A Short Sale And Your VA Loan

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A SHORT SALE AND YOUR VA LOAN
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• A short-sale home can be an excellent investment
  and a way to maximize profits, especially for
  those willing to invest sweat equity.

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• A short sale differs from a conventional sale
  because the seller is selling the home for less
  than he or she owes on it.

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• This means that all offers must be approved by
  the seller and the seller's lender.

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• VA loans can be obtained on short-sale
  properties, subject to certain criteria, and the
  home must be structurally sound.

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• Cosmetic issues such as a worn or faded carpet do
  not affect the structural integrity of the home.

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• However, a worn or damaged roof, for instance,
  may cause the home to not qualify for a VA loan.

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• 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.

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In order to obtain a VA loan, the borrower must
have
DD214
COE, or certificate of eligibility
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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.
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The amount of the guarantee varies as does the
eligibility requirement, depending on the date of
service and the value of the desired mortgage.
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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.
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The most expeditious way to start your home
purchase is to be pre-qualified.
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This can be done online or in person at a bank,
credit union, or other lending institution.
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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

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You will need the following documents at a
minimum

• Most recent W-2

• Last two years' tax returns if self-employed

• Social Security card

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Since interest rates, points, closing costs, and
so forth, vary from lender to lender
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it is in your best interests to compare rates
from several lenders before making your selection.
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• 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.

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• If you need a real estate agent your loan
  specialist can give you recommendations.

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• 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

• Escrow services

• Title insurance

• Closing services

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Rarely can a short sale be conducted by a seller,
due to stringent government regulations.
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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.
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Jimmy Vercellino, is an Arizona VA Loan
Specialist who helps veterans obtain the loans
they are entitled to.
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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.
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Be a proud homeowner today. For more details
call 480-351-5904 or visit the site
http//www.valoansforvets.com
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VA Loans for Vets 7702 E. Doubletree Ranch Road,
Suite 220 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com