Houston Veterans: The Wonderful World of VA Home Loans, Part Two
Picking up where we left off in Part One of this series on?VA loans, let?s discuss VA Loan Program lending limits. Considering the Houston home market, the limit is very high: $417,000 in borrowed funds. This is with a $0 down payment! VA jumbo loans are an option up to $1,000,000 offering a better rate than conventional jumbo loans and lower down payment requirements than conventional jumbo loans.
The VA Loan Program is meant to encourage the veteran to live in the home they purchase through their entitlement; therefore, the property must be owner occupied. Investment property is not eligible. All condominiums must be either VA or FHA approved. Unimproved land and mixed-use property, that is, a property with both residential and business occupancy, are not allowed. It is all but impossible to obtain construction financing or manufactured housing financing with a VA loan. (FYI: Manufactured housing loans are difficult to find in the conventional lending market, too.)
Real estate agents, like me, play a key role in helping the veteran maximize thir VA Home Loan benefits. My duties include finding the right home, negotiating the terms of the contract, and evaluating the property for?VA minimum property requirements. Your?Realtor should be able to recommend a great lender who specializes in VA loans as this is crucial in the process, contact me for such a referral. I know a wonderful lender whose business is based on helping the veteran achieve their homeownerhsip goals!
Contract negotiations when attempting to purchase a VA funded home include sales price. This should be based on comparable sales within the last six months. It doesn?t matter what a seller is asking, all that matters is what a buyer actually pays.
Seller contributions have been controversial in the past as many sellers refused to pay for all the costs a veteran?was not allowed to finance. Now, these requirements are greatly relaxed. The seller can purchase, for the buyer, customary settlement charges. The selling price can be upped by 4% to cover the seller?s contributions, thereby getting the seller to agree to selling to a veteran. For the veteran, the goal is always $0 out-of-pocket.
Be watching for Part Three of this series for more information on VA Loans. If you are interested in selling, purchasing or leasing real estate, contact me. I have sold Houston real estate for over 23 years. Experience does matter!? Contact me at 713-818-2404 or [email?protected].
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Source: http://fuellingkaty.com/2012/10/06/houston-veterans-the-wonderful-world-of-va-home-loans-part-two/
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