VA Short Sales

Dated: 07/31/2014

Views: 431


Today’s veterans have President Roosevelt to thank for their housing benefits. Signing the GI Bill of Rights into law provided our service members – who fight so hard to maintain the American dream – the chance to actually achieve it themselves: a federally guaranteed home loan with no down loan short sale processLike the Federal Housing Administration’s (FHA) guarantee, the U.S. Department of Veteran’s Affairs (VA) doesn’t make loans, but provides a guarantee that protects the lender if the veteran defaults on his or her mortgage. This guarantee allows the lender to do away with down payment requirements and to offer more favorable interest rates and terms.The short sale process for a home with a mortgage backed by a VA loan is similar to that of a traditional short sale but does contain several important distinctions.The VA calls its short sale program a “compromise sale.” If a veteran owes more on the home than what it’s worth and sells the home, the VA will pay the remaining balance of the mortgage and closing costs. This is the most significant difference between the traditional short sale and the compromise sale: the lender receives the full balance owed by the veteran.
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Chenea Powell

Whether it is your first home or the home you plan to retire in, I will be there to ease the process every step of the way! I find great pleasure in helping people achieve their goals in real estate a....

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