a short sale and your va loan
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Va Loans for Vets provides and assists all veterans and active duty military with ALL of their VA Home Loan Financing Needs. Be a proud homeowner today. For more details call us at 480-351-5904 or visit our site http://www.valoansforvets.com/\n - PowerPoint PPT PresentationTRANSCRIPT
A short-sale home can be an excellent investment and a way to maximize profits, especially for those willing to invest “sweat equity”.
A short sale differs from a conventional sale because the seller is selling the home for less than he or she owes on it.
VA loans can be obtained on short-sale properties, subject to certain criteria, and the home must be structurally sound.
Although a VA loan does not guarantee that a home will be free of defects, the house must be structurally sound in order to qualify; this protects both the veteran and the VA.
In order to obtain a VA loan, the borrower must have:
DD214
COE, or certificate of eligibility
VA loans are obtained through lenders rather than the VA itself;
the VA does not lend money, it simply guarantees that a certain dollar amount will be repaid to the lender.
The amount of the guarantee varies as does the eligibility requirement, depending on the date of service and the value of the desired mortgage.
Since a short sale generally takes longer to close than does a traditional VA sale,
a short sale may not be an option if you need to close quickly.
You will need the following documents at a minimum:
• DD214
• COE
• Driver's license or state-issued identification
• Recent pay stubs for one to six months
You will need the following documents at a minimum:
• Most recent W-2
• Last two years' tax returns if self-employed
• Social Security card
Your best bet is to contact a VA loan specialist at the very beginning of the process, who will act in your best interest and find the right loan for you.
He or she will usually have a title company of preference and the title company typically will take care of the following:
• Proof of clear title
• Title insurance
• Escrow services
• Closing services
However, if you are buying a FSBO, or a for sale by owner, it is vital to use a title company in order to protect your interests and your money.
Jimmy Vercellino, is an Arizona VA Loan Specialist who helps veterans obtain the loans they are entitled to.
He served in the United States Marine Corps, and now devotes himself to the Veteran home buyer in the Phoenix area, fulfilling a passion of his while at the same time helping others achieve home ownership.
Be a proud homeowner today. For more details call 480-351-5904 or visit the site http://www.valoansforvets.com
VA Loans for Vets7702 E. Doubletree Ranch Road, Suite 220Scottsdale, AZ 85258Phone: (480) 351-5904Email: [email protected]