"The most persistent myth about VA home loans is that they are slow and difficult. When the real estate agent and lender are organized and proactive, VA timelines are quicker than Federal Housing Administration (FHA) loans or conventional loans. Some lenders who specialize in VA loans can close them as quickly as 21 days on a regular basis."
"When a VA appraisal flags a potential Value issue (i.e., the home appears to be over priced for the most recent comparable sales in the area), the VA appraiser will contact the listing agent before they complete the appraisal, asking the listing agent to provide any documentation they may have to support the higher sales price (i.e., a list of upgrades done to the home, comparable sales that the listing agent used with pricing the property originally, etc)."
"Listing agents and their sellers sometimes view it as an obstacle, but the appraisal process actually protects the seller's interests as much as the buyer's. The VA appraiser will also look for condition and safety issues with the home and note them in the appraisal. This is an added layer of protection."
Military families and veterans purchase homes differently than civilians, often relocating quickly and completing transactions remotely. VA home loans carry misconceptions that create unnecessary obstacles for service members and sellers. Experienced real estate professionals who understand military life and VA loan mechanics significantly improve transaction success rates. The primary myth claims VA loans are slow, but specialized lenders regularly close VA loans in 21 days, faster than FHA or conventional loans. VA appraisals, often viewed negatively, actually protect seller interests by allowing listing agents to provide documentation supporting property values before appraisal completion. Appraisers also identify condition and safety issues, adding protective layers for all parties involved.
Read at www.housingwire.com
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