VA Home Loan Process & Offer Timeline
****ACTIVE DUTY MILITARY - your Basic Allowance for Housing (BAH) and Cost of Living Allowance (COLA) – can be used to pay for your own mortgage.
FIRST you would need to get Pre-Qualified / Approved
- Minimum FICO Score = 580 / Average FICO Score = 620 or above
Keep in mind – there is…
- NO Expiration Period on how many times you can use your VA Home Loan
- NO Loan Limit - purchase upwards of $3 Million (VA covers full amount)
- NO Money Down – a savings of up 3% of purchase price (upwards of $15,000+ p/month)
- NO Private Mortgage Insurance (PMI) – a saving of up to $400 p/month
- NO VA Funding Fee w/10% or more of VA Disability - (up to $15,000 savings depending on your loan amount)
TOTAL SAVINGS of more than $30,000+ – for simply for using your VA Home Loan over using a Conventional or FHA Type Loan.
Once APPROVED – now we are ready to find you new home
Day 1: Submitting an OFFER – Seller ACCEPTS
Day 1- 3: Initial Deposit (Typically 1% of Purchase Price)
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
Buyer(s) Inspection / Appraisal Fees:
- Home Inspection = $350 (Condition) approximately
- 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.
Note: Upon closing - 100% Disable Veterans can apply for a San Diego County Property Tax Exemption - approximately = $147,350 dedcution from initial Purchase Price - 30% increase (2018 = 1,400 vets = $2M savings)
Call Andre S. Hobbs, Navy Veteran / Realtor @ (619) 892-1008.
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