a short sale and your va loan
DESCRIPTION
\"Jimmy Vercellino, VA Loan Specialist 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/\n\nVA Loans for Vets\n7702 E. Doubletree Ranch Road, Suite 220\nScottsdale, AZ 85258\nPhone: (480) 351-5904\nEmail: [email protected]\" - 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 Vets 7702 E. Doubletree Ranch Road, Suite 220
Scottsdale, AZ 85258
Phone: (480) 351-5904
Email: [email protected]