It’s the one. Or is it?
When you find a house you love that’s in some disrepair, you feel torn. On the one hand, you could invest some money, time and energy in getting it fixed. Or you could keep shopping the market in hopes of finding the same house in mint condition. Look at these tips to assess what option is best for you.
If you love the house and it’s not dilapidated, purchasing the home with a VA loan is an ideal choice. Of course, if it’s falling apart and the repairs seem insurmountable, you won’t love it anyway. At some point every home needs some fixing, so why not complete the restorations at the start? With a VA loan, you can finance the purchase of the home as well as energy efficient improvements with an energy efficient mortgage (EEM).
A military-friendly agent guides you in the right direction. Great agents don’t mislead you into thinking the repairs on your favorite house are easy and cheap. They’ll be straightforward with you and suggest whether you should continue shopping the market or invest in the house in need of repairs.
The house of your dreams required no major repairs when you bought it. If it weren’t for the leaky roof, busted HVAC and outdated shutters, then it’d be tops on your list of homes you saw. But those repairs are all real and you’re ready to get into your new home, not into your home on which you’ll spend weeks fixing up. Keep shopping and hope that you find a similar styled home in better condition.
Your Certificate of Eligibility (COE) verifies you meet the military service requirements for a VA loan. However, not everyone knows there are multiple ways to obtain your COE – some easier than others.
Midway through Fiscal Year 2021, the VA loan program is on pace to blow past last year's record-setting 1.2 million loans. See which cities are seeing the most growth compared to last year.