VA Home Loan Process &  Offer Timeline

Do you know the VA Home Loan Process & Timeline?

FIRST you would need to get Pre-Qualified / Approved

- Average FICO Score = 620 or above

o As low as 580 can also Pre-Qual depending on DTI

Once APPROVED – now we are ready to find you new home

Day 1: Submitting an OFFER – Seller ACCEPTS

Day 1- 3: Initial Deposit ($2K or 1% of Purchase Price)

However, keep in mind and if you remember from earlier episodes of this show – there is…

- NO Money Down – a savings of up 3% of purchase price

- NO Mortgage Insurance – a saving of up to $400 p/month

- NO VA Funding Fee w/10% or more of VA Disability

- (up to $10,000 savings depending on your loan amount)

A TOTAL SAVINGS of more than $25,000 – just for using your VA Home Loan over a Conventional or FHA Type Loan.

Buyer(s) Closing Costs (approximately 2.5% of purchase price)

- Option 1: Buyer(s) pays

- Option 2: Lender Concessions / Credit

- Option 3: Seller Concessions / Credit

- Option 4: Combination of all three

San Diego County Property Tax Exemption

- 100% Disable Veterans

o Approximately = $135,000 from the Purchase Price

§ 30% increase (2018 = 1,400 vets = $2M savings)

Buyer(s) Inspection / Appraisal Fees:

- Home Inspection = $350 (Condition)

- Appraisal = $600 (charged) (True Market Value)

Day 7 – Seller(s) provides disclosures for Buyer(s) review

- any modifications, alterations or changes since ownership

Day 17 – 21: Contingency Periods (Expires)

- up to 17 days = Home / Appraisal Inspection

- up to 21 days = Loan

Day 21-24 or 30: Sign Loan Docs / Close Escrow

- lending final conditions / terms are met / satisfied

- typically 30 days; however, most VA Loans in about 21-24 days on average – across the nation.

Now we are approximately 24-48 hours from receiving the keys to your new or next home.

As a veteran myself, you need someone – that understands the VA Home Loan Process, your military obligation and family needs.

*** If your currently on Active Duty - did you know that your Basic Allowance for Housing (BAH) and Cost of Living Allowance (COLA) that you received and use to pay someone’s rent – can be used to pay for your own mortgage – where you are now building equity, receiving tax write-offs and can call you own.

Are you still excited? I….. know… mind blowing – isn’t it.

Who’s Next… give me a call and let’s get started – because you have earned an ultimate opportunity and the reason why there is not a “down payment”… is because your service – was your down payment.

Call Andre S. Hobbs, Navy Veteran / Realtor @ (619) 892-1008.
Andre S. Hobbs, Realtor / Military Veteran
Andre S. Hobbs, Realtor / Military Veteran
Veterans One Source
1061 Tierra Del Rey Ste 202 Chula Vista CA 91910