Veterans Wishing to Purchase a Home in Grand Junction, Fruita, Palisade and Grand Valley
If you are a Veteran and thinking of using a VA Home Loan, it is important to be pre-approved through a local lender that is VA approved and has a solid performance for closing a VA Home loan.
A VA home loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA), and helps eligible veterans purchase properties by supplying them with home financing.
A VA loan is backed by the federal government, making it one of the only loans that requires no down payment. Additionally, banks do not require private mortgage insurance on VA loans, so monthly payments can be significantly lower. The qualification standards for a VA loan are very different. Because they are government backed, the bank assumes less risk and as long as military status is verified, the loans are easier to obtain.
In the past, a VA home loan would not let the VA buyer pay certain fees, leaving the seller to take care of more financial strain. Many sellers would not accept a VA loan. Those guidelines have been removed, so VA loan holders are having an easier time finding willing sellers. The fees are now locked up in the closing cost process, so the buyer handles it, but it’s paid by the government.
Once the property is in escrow, the VA appraiser is sent to inspect the property and appraise the value and condition. The appraiser will make note of items that need repair, and the seller is asked to take care of it. If the Seller does not, your real estate agent either requests that the seller credits those repairs, or the buyer is required to make the repairs prior to closing. A few days before closing, the appraiser will go back to the property to certify that all repairs have been completed.
VA home loan standards are different from other loans and the following is a guide to help you identify several homes to choose from.
- No fixer-uppers, property must be in good condition.
- No exposed electrical wiring.
- Plumbing must be in working order with no missing fixtures.
- Kitchen must be intact, and have a stove, vent hood or microwave, sink and faucets. If the dishwasher has been removed, it must be replaced.
- Floors must be covered no exposed cement or subfloor.
- Bathrooms must be intact, no missing toilets, tubs or sinks.
- Windows cannot be broken or cracked and open and close correctly.
- Swimming pools musts be clean and equipment operational.
- No foundation issues, cracks, settling and water ponding.
- Roof must be in good condition, no missing shingles or exposed areas.
- No chipped or peeling paint on the outside or under the eaves.
- Water heater, heating and cooling system must be in good working order.
- HOA (Home Owner Associations) must be a VA approved community association.
If you have any questions or would like to speak to a local mortgage lender, please call Sandra (970) 261-1686.