Realtors, brokers, VA loans - first time home buyer

[chrisweir.com]

I have closed VA and FHA loans in Marin County where they don't do a lot of government lending. The buyers agents were nervous since there are many misconceptions about government loans, and it is true the section 1 portion of the termite report must be completed prior to close, but other than that they're not difficult loans to close and the sellers do not need to jump through hoops to get them done.

The VA loan is a great product, currently in the low 2% range and yes, that's with $0 down and no monthly mortgage insurance. Its the best product for the borrower available in the mortgage market, and any vet should take advantage. If your broker does VA loans regularly they will be prepared to close the financing side with the sellers agent and you'll be fine.

I would compare the monthly savings on putting cash down vs $0 down carefully and consider the advantage of having a cash reserve you can invest or buy more motorcycles with in the future.

THANK YOU THANK YOU THANK YOU FOR YOUR SERVICE!

Originally Posted by berth

The reason folks talk about VA loans, is apparently as a "bank" they're pickier on appraisals and inspections and such. They're just a bit fussier about it. That's what our Realtor said, simply that there's more of a chance of escrow failing because of the VA (vs the buyer) than with a normal bank.

How much more of a chance? I don't know. I don't recall if we sold to someone with a VA loan or not, I just recall it wasn't a real consideration for our offers (i.e. we're not rejecting it because of the VA, but because someone else offered more XXX).

[bojangle]

Originally Posted by mean dad

+1 on overlapping the rental with ownership by at least a month.

It was very nice being able to paint and replace carpet without worrying about moving during all of that.

+2

Originally Posted by mean dad

+1 on putting epoxy down in the garage.

Are those before/after pics of your garage? It looks really nice!

[Holeshot]

Originally Posted by NorCalAthlete

Most of the places I’m looking at in my price range are townhouses / condos but I’m crossing my fingers for an actual house.

Pete, don't forget to factor the HOA fee (as well any projected increases you can) into your payment for comparative value with a non-HOA property. Most of the HOA fees cover very little of actual maintenance so factor that difference in too.

[Akira-R]

Originally Posted by Holeshot

Pete, don't forget to factor the HOA fee (as well any projected increases you can) into your payment for comparative value with a non-HOA property. Most of the HOA fees cover very little of actual maintenance so factor that difference in too.

If there is an HOA, you will want to know if there have been any special assessments, or planning to have some in the near future.

Basically a special assessment is where they need the home owners to give more money for repairs or other things that are beyond the budget and reserves. It could be in the tens of thousands as a one time cost.

[Holeshot]

Good point Akira.

On the subject of special assessments: they can MASSIVE. We're getting hit for one on a property that's about 5% of the value...in 12 easy, monthly payments.