However, the property has to be selected carefully - a single family or a townhome.
There are practically no condos that are available for VA buyers.
Hope this helps,
Beachfront Realty, Inc.
Banks do not want the headache of financing and possible problems that might come with it. Cash transaction is easy and fast. Financing can always fall through and one has to start over. Cash is cash, it never fails. Since on every listing these days we are getting over 20 offers, cash and 20% down are always chosen first. FHA and VA are at the end of the line. This is why agent do not want to work for months with a client, drive around doing hundred of miles, spend money for gas, spend hours browsing for properties, preparing and submitting contracts etc etc because at the end of the day, it's obvious that the cash offer is going to be picked. Sad but true.
Also, VA requirements are very strict, house has to be in perfect condition and also seller must contribute to closing cost, which on current market doesn't happen anymore.
Some of the Closing Costs that are traditionally the responsibility of the Buyer, fall to the Seller:
It can only be a few hindred, but when we're in a Seller's Market, the Sellers can be choosey.
Also, with 100% loan, they are harder to qualify for and could fail in the middle of the Escrow: This aspect would favor a CASH offer, which generally won't fail.
And, VA Inspections and Appraisal can be more stringent.
Veterans appreciate these things; Sellers and Lenders do not.
VA Mortgage Loans are available today for both honorably discharged Vets and active duty military personnel. Here are some of the great features of this fantastic program:
WHAT ARE THE BENEFITS?
- Up to 100% financing, with no down required.
- No monthly mortgage insurance added to your payment.
- More lenient credit qualifying standards than other types of mortgage loans.
- Low rates compared to other loan programs.
WHAT WILL YOU NEED TO BE APPROVED?
-Order your Certificate of Eligibility. A Florida VA loan lender can order your COE quickly for you, or you can go directly to the VA to obtain a copy. If discharged, you will need your DD214. The next step is to get pre-approved with an experienced VA lender.
-2 years tax returns
-Last 2 paycheck stubs
-Last two bank account statements
-600+ credit score (typically 640 is what most lenders look for)
-Same line of work for the past two years
-Money for closing costs
Please contact me and I will put you in touch with the best VA lender!!!
Andrew 954-394-7185 (prefer text first)
The outcome is more predictable.
For the same reason folks hire an attorney when they go to court.
The outcome is more predictable.
For the same reason I go to the Dunedin Brewery for a Pale Ale rather than brew the ale myself.
The outcome is much more predictable.
The seller and their agent understands the remifications regarding cost, liability and residual consequences involved in both VA and FHA backed mortgages.
An experienced agent will know how to navigate a buyer past the non-competive nature of their offer to positon the purchase offer to be more palpable to the seller. The results are more predictable when you work with an expereinced professional.
As a professional, you simply need to get a few VA/FHA transactions under you belt and you too will see the light.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
The reality is that the market is very competitive regardless of what type of loan you're approved for and for the most part VA loans are very stringent in relation to their guidelines especially for defects and repairs on a house. If you have any additional questions you're welcome to call me or email me.
The Keyes Company
It's all relative to the competition of who is buying homes right now, and unfortunately VA and FHA buyers are at the bottom of the totem pole right now.
I would advise you to be patient and also maybe to try to appeal towards a seller's human side in submitting your client's offers. Have them write a personal letter to the sellers as to why they should accept their offer and include it with the purchase contract. Include family pictures and the fact that your buyer heroically served our country. You're probably going to have to wait things out or get creative to get your buyer into a home.
Hope this helps!