a short sale and your va loan
DESCRIPTION
Va Loans for Vets provides and assists all veterans and active duty military with ALL of their VA Home Loan Financing Needs. Be a proud homeowner today. For more details call us at 480-351-5904 or visit our site http://www.valoansforvets.com/TRANSCRIPT
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A SHORT SALE AND
YOUR VA LOAN
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A short-sale home can be an
excellent investment and a way
to maximize profits, especially
for those willing to invest
“sweat equity”.
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A short sale differs from a
conventional sale because the
seller is selling the home for
less than he or she owes on it.
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This means that all offers must
be approved by the seller and
the seller's lender.
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VA loans can be obtained on short-sale properties,
subject to certain criteria, and the home must be
structurally sound.
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Cosmetic issues such as a worn or faded carpet do
not affect the structural integrity of the home.
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However, a worn or damaged roof, for instance,
may cause the home to not qualify for a VA loan.
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Although a VA loan does not guarantee that a home will be
free of defects, the house must be structurally sound in
order to qualify; this protects both the veteran and the VA.
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In order to obtain a VA loan, the borrower must have:
DD214
COE, or certificate of eligibility
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VA loans are obtained through lenders rather than the VA itself; the VA does not lend money, it simply guarantees that a certain dollar amount will be repaid to the lender.
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The amount of the guarantee varies as does the eligibility requirement, depending on the date of service and the value of the desired mortgage.
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Since a short sale generally takes longer to close than does a traditional VA sale, a short sale may not be an option if you need to close quickly.
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The most expeditious way to start your home purchase is to be pre-qualified.
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This can be done online or in person at a bank, credit union, or other lending institution.
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You will need the following documents at a minimum:
• DD214
• COE
• Driver's license or state-issued
identification
• Recent pay stubs for one to six
months
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You will need the following documents at a minimum:
• Most recent W-2
• Last two years' tax returns if
self-employed
• Social Security card
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Since interest rates, points, closing costs, and so forth, vary from lender to lender …
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… it is in your best interests to compare rates from several lenders before making your selection.
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Your best bet is to contact a
VA loan specialist at the very
beginning of the process,
who will act in your best
interest and find the right
loan for you.
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If you need a real estate
agent your loan specialist can
give you recommendations.
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He or she will usually have a title company of
preference and the title company typically will take care
of the following:
• Proof of clear title
• Title insurance
• Escrow services
• Closing services
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Rarely can a short sale be conducted by a seller, due to stringent government regulations.
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However, if you are buying a FSBO, or a for sale by owner, it is vital to use a title company in order to protect your interests and your money.
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Jimmy Vercellino, is an Arizona VA
Loan Specialist who helps
veterans obtain the loans they are
entitled to.
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He served in the United States
Marine Corps, and now devotes
himself to the Veteran home buyer in
the Phoenix area, fulfilling a passion
of his while at the same time helping
others achieve home ownership.
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Be a proud homeowner today.
For more details call 480-351-5904 or visit
the site http://www.valoansforvets.com
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VA Loans for Vets 7702 E. Doubletree Ranch Road, Suite 220
Scottsdale, AZ 85258
Phone: (480) 351-5904
Email: [email protected]