The VA loan is so much more than just a standard mortgage, and so much less hassle and expense than most people might think!
Bill Salvatore, President VAREP Phoenix Chapter at Tucson VAREP Lunch and Learn
I was honored to be invited by Sandy Heath , President of the Tucson Chapter of VAREP (Veterans Association of Real Estate Professionals) to sit on a panel for their Lunch and Learn yesterday. Those of you who are acquainted with me will understand the blurred hands 🙂 as I explained how my AZVHV Arizona Veterans Helping Veterans program is working.
VAREP has a simple goal, making home ownership a smoother process for Military Veterans. But the topics at these things always vary widely and you never know what’s going to come up. We were blessed with a remarkable panel of knowledgeable professionals including an expert on VA appraisals, a home inspector, and the hit of this particular morning, two mortgage underwriters.
The focus of yesterday’s Q&A returned repeatedly to a little-known product, the VA Rehab Loan. I feel this loan deserves a bit of space here because I’m not sure how many people, Realtors and Mortgage Lenders included, are even aware that it exists.
The VA Rehab Loan works much like the FHA 203K. After determining the extent of repair and remodel a home needs, estimates are collected and submitted with your loan application. The appraisal will take into consideration current value and rehabbed value of the home. Your VA mortgage loan will include all costs of repairs, and contractors will be paid directly by the bank. A couple interesting things I learned yesterday: 1. there is no hard limit set for the cost of repairs as long as they are supported by appraised value 2. even backyard landscaping may be included.
I now have a couple fantastic resources for information on these loans so if you have any questions feel free to contact me. If I don’t know, I will find out for you. 602-999-0952 or AZVHV@cox.net
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VISIT our AZVHV Veterans Helping Veterans page for Veterans discounts on home related services.
