VA Escrow Holdback Renovation Loan

For years, veterans have been without a VA Renovation mortgage option.   Well, that wait has come to a glorious end!  Welcome to the era of the VA Renovation home loan.  Apply for a VA Home Loan Now 602.435.2149The VA Renovation loan resembles an FHA 203k or HomeStyle home loan.  With it, veteran's can finance repair and renovation costs into their home loan.  Furthermore, VA Renovation loans are for both purchases and refinances. VA Renovation Loan Based on … [Read more...]

VA Loan – Costs Paid By Seller

The most common financing question related to the AZ Residential Real Estate Contract is "what fees does a seller have to pay on a VA loan/offer?"  The short answer now in Arizona is almost always going to be $0 (see below for more).  There are 2 fees leading the pack causing uncertainty.ESCROW FEE   TERMITE REPORT FEELearn more about who pays for VA Closing Costs Escrow Fee In the old AZ Real Estate contract lines 83-85 required seller to pay the escrow fee on a VA home loan (see … [Read more...]

VA Appraisal Fee Increased in Arizona

Effective December 1, 2016 the fee for a VA interior/exterior appraisal for a single family home in Arizona is $600.   The VA appraiser also still has 7 business days in Arizona to complete a report or communicate to the designated point of contact (someone with the buyer’s mortgage company) that they are having trouble completing the report due to value and/or property complexity.For more information on this change and other VA appraisal requirements in our market click VA Arizona Appraisal … [Read more...]

VA Appraisal Turn-time & Mondays

A VA home loan is one of the best mortgage products available today.  The VA appraisal process however is not quite as amazing.  Using a VA home loan requires strategic appraisal planning to ensure an on time closing.  Your VA loan officer should quarterback the game plan from day one.  Otherwise, miscalculating the VA appraisal process will create closing delays.Apply for a VA Home Loan Now 602.435.2149In order to set the stage, it is important to understand that … [Read more...]

HOME in 5 DPA Program Changes Fees

HOME in 5 underwent major changes in response to the Office of the Inspector General’s (OIG) recent investigation.  The changes in this case were much simpler than the changes for HOME PLUS a few months prior.  The OIG disapproved of the Home in 5 discount point charged to borrowers at closing by the lender.  As a result, the Home in 5 DownPayment Assistance ("DPA") to remove the 1% discount fee.  The grant amount lowered by a matching e 1%.  The Home in 5 grant equals 4% of the … [Read more...]