Musings on Food, Fun & Real Estate in the Mother Lode
According to a recent article posted on REALTORMag, VA loans are “guaranteed by the Department of Veterans Affairs potentially offering big savings, and can be a way for qualified military personnel to break into home ownership since they often don’t require a down payment.” It also states that they are “among the fastest-growing sectors in the mortgage market, according to Inside Mortgage Finance. The VA department owned nearly 25 percent of the primary insured-loan market, which outpaces the Federal Housing Administration.” That being said, many Vets are leaving money on the table when buying a home by not taking advantage of this loan product. It may be due to the reputation in years past of VA loans being a challenge….long escrows, lots of paperwork, tough to qualify both the buyer and the home. That has changed. Yes, the home does need to qualify and most of the time that means it isn’t a good fit for foreclosures or short sales. But other than that, I’ve had great experiences this year with clients obtaining VA loans. One client I’m working with currently wouldn’t be able to purchase a home today if it were not for this loan as it is the only loan for which he qualifies. In Tuolumne County so far this year 51 out of 869 home sales involved a VA loan. That is 6%. Perhaps there is room to improve upon that number so that more of our Vets can benefit from this awesome loan product. Interested in learning more about VA loans? Shoot me an email or give me a call. I’m happy to help. email@example.com or 209-536-3000.