Veteran’s Day is tomorrow, so to our military community, past and present, we’d like to wish everyone a Happy Veteran’s Day! Thank you for your service. In real estate, there are advantages for veterans and finding a Realtor® who is knowledgeable is imperative.
Most veterans are eligible to apply for a VA loan when they are in the market to buy a home. VA loans are loans backed by the United States Department of Veteran Affairs and they come with a few perks:
· No down payment
· Lower interest rates
· No PMI (private mortgage insurance which adds to the cost of your mortgage payment)
These are great benefits but there are some stipulations that these loans require. To make sure veterans are purchasing homes that are solid investments, the home must meet certain requirements before the VA will back the loan. Some of these include the following:
· Property is to be primarily used for residential living.
· Water must be clean and drinkable and house must have a working water heater and sewage system.
· All the mechanicals need to be functioning properly such as the heating, cooling, electrical and plumbing.
· The roof must have a good amount of life left in it (a time span is usually specified by the lender) and the house must have proper ventilation in the attic and/or crawl spaces.
· Any leaks or water damage must be repaired.
The requirements must be met so if repairs are needed they will have to be done before closing. A good Realtor® will notice red flags in a home even on the first showing. These are things to keep in mind in terms of whether you are willing to spend the money to make the repairs or try to negotiate with the seller to make them.
Some homes will simply not qualify for a VA loan but the Realtors® at ChangingStreets.com are a great resource to guide you to a home that will, or one that will meet the requirements with repairs. Call us today for more information! 810-733-3374