VA Loans for a Farm: Everything You Need To Know
Veterans United Network - Real Estate
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1y ago
Most Veterans and military personnel are aware of the opportunity to use a VA loan to purchase a home with no down payment, competitive interest rates and flexible financial requirements. However, if you're a Veteran looking for a loan to purchase a farm, you may be wondering if you can use your VA loan benefits. VA Loan Farm RequirementsVA farm loans follow most of the standard financial requirements, as well as property requirements.Here’s what you need to know:Primary Residence Required on Farm PropertyThe VA loan program is designed to help eligible active military personnel, Veterans and ..read more
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Pest Inspection and Appraisal Tips from the VA
Veterans United Network - Real Estate
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1y ago
Update to VA Termite Rules and RequirementsAs of June 15, 2022, the VA updated its regulations to allow borrowers to cover termite inspection reports when the inspection is required. VA borrowers can also cover the cost if repairs are needed to ensure compliance with VA minimum property requirements.For the latest rules and requirements, see our article covering VA loan termite inspection requirements by state. I attended the National Association of REALTORS® Legislative Meetings and Expo in Washington D.C. this month. One of my favorite parts of this event for the past two years has been the ..read more
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Using Your VA Loan for an Airbnb
Veterans United Network - Real Estate
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1y ago
Owning your own Airbnb is an attractive option for bringing in some extra cash. Veterans looking to use their VA loan benefit may wonder if an Airbnb property meets all the requirements set out by the VA. While it might be possible to purchase a home and turn it into an Airbnb with a VA loan, you’ll need to ensure you are still following all the guidelines set out by your lender and the VA. Let’s dive into it. VA Loan Occupancy RequirementsThe biggest issue with using your VA loan benefit for an Airbnb is that it violates the VA’s occupancy requirements. The VA will only back home loans that V ..read more
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Selling a House with a VA Mortgage
Veterans United Network - Real Estate
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1y ago
Selling your home with an existing mortgage balance is certainly possible. In fact, many homeowners do just that if they’re looking to upsize or downsize before the end of the loan term. Mortgage Payoff QuoteYour mortgage payoff amount is the amount needed to close the loan. This is slightly different from your remaining balance, as it includes accrued interest and other fees the lender might add. It’s important to note that a payoff quote has an expiration date, which is usually between 10 to 30 days. After that, you’ll need to get an updated one. Determining Home EquityHome equity is the fin ..read more
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VA Loan Down Payment Requirements
Veterans United Network - Real Estate
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2y ago
Can I have a Down Payment with a VA Loan?Having a down payment on your VA loan is perfectly acceptable. Veterans who put at least 5% down can reduce their VA funding fee. Those with 10% can reduce the funding fee even more. It's important to note that disabled Veterans, Purple Heart recipients and surviving spouses are not required to pay the VA funding fee. Another benefit of having a down payment is building up equity in your home. Equity is essentially how much of your home you truly own. If the property is worth more than the loan amount, then the Veteran has equity in the property. Talk t ..read more
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8 Things You Must Know About VA Appraisals
Veterans United Network - Real Estate
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2y ago
Need a study guide along the way? Let’s take a look at eight things buyers and agents must understand about the VA appraisal. 1. VA Appraisals are MandatoryYou’ll have a lot of choices to make on your homebuying quest. But if you’re using a VA loan, you can’t choose to opt out of the VA appraisal. Every home purchased with a VA loan must be evaluated by a VA-certified appraiser. Your VA lender requests and schedules the appraisal, and informs you once the appraisal report is complete. 2. The VA Appraisal has Two PurposesThe VA appraiser has two tasks: Determine the home’s fair market value. Yo ..read more
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Earnest Money Deposits: Everything You Need To Know
Veterans United Network - Real Estate
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2y ago
An earnest money deposit is a deposit of good faith on a home loan from a buyer to a seller. Including an earnest money deposit with your offer is a part of the VA home loan process and serves to protect VA buyers and sellers in a real estate transaction. Learn how earnest money might help you obtain the home you want. What is earnest money?It’s a deposit of good faith on a home loan from buyer to seller. An earnest money deposit will set your offer apart from other applicants, and it's generally an accepted part of the VA loan process. How Earnest Money is UsedEarnest money is paid at the tim ..read more
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Buying Again? How to Save Big With a Veterans United Realty Agent
Veterans United Network - Real Estate
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2y ago
When you’re looking to reuse your VA home loan benefit to buy another home, you may be tempted to skip the real estate agent this time around. Here’s some quick advice: Don’t go it alone.Using a VA-friendly real estate agent comes with big benefits, especially if they’re part of Veterans United Realty, our national network of agents who really know VA loans and military buyers. Let’s take a closer look at five reasons to use a Veterans United Realty agent for your next home purchase.An Expert on Your SideWhen you start to check out listings in your area, you’ll notice that each home has an age ..read more
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VA Loan Basics: What is the Certificate of Eligibility?
Veterans United Network - Real Estate
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2y ago
The VA requires lenders to obtain proof of a Veteran's military service during the VA loan process. The Certificate of Eligibility (COE) serves as that proof and tells a lender that an applicant has officially met the VA's military service requirement.That said, one of the most important things to know about the COE is you do not need a COE in hand to start the VA loan process.It's entirely possible to start the VA loan process and even get a preapproval letter without a COE. However, you or your lender must obtain the document before closing. Any delays or questions about the Veteran's milita ..read more
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Fastest Growing Cities for VA Homebuying & Refinance Halfway Through FY 2021
Veterans United Network - Real Estate
by
3y ago
The VA loan program set a record for loan guarantees in Fiscal Year 2020. That milestone looks increasingly short-lived. Midway through Fiscal Year 2021, this historic benefit program is on pace to blow past last year's record-setting 1.2 million loans, according to new data from the Department of Veterans Affairs. The VA backed more than 817,000 loans in the first half of this fiscal year, an incredible 52% increase from the same span last year. A continued surge in refinance lending is fueling the growth, with interest rates still hovering near modern-day lows. Some highlights from the half ..read more
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