized credit counseling.
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Three little “S” words: They can make or break a VA appraisal.
If you’re familiar with the three “S’s” of the
VA appraisal, you’re on track for a successful VA purchase. The VA appraisal ensures each home purchased with a VA loan is:
VA appraisers conduct a thorough review of each home to be financed with a
VA loan. Homes that don’t meet the criteria of “safe, structurally sound and sanitary” must be repaired before a VA loan can move through escrow.
How does a VA appraiser make those determinations? Read on.
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It’s an extremely common question across
Veterans United Network:
“How long will it take to buy a home with a VA loan?”
And it’s a tough one to answer. Buying a home is a multi-step process, and hiccups can occur at any stage of that process. But with good preparation and the right approach, VA buyers can better predict when those precious keys will finally be in hand.
Let’s review five key factors that could affect the timeline of a VA loan purchase.
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CREDIT.
Encompassing FICO scores, income, debt and employment, credit plays a huge role in the VA loan process. Fortunately for veterans and active-duty service members, VA loans feature relaxed credit requirements when compared to conventional loan programs.
Wondering what lenders will expect from a VA loan applicant? Take a look at these four questions that will definitely pop up during the credit evaluation.
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How can agents and buyers ensure VA appraisal success? It starts with a simple walk around the home exterior.
VA appraisers use “the three S’s” to ensure homes purchased by veterans are move-in ready and in good repair:
- Safe
- Structurally sound
- Sanitary
Homes that don’t live up to “the three S’s” or the VA’s additional list of
Minimum Property Requirements must be repaired before a VA loan can close.
But luckily for agents and buyers, some of the most common VA appraisal glitches can be immediately identified with a quick stroll around the property. On your next VA house hunt, be sure to scour a home’s exterior for these four potential problems:
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Get ready for blood-pressure spikes, agents. As much of the country returns to a seller’s market, multiple offers are back. With fingers crossed and hands clasped, buyers are doing everything possible to shine up their offers.
That goes double for VA loan offers. Although VA loans are easier to process and more seller-friendly than ever, they can still carry a bad rap.
Need to put a little spit-shine on your next VA loan offer?
San Diego real estate agent Amy Ruiz works frequently with military buyers, and has excellent advice for buffing up a VA loan purchase offer.
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It’s the “information age,” not the “
good information age.” Accurate information on any topic can be hard to find, and the VA loan process is no exception. From inaccuracies posted on message boards to bad blogs, VA loan myths abound.
Let’s tackle the five most common VA loan myths and reaffirm the strength and flexibility of this unique financing tool.
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A mortgage involves a mutual agreement between a lender and a borrower.
The lender agrees to loan money for a home purchase, and the borrower agrees to pay it back. But before a lender doles out funds, the borrower has to establish their ability to repay the loan.
How? Through income assessment. By looking at an applicant's income, a VA lender determines the size of loan a service member can handle. Only certain types of income can figure into the equation, and each income source must meet a “stability test” before being considered.
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The VA recently published the agency’s home loan limits for 2013. The VA loan limit remains at $417,000 for nearly all counties in the country.
But those purchasing in one of the VA’s 134 high-cost counties in 2013 may need to modify their budgets. Although most of the 2013 loan limit changes are moderate in nature, lower 2013 limits could affect buyers in some of the country’s most expensive regions.
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VA home loans are low-cost, flexible and borrower-friendly. And they’re
soaring in popularity.
It's no wonder that eager sellers want to tap into the VA buyer market. What’s the first step toward that goal? Ensuring that properties meet
VA appraisal guidelines.
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