Buying with a VA Loan

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Buying Real Estate with a VA Loan

[00:00:00] Well, hey, real estate fans. Alice Leam here, broker John L Scott, beautiful Southern Oregon with another edition of The Weekly Podcast. And today we're gonna talk about how to buy a home with a VA loan, Veterans Administration loan. Now this is a great program. It's part of the benefit package, it's given to a armed service person.

And it has a lot of really cool aspects to it that lower the burden of a person buying a home. But there's also a couple of sticky wickets we wanna talk about, just so you have the whole picture. So first on the plus side the the veteran does not have to have any money down. This is a zero.

Zero down payment program, if that's what the veteran wants. Now, does affect the payment. But guess what? There's also no mortgage insurance applied to a veteran, to a VA loan. So that kind of helps keep the payment lower as well. It's a much lower interest rate. The veterans get a better interest [00:01:00] rate than civilians.

The home has to be in really good condition though, because usually the veteran is not putting a lot of money down. They don't have a lot of risk. The condition of the property has to be better. And the VA appraiser actually has a special list on their clipboard when they're coming through, checking those things off, but, I know that list by heart.

So if we're gonna be doing some home purchases with veterans using their VA program, don't worry, we'll know ahead of time. But I just wanna tell people that the houses, the properties are held to a higher standard in the condition department. Okay. Okay. One of the other fun things is these home purchases can be in town or they can be out in the rural district.

You can use a VA loan program to buy a country property as long as the appraisal comes in, and the home is in good condition. And the lender feels that the veteran can easily and comfortably afford the payments. Now speaking of [00:02:00] rural property in southern Oregon, it's very common for us to have manufactured homes. So double wides, triple wides on land, and the VA is one of the VA loan program is one of the programs that allows for that. So if a veteran wanted a manufactured home on land out in the country, this program will accommodate it.

And guess what else? This is one of my favorite parts. The VA loan program has a rehabilitation option. So this is where you can use, they're like mini construction loans to fix or repair or improve properties with the VA loan. And a lot of people don't know about that. Now there's not as many lenders that offer the VA rehab option. I know a couple of 'em and they're really amazing. Most lenders do offer the straight traditional VA program that does not require any repair or rehabilitation.

But [00:03:00] if you want to go that route and get something or you're just in love with something that's a little bit damaged or not financable, then the VA loan program does offer a rehabilitation option, which is super, super cool. So I love our service people. You're near and dear to my heart and my family. We appreciate you so much.

If there are any folks out there that want to talk about using VA benefits to do a home purchase, please gimme a call. Give me a text. My number's 541-301-7980. Have a beautiful Southern Oregon weekend. Hug those you love. Bye now.