Frequent question: Do VA loans require a Realtor?

Why do Realtors hate VA loans?

Before it guarantees mortgages, the VA wants to ensure homes that eligible veterans buy are safe and secure as well as worth their sale price. … Because VA appraisals may increase their repair costs, home sellers sometimes refuse to accept purchase offers backed by the agency’s mortgages.

Does the VA assign Realtors?

Find a VA-Experienced Agent

That’s why Veteran United Home Loans works with Veterans United Realty, a national network of more than 5,000 real estate agents who are handpicked based on their experience with military buyers. The VA requires properties to meet specific criteria and be in good repair.

What are the home requirements for a VA loan?

VA loan home requirements include:

  • Working electric, heating and cooling systems.
  • Adequate roofing that will last the foreseeable future.
  • Sufficient in size for basic living necessities.
  • Clean, continuous water supply with sanitary facilities.
  • Free of lead-based paint.
  • Free of wood destroying insects, fungus and dry rot.

Who pays closing costs on VA loan?

Who Pays Closing Costs On A VA Loan? When using a VA loan, the buyer, seller, and lender each pay different parts of the closing costs. The seller cannot pay more than 4% of the total home loan in closing costs. But their portion of the closing costs includes the commissions for buyer and seller real estate agents.

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What are the disadvantages of a VA loan?

What are some of the disadvantages of a VA loan?

  • You will be required to pay VA funding fees. …
  • Consider the total cost of loan compared to total cost of house. …
  • Manufactured homes may require a minimum down payment and may not be eligible for a 30-year term.
  • You cannot use a VA loan for rental properties.

What Realtors Should Know About VA Loans?

6 facts you should know about VA loans

  • No down payment necessary (usually) …
  • Interest rates are often lower. …
  • Credit standards are more flexible. …
  • No mortgage insurance required. …
  • Appraisals may take longer. …
  • Sellers have misconceptions.

Is a property VA approved?

VA loans are only designated for the use of residential properties. A VA loan cannot be used to buy unimproved, bare or farm land that does not contain an owner occupied primary residence for the borrower. VA loans cannot be used to purchase homes that are not located within the U.S and U.S. territories.

What role does the VA play in real estate financing?

The VA’s role is to provide a guaranty. Think of the guaranty as an insurance policy for the lender. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender typically receives by requiring a down payment.

Is there a VA flip rule?

The VA allows for a property to be flipped by an investor/owner within 90 days of being on title. … Fannie & Freddie are extremely vague when it comes to their flipping rule. Their actual rule is: “The lender is responsible for ensuring that the subject property provides adequate collateral for the mortgage.

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What is the maximum acreage for a VA loan?

VA does not limit the number of acres a VA-guaranteed property may have. The appraisal of properties with acreage should not pose a problem, as long as similar properties in the area were recently sold primarily for residential use.

What credit score is needed for a VA loan?

No minimum credit score

You read that right: The U.S. Department of Veterans Affairs, which insures all VA home loans, doesn’t require a certain credit score. But the private lenders that issue VA loans may have their own minimum credit score requirements, typically ranging from 580 to 660.