Welcome to the largest Sequim Real Estate Blog with over 1,900 articles.
13 Jul 2015
The appeal of a VA loan is primarily the low down payment. Most conventional loans today will require a 20% down payment, and you have to have 20% down in order to avoid the requirement of private mortgage insurance (PMI). Many veterans can afford the mortgage payment but are unable to save 20% in cash. On a $400,000 home, 20% would be $80,000. So the VA loan is alive and well for those who qualify.
Unfortunately, there is massive paperwork with a VA Loan. The bureaucrats and regulators have been having a heyday developing new and more regulations for a VA loan, and the qualification process has reached entirely new levels of extraordinary detail. The Purchase and Sale Agreement that is normally used in a real estate transaction will triple in size after you get done signing all the VA loan addendums and additional forms.
You will be required to join a conference call with a VA loan processor who will talk to your utility company, your Internet company, and your automobile insurance company to find out if you ever had a late payment over 30 days. Every aspect of your credit, your income, and your underwear size will be analyzed. These kinds of detailed inquiries will go on for weeks. We all understand the need to prevent fraud, but qualifying for a VA loan today will require extraordinary patience on your part.
Possibly Related Posts:
I am an experienced real estate buyer, but I am not from the Sequim area. I am somewhat flexible, realistic, but also particular. So the question was, “how do you choose the RIGHT real estate agent?”
I made my appointment with Chuck on a Sunday morning in March, 2013. He showed me 5 houses. Every house he showed me was within my parameters! I was amazed: a real estate who listened, did his research, and didn't waste my time showing me houses I would never buy! I made an offer a few days later. That was the easy part…
Buying a house is always a stressful time in life. Advice to Buyers: choose an agent who is competent, communicates well, and has exceptional follow-up and follow-through! You will spend a lot of time with your agent during the process. Choose someone likable. Go with your gut. I got to know Chuck during the process, and he's a great guy!
You need an agent who is competent to handle and help you negotiate the issues that come up during disclosure, home inspection, appraisal, etc. Chuck's competence is superb! I got truly professional, sound, straightforward advice.
Chuck's communication skills are exceptional: phone, email, fax. He has a wonderful ability to stay "on-point" with what is actually important and doesn't lead you astray on issues that aren't so important.
Chuck's turn-around time on questions, issue resolution, etc. was virtually always within 24 hours. He follows-up, follows-through. He does what he says he will do timely. This relieves a lot of Buyer stress!
Having a difficult time finding the right agent? Simplify your life! Choose Chuck Marunde. I did. [Name withheld by request]
Copyright Chuck Marunde, J.D. 2006-2016 - Sequim Real Estate in Sunny Sequim, Washington - is proudly powered by iRealty Virtual Brokers, dba Sequim & Port Angeles Real Estate | Sequim MLS Search | Local Business Directory