VA Loan
VA Loan
Posted on Dec 21, 2018
I just got a VA Loan and placed an offer. Going to give the agent my earnest money tomorrow. What can I expect next?
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Posted in these groups: 
VA Loan
Real estate
VA Loan Real estate
Posted >1 y ago
Responses: 4
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Question, did you get pre-financed? Do you know how much you qualify for?
Expect the home to be inspected and pass inspection. Have the seller pay the inspection fees. You can offer to reimburse the fee at closing. If there are problems found, you can walk away with your earnest money and it didn't cost you a dime. Be suspicious of anyone who won't agree to this. The home must be appraised. You will have to pay for this. Only do this after the inspection. Keep in mind there are minimum requirements that the VA will accept. All appliances must be present and in good working order.
With a VA loan, you may not have to put down a down payment. You will not be required to pay PMI, (the loan guarantee covers that). Check your credit, if you have anything in collections, be ready to either justify that or pay it off. If you do have to pay it off, get an agreement from the collection agency to remove the debt from your report. Most will without much fight.
Some tips I would suggest, visit the home and check your cell coverage, how many bars do you have? Check your utilities. Does high speed internet and/or cable run to the home. Water and other utilities, check this stuff. zoning rules, are there any insane rules or fees you may have to deal with. Do this footwork on your own. Don't count on a realtor to do this for you.
Good luck with the new home!
Expect the home to be inspected and pass inspection. Have the seller pay the inspection fees. You can offer to reimburse the fee at closing. If there are problems found, you can walk away with your earnest money and it didn't cost you a dime. Be suspicious of anyone who won't agree to this. The home must be appraised. You will have to pay for this. Only do this after the inspection. Keep in mind there are minimum requirements that the VA will accept. All appliances must be present and in good working order.
With a VA loan, you may not have to put down a down payment. You will not be required to pay PMI, (the loan guarantee covers that). Check your credit, if you have anything in collections, be ready to either justify that or pay it off. If you do have to pay it off, get an agreement from the collection agency to remove the debt from your report. Most will without much fight.
Some tips I would suggest, visit the home and check your cell coverage, how many bars do you have? Check your utilities. Does high speed internet and/or cable run to the home. Water and other utilities, check this stuff. zoning rules, are there any insane rules or fees you may have to deal with. Do this footwork on your own. Don't count on a realtor to do this for you.
Good luck with the new home!
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LTC Jason Mackay
PFC Pamala (Hall) Foster the appraiser and the inspector will be tougher on the home's condition due to the rigor of the VA underwriting. They intent is to get a vet into a solid home that is safe and livable.
Next you will back and forth with the seller on counter offers if they'll don't accept your initial offer. If they have multiple offers they may reject your offer outright. Once you agree on the offer, you are under contract.
You get the home inspected by an inspector ($200-$400 usually buyer expense), then the contract is modified for whatever you and the seller agree on. If the inspection goes poorly, you can back out. Consult your realtor.
After the inspection and concessions are agreed on, then it gets appraised. If the home appraises for less than two the sale price, the seller will likely lower it. It is my understanding that VA will back out on financing. Both homes I bought appraised over what we bought them for (luck of the draw). The appraiser is working for the mortgage company and their underwriter. They occasionally will point out structural/utility issues they see as liabilities, these may be dealbreakers for them and it is batted back to the seller. The whole thing may fall through at this point.
Closing instructions and other documents will need to be added to the contract.
Eventually, you close on the house. That is when you sign your life away and get the keys.
Next you will back and forth with the seller on counter offers if they'll don't accept your initial offer. If they have multiple offers they may reject your offer outright. Once you agree on the offer, you are under contract.
You get the home inspected by an inspector ($200-$400 usually buyer expense), then the contract is modified for whatever you and the seller agree on. If the inspection goes poorly, you can back out. Consult your realtor.
After the inspection and concessions are agreed on, then it gets appraised. If the home appraises for less than two the sale price, the seller will likely lower it. It is my understanding that VA will back out on financing. Both homes I bought appraised over what we bought them for (luck of the draw). The appraiser is working for the mortgage company and their underwriter. They occasionally will point out structural/utility issues they see as liabilities, these may be dealbreakers for them and it is batted back to the seller. The whole thing may fall through at this point.
Closing instructions and other documents will need to be added to the contract.
Eventually, you close on the house. That is when you sign your life away and get the keys.
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PFC Pamala (Hall) Foster
LTC McKay, Seller accepted the offer Christmas Eve. We have appraisal and inspection in a few days. As they say, it is now a holding pattern and you are right-I am signing it away...best part, we get the approval for the house and NO more USED drug needles in our front yard where we rent, police sirens and fights almost every weekend -I am hoping that everything goes right and we get the house.
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UPDATE:
Appraisal, inspection, VA papers AND pre closing are done, next is Pest Inspection, Underwriting and a Walk Through, water test by the county. At first our date was Feb. 6-NOW Jan. 30. Is it normal for closing to be this fast? Happy? YES, but confused?
Appraisal, inspection, VA papers AND pre closing are done, next is Pest Inspection, Underwriting and a Walk Through, water test by the county. At first our date was Feb. 6-NOW Jan. 30. Is it normal for closing to be this fast? Happy? YES, but confused?
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SGT Chris Padgett
Not unusual for closing dates to get pushed up or back.
If things move along quick, all the better. Especially with this shutdown. But they allow for contractors delay's, etc. Sounds like everyone is on the same page, so you're all good.
If things move along quick, all the better. Especially with this shutdown. But they allow for contractors delay's, etc. Sounds like everyone is on the same page, so you're all good.
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PFC Pamala (Hall) Foster
The house is a 1974 build and fully remodeled. Our loan officer and realtor called and told us NOW to look toward Jan 25 for Closing Date. First it was Feb 6, then Jan 28 and now 25th estimated date. They are surprised I have the info before they ask for it...glad I was a clerk after injury and researched some of the process beforehand. Seems that not having Property Tax (Homestead Exemption) or Funding fees was a help. Told to hope for Clear to Close this week coming.
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PFC Pamala (Hall) Foster
OH MAN! Last pieces to sign before closing and this feels great. WE MAY CLOSE THIS COMING WEEK.
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UPDATE:
We are IN the house, figuring how to make it ours and loving every minute. The process was a bit frustrating at times because we wanted in the house the sooner the better, but the only thing now is still unpacking.
We are IN the house, figuring how to make it ours and loving every minute. The process was a bit frustrating at times because we wanted in the house the sooner the better, but the only thing now is still unpacking.
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