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Here are some tips to make your offer stand out:Add a personalized letter.Offer above the asking price if you can.Put down more earnest money.Ask your loan officer to vouch for you.Be flexible.Get creative.Have your agent contact the seller's listing agent.
VA lenders are free to add their own guidelines on top of what the VA requires. Those additional requirements are known as "overlays." For example, the VA doesn't set a minimum credit score requirement, but most VA lenders do. That credit score benchmark is a lender overlay.
Here are some tips to make your offer stand out:Add a personalized letter.Offer above the asking price if you can.Put down more earnest money.Ask your loan officer to vouch for you.Be flexible.Get creative.Have your agent contact the seller's listing agent.
Veterans and active duty personnel who secure a VA loan have to certify that they intend to personally occupy the property as a primary residence. Essentially, homebuyers have 60 days, which the VA considers a reasonable time, to occupy the home after the loan closes.
The VA requires all mortgage applicants to furnish a form designating a "nearest living relative". It's not a standardized, official VA form but rather a letter or lender generated form stating who the veteran's family contact is in case the VA has lost touch with the borrower.
The lender must always verify that the Veteran is alive at the time of the loan closing, whether or not the Veteran is still in the military. We only require an Alive and Well certification from a Veteran when a POA is being used.
Are VA loans bad for sellers? Not necessarily. Accepting an offer from a buyer using a VA loan when selling your home can be just as difficult as a buyer using a conventional mortgage. There are many myths and misconceptions about the VA loan, but you as a seller should have nothing to worry about.
10 Ways To Get Your Offer Accepted In A Seller's MarketMake Your Offer As Clean As Possible.Avoid Asking For Personal Property.Offer Above-Asking.Put Down A Stronger Earnest Money Deposit (EMD)Waive The Appraisal Contingency.Make A Larger Down Payment In Your Loan Program.Add An Escalation Clause To Your Offer.More items...?
For one, VA loans do not require a down payment and have lower credit requirements to secure the loan. This makes them extremely attractive to eligible buyers, especially first-time home buyers. Also, they are guaranteed by the government, meaning lenders won't take a loss if a buyer defaults on their mortgage.
If there are two people from the same group, the elder person is nearest relative. So for example, if you have two siblings, the elder one would be your nearest relative. If you have lived with a relative or are cared for by one of your relatives, they will become your nearest relative.