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Have your DD-214 handy and use a local broker ask your friends or your agent or both. Get a good vibe from taking to them and then make an appointment to see them in person.
OP, are you asking about selling your home to a buyer who is qualified and wants to use a VA loan to purchase your home and you want to know what is expected of you as the seller? Or are you the seller and you have an existing VA loan on your home that you would like a buyer to assume as part of the sales transaction and you need information on what qualifications the buyer needs to assume the VA loan? There are very different sets of information in regards to your responsibilities as the seller in each of these scenarios. I suggest talking to an experienced mortgage broker who is licensed in VA loans.
crystalys, I have a prospective buyer who wants to buy VA. He said his package is at VA for approval. Since I am for sale by owner I have agents coming by as well and one said my home would not FHA or VA. I asked why and he didn't have a good reason except that MLS just had cash and conventional for my home. I explained that that might be incorrect because several things MLS has on are wrong. I talked with a neighbor who has my exact same model and situation and he got a FHA loan last month when he bought it. I could not find where it was spelled out about VA requirements.
On another property I could not sell FHA because we had more than four people on the well. I found that out after a whole month of a contract our agent had us on by just searching FHA requirements for a home. Something the person we hired should have done first. So with VA, since I have bought VA years ago I knew there was a lot of paperwork and waiting that went with it but couldn't find anything really spelled out house requirements.
I will try your good suggestion of calling mortgage brokers about VA loans.
Well, VA loans are a little harder than, say, FHA, but not too much. The VA requires a termite inspection, so plan for that. The main difference is it takes longer, because there is an extra approval layer to go through. It could take as long as 8 weeks to close with a VA loan.
As a seller, all you have to do is be willing to accept a VA loan. The buyer obviously will be a veteran who does not need to put any money down, other than closing costs. The loan can be 100% funded without a down payment. There is a small funding fee that is added, and that increases on your 2nd or later VA loan.
I also believe the buyer cannot pay for the home inspection, either the seller has to or the buyer's agent.
This is a myth. We have purchased 3 different homes using VA mortgages - 2001, 2003 & 2014. All were closed around the 45 day mark.
This is a myth. We have purchased 3 different homes using VA mortgages - 2001, 2003 & 2014. All were closed around the 45 day mark.
Taking longer is not a myth....most non-VA loans close in around 4 weeks...some sooner. Most VA loans are 45-60 days. 60 days is the longest it can take, typically. 45 days is still a long time.
crystalys, I have a prospective buyer who wants to buy VA. He said his package is at VA for approval. Since I am for sale by owner I have agents coming by as well and one said my home would not FHA or VA. I asked why and he didn't have a good reason except that MLS just had cash and conventional for my home. I explained that that might be incorrect because several things MLS has on are wrong. I talked with a neighbor who has my exact same model and situation and he got a FHA loan last month when he bought it. I could not find where it was spelled out about VA requirements.
On another property I could not sell FHA because we had more than four people on the well. I found that out after a whole month of a contract our agent had us on by just searching FHA requirements for a home. Something the person we hired should have done first. So with VA, since I have bought VA years ago I knew there was a lot of paperwork and waiting that went with it but couldn't find anything really spelled out house requirements.
I will try your good suggestion of calling mortgage brokers about VA loans.
So do you have a contract with this buyer? I only ask because of your statement which I bolded above. The only way a buyer can have a "package" submitted to the VA for approval would be if there was a purchase contract and the lender submitted a sales package to the VA who in turn would order an appraisal and possibly a termite inspection (which in my experience was required when I bought a couple of times with a VA Loan) for approval of the subject property per VA guidelines. Then the lender would definitely require an inspection to give further approval for the property and loan amount the buyer is seeking.
So maybe the buyer meant that he was waiting for his "Certificate of Eligibility" from the VA. Although he just needs to show the lender he applied for it because it shouldn't interfere with the loan process.
Also if your home is FSBO then why did an Agent say the MLS only mentioned cash or conventional for your property or that you found several things wrong on the MLS? Did you previously have it listed with an agent?
Speaking of listings, as FSBO where did you advertise your property for sale? What does your advertisement say about what type of financing you would accept?
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yeah termite is a known, I was just replying in regards to 'home inspection' language used
