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Can I do a Short Sale if I have a VA Loan?

April 18, 2012 by inVIVO realty Arizona

In Phoenix there seems to be alot of confusion for home owners with VA loans as to whether or not they can do a short sale. The answer is yes. I just recently assisted two homeowners, with VA loans, in the Greater Phoenix area, complete short sales. Those home owners have now avoided foreclosure and they should be able to buy a home again in two years if they rebuild their credit during those two years.

Our expert real estate agents and brokers can help you with your VA loan short sale in Greater Phoenix Arizona.

I believe part of the confusion lies in the VA guarantee; home owners think they have to pay that money back. In most cases the money does not have to be paid back; it is forgiven through the VA short sale process. However, a VA eligible borrower will not be able to use their VA eligibility to buy another home until any deficiency is paid back. But, there is nothing stopping that borrower from getting an FHA or conventional loan for the purchase of real estate after the two year period, providing the buyer has effectively rebuilt his or her credit.

A homeowner does need to prove a valid hardship, and a military transfer or deployment is a valid hardship if your home is worth less than what you owe on it and as a result, you cannot sell.

The best thing to do is simply give me a call and we will discuss your lending structure, hardship and home value, and then call your loan servicer to confirm required paperwork and eligibility for a short sale. You must ALWAYS be aware of ALL your options before committing to a strategy.

Filed Under: General North Phoenix Real Estate Blog Posts Tagged With: arizona, buy, estate, home, homeowner, loan, owner, phoenix, real, sale, sell, short, va

Facts Regarding VA Financing – Zero Down Option

March 9, 2012 by inVIVO realty Arizona

If you are a Veteran eligible for a VA loan, now would be a great time to use your VA loan benefits and buy a home, given the low interest rates on home mortgages. If you are not sure about your eligibility, visit the Department of Veteran Affairs VA home loan eligibility page. Many lenders are VA endorsed and can process your VA home loan very easily. We are also happy to provide a list of Phoenix Arizona VA endorsed lenders should you require assistance.

VA home loan program eligibility for a zero down payment loan on a Phoenix Arizona home.

Here are some of the other benefits of getting a VA loan:

1. VA loans include 100% financing with zero down payment required.
2. VA loan limits are $417,000 which can basically get you into an estate sized home in this current Phoenix Arizona real estate market!
3. There is no monthly mortgage insurance on a VA loan so your payments comparatively, will be lower.
4. Buyers can get up to 4% in closing costs covered by the home seller. Some VA fees (like escrow fees and lender processing fees) cannot be paid for by the buyer in a VA home loan transaction.
5. Rates are competitive because the VA home loans are guaranteed by the government; there is much less risk for the banks.
6. No pre-payment penalties if you pay off loan early.

These are only a few of the reasons why you may want to use your VA eligibility now when Phoenix Arizona homes prices and mortgage rates are so low.

You’re a United States Veteran – you deserve this home buying opportunity!

Filed Under: General North Phoenix Real Estate Blog Posts Tagged With: arizona, buy, down, eligibility, estate, financing, home, loan, mortgage, phoenix, rate, real, va, veteran, zero

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