Community Corner
VA Loans Help Veterans Find Their Home Sweet Home
Information about loans for veterans plus open houses and a sample of homes listed in the area this week.
Thank you to our Veterans in Peachtree Corners and Berkeley Lake.
Today we honor our Veterans and their commitment made to our country. I am very grateful to those who have served in the past and are now serving. Their service is the very reason we have the freedoms we sometimes take for granted. One of the great freedoms we enjoy is home ownership.
One of the benefits that the United States provides to our veterans is special financing to buy a homes. Of course, I’m speaking of a VA loan. For our veterans, I thought I would highlight some information about VA loans
VA loans allow the veteran to purchase a home with over 100 percent financing. This is one of the few loans left where a buyer can purchase a home without a large down payment. The maximum amount that a buyer can borrow is approximately $417,000 but that varies depending on the location of the home and that amount can go as high as $1,094,625 depending on the state and county and the property values in the area where the veteran is purchasing,
In the past, sellers were sometimes reluctant to work with buyers who were getting a VA loan. At one time a VA loan could take several months to get approved. That is no longer the case.
The appraiser for a VA loan will also do an inspection and will look for certain items that must be repaired before closing takes place. This is no different than an FHA loan where there are required repairs that are determined by the appraiser. These are usually items that relate to safety or that have an impact on the future value of the home. This inspection is not a substitute for a traditional home inspection that most buyers have in this market.
VA loans are a blessing to the buyer who has no down payment. When I first got into real estate VA loans were very common. We then went through a time period where very few people were using them. In the past couple of years during the difficult market and with the changes in the mortgage industry, more and more Veterans are choosing to use their eligibility, to purchase a home.
To learn more about VA loans visit the U.S. Department of Veteran Affairs' website.
Editor's note: Nancy Minor is a Realtor with . Her office is located in Peachtree Corners.