Charleston Mortgage - Va and Military financing
Please read the email below from Melissa Breeland - she is one of our top lenders and always gets my attention
I am very happy to have more and more military home buyers contacting us to take advantage of the $8,000 Tax Credit and the low interest rates available now. A VA mortgage is truly a fantastic loan program; Zero down up to $417,000 in South Carolina and no monthly mortgage insurance required. Sellers can contribute up to 4% of the sales price to go towards the buyers closing costs, pre-paids, reserves and even outstanding credit card or revolving debt. Who wouldn't like that!
If your VA buyer wants to purchase a foreclosure or short sale here are some very important tips to keep in mind when negotiating and writing up a contract.
Lenders may not choose the VA appraiser and appraisers have up to 10 days to turn in the appraisal. Some bank held properties require unreasonably short turn times on appraisals. VA has 10 days by law to provide the appraisal to the lender.
VA Home Buyers MAY NOT PAY FOR A CL-100 (but it is required) Seller must pay this fee or someone else but not the buyer. Keep this in mind when dealing with bank held properties who refuse to pay any buyer closing costs.
All repairs required by appraiser must be completed by licensed contractor PRIOR to closing. If seller refuses then the cost and liability fall on your buyer. No escrows for repairs allowed.
Current Well and Septic reports are required for all homes that utilize well water and septic tanks.
If you have a home inspection done and then discuss the home inspection in an addendum (perhaps regarding repairs) the home inspection must be provided to the lender and appraiser.
VA loans are not for investors. Homes must be owner occupied.