VA loans are one of the most competitive financing options in the Home Loan industry. Often though they get a bad name from lenders and Realtors who are not familiar with them or how they work.Â Personally, they are one of my favorite loans to do.Â It is nice to be able to help the Men and Women who have protected our country get a great deal and get taken care of.MYTH
1) A VA loan takes 45+ days to close.Â This is not true!!!Â A VA loan can easily close in under 30 days.Â We just got loan docs to title on a VA in 12 days!Â The reason we were able to do this is that the house that was being purchased had a clear section 1 and section 2 pest report.Â Also known as the house was in good condition.
2) VA Loans have more paperwork than a normal loan.Â Also not true!Â It is the same amount of paperwork to do an FHA.Â Yes with a VA we have to verify your eligibility but you can do that before you even start home shopping.
3) The seller has to pay a ton for the buyer.Â That is not true!Â TheÂ buyer can cover the majority of the closing costs and what theÂ buyer cannot cover the lender can kick in.Â
4) Use VA only when you have nothing down. WRONG!Â I have a client putting 20% down and he decided to go VA because the rate was .5% lower.FACT:Â
1) VA loans require no downpayment
2) VA loans have NO MORTAGE INSURANCE
3) VA loans have rock bottom rates
4) VA loans are ONLY for owner occupied purchases or refinances.
5) The house needs a clear pest report
6) New as of 9/1/2011 The Ready Bell Group only charges $500 in lender fees to do a VA loan.
Â That is an $750 savings off of our regular fee. Lender fees include underwriting, processing, doc drawing etc...!
If you are eligible for a VA loan or think you may be I strongely suggest checking it out as a serious option.Â It is true that some sellers stay away from VA loans but with a lender that can explain that VA is not bad you often have a strong chance,
For Questions or info Please contact
-Jennifer Ready 707-478-0637
Mason McDuffie Mortgage - Jready@mmcdcorp.comwww.readybell.com