This year I’m doing something new with my blog. Glenda Meyer with AmeriFirst Financial will be writing guest posts about financing. As you know I specialize in residential real estate activity in San Diego in the 92127, 92128, 92129 and 92130 zip codes. I do not specialize in financing. In today’s marketplace getting financing is much more difficult than in the past. Let’s face it, buying a home is serious business. As a Buyer you need to show the seller that you are fully committed and qualified to purchasing his home. The best way to do that is to be FULLY APPROVED for a loan.
VA (Veterans Administration) financing is great, however, there are lots of misconceptions about it. Following, Glenda explains the top 5 myths about VA loans.
VA loans can only be used once - You can use your VA benefit as many times as you like. Just make sure you have the eligibility to purchase the property you want. Send your DD214 to your direct lender to obtain the Certificate of Eligibility. Order your DD214 here – http://www.archives.gov/research/order/standard-form-180.pdf
Sellers won’t accept VA offers – Informed agents and sellers know a VA offer is a good offer, if properly written. Foreclosures and short sellers can be hesitant to accept a VA offer, but a good cover letter from an experienced agent can turn your offer into a purchase contract!
Loans take too long- That was true 5 years ago! A direct lender, like Amerifirst Financial, has designated authority to approve a VA loan without sending the file to VA. This means it can close in 30 days like any other loan.
VA loans are expensive- VA rates and costs are very competitive and carry no PMI (Private Mortgage Insurance), even with zero down payment! This saves you hundreds of dollars each month. With seller paid closing costs, your up front investment can be zero, this is called a VA NO NO. Rates are as good or better than other programs.
VA appraisers require repairs- VA will require a termite clearance and health and safety issues to be repaired prior to closing, just like any other loan program. Items like broken glass and exposed wires will need to be repaired. You can buy a fixer-upper, just make sure it’s cosmetic or negotiate with the seller for potential repairs. An experienced agent can point out potential repairs and incorporate those into your offer.
With your Certificate of Eligibility and a preapproval from a direct lender, you are ready to go out and find your perfect home using your VA benefits. You served your country and deserve this terrific benefit to secure your family’s future!
Call Glenda Meyer at 619.246.5525 from Amerifirst Financial today to find out more about buying your next San Diego home with your VA benefits!
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