Memorial Day 2014: Another way to Thank a Veteran for their Service to us

Memorial Day 2014

Dear Friends –

As time goes by, it seems that as a Country, we are finally becoming more and more appreciative of the sacrifices that the men & women in our Armed forces have made for us.  Giving credit and recognition to our all of our Veteran’s is wonderful to see.  Perhaps it’s just me, and I’m more in tune to it as I get older… but the credit, and recognition, and thanks so deserved by our Veteran’s seems to be taking many more forms (and rightfully so).  With Memorial Day 2014 coming up this weekend, here’s another way to thank a Veteran that many of us many not think of.

As a would be Seller of a residential home who currently has their home on the market, you might strongly consider a Veteran’s offer to purchase your home if it is close or better than other offers.  A VA Loan is not your grandfather’s VA Loan!  Many VA loans can close as fast or faster than Conventional, FHA & RD Loans – this is a fact.  Also – the repair requirements for VA are not any more significant than that of a FHA loan.  If the house is in good shape, it is common for the VA Appraiser to not call for any repairs at all.  Furthermore, the Seller doesn’t have to pay the Veteran’s “points” like in the olden days of VA financing (yes – I was doing VA Loans then 🙂 )

It is understandable that a Seller would be concerned with the outcome of any buyer’s appraisal in the current highly appreciating market we are now witnessing.  However, there is no evidence that VA appraisals come in lower on average than appraisals for other types of financing.  As a Lender who is fortunate enough to have had many VA clients over my 28 year lending career, I can attest that overall, VA appraisals are on par with the appraisals for other types of financing.  Comps are comps, and the chances of a Veteran’s appraisal coming in low should be not any greater than any other type of financing.  A Seller may consider also, that there are also some underwriting guidelines that could make a VA buyer’s financing even stronger than that of buyer who has applied for conventional, FHA or RD financing.

As our Veteran’s come home from service, and are ready to purchase their first home, the VA loan provides them with many advantages over other loan options.  Click here for Advantages of VA Loans.  However, some Veteran’s may be finding it difficult to get their offers accepted in this “Seller’s market,” even when their offer is as good or better than competing offers.  As a Seller, please know that if the Veteran is pre-approved by a reputable, local lender, his or her offer could be just a strong and solid as any FHA, RD or Conventional-PMI mortgage loan.  See the 4 main Types of Purchase Mortgage Loans.

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