4 Keys to Successful VA Offer

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VA Home Loan

A veteran deserves all the advantages possible when purchasing a new home using their VA home loan benefits.   The VA home loan process differs from many other loan products.  Knowing how the program differs can make all the difference.

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4 Keys to Submitting a VA Home Loan Offer to a Seller

Knowing the subtle nuances of a VA home loan impacts the chances of your VA offer being accepted by a seller.  Specifically, there are 4 areas to focus on when crafting and presenting the best possible VA home loan based offer to a seller.

1. Request a termite report (when one is required)

VA requires a termite report on homes located in high risk areas.    When required, termite reports must show the home is free of termite infestation.  When termite infestation is present, buyer must provide a clear termite report prior to funding/closing the veteran’s VA home loan.

2. Be aware of VA related turn-times

VA home loan transactions take as little as 30 days (or less) for some lenders and quite a bit longer for others.   Regardless, VA appraisers have 7 business days (in Arizona) to complete a VA appraisal OR notify the lender they are having trouble completing the report.  Each state/region has its own VA appraisal turn times that may differ from Arizona.

3. VA property requirements

VA home loans contain specific property related guidelines.  When a property does not meet VA Minimum Property Requirements (MPR’s) the issue must be remedied.  Typically, this occurs prior to the VA loan funding.  However, VA offers an escrow hold-back program which allows property issues to be fixed after the loan funds.

4. Who can pay VA Closing Costs?

VA home loan rules dictate who can pay what closing costs on a VA transaction.

  1. VA Non-Allowable Fees
  2. Seller Concessions
  3. Non Recurring Closing Costs 

Learn more on VA closing cost limitations/guidelines

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Following these 4 rules helps to ensure your VA loan based purchase contract is as appealing as possible.

By Jeremy House


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