A short sale and your va loan

2. A SHORT SALE AND
YOUR VA LOAN

3. A short-sale home can be an
excellent investment and a way
to maximize profits, especially
for those willing to invest
“sweat equity”.

4. A short sale differs from a
conventional sale because the
seller is selling the home for
less than he or she owes on it.

5. This means that all offers must
be approved by the seller and
the seller's lender.

6. VA loans can be obtained on short-sale properties,
subject to certain criteria, and the home must be
structurally sound.

7. Cosmetic issues such as a worn or faded carpet do
not affect the structural integrity of the home.

8. However, a worn or damaged roof, for instance,
may cause the home to not qualify for a VA loan.

9. Although a VA loan does not guarantee that a home will be
free of defects, the house must be structurally sound in
order to qualify; this protects both the veteran and the VA.

10. In order to obtain a VA loan, the borrower must have:
DD214
COE, or certificate of eligibility

11. VA loans are obtained
through lenders rather
than the VA itself;
the VA does not lend
money, it simply
guarantees that a certain
dollar amount will be
repaid to the lender.

12. The amount of the
guarantee varies as does
the eligibility requirement,
depending on the date of
service and the value of
the desired mortgage.

13. Since a short sale
generally takes longer to
close than does a
traditional VA sale,
a short sale may not be
an option if you need to
close quickly.

14. The most expeditious
way to start your
home purchase is to
be pre-qualified.

15. This can be done online
or in person at a bank,
credit union, or other
lending institution.

16. You will need the
following documents at
a minimum:
• DD214
• COE
• Driver's license or state-issued
identification
• Recent pay stubs for one to six
months

17. You will need the
following documents at
a minimum:
• Most recent W-2
• Last two years' tax returns if
self-employed
• Social Security card

18. Since interest rates,
points, closing costs,
and so forth, vary from
lender to lender …

19. … it is in your best
interests to compare
rates from several
lenders before making
your selection.

20. Your best bet is to contact a
VA loan specialist at the very
beginning of the process,
who will act in your best
interest and find the right
loan for you.

21. If you need a real estate
agent your loan specialist can
give you recommendations.

22. He or she will usually have a title company of
preference and the title company typically will take care
of the following:
• Proof of clear title
• Title insurance
• Escrow services
• Closing services

23. Rarely can a short sale
be conducted by a
seller, due to stringent
government regulations.

24. However, if you are
buying a FSBO, or a for
sale by owner, it is vital to
use a title company in
order to protect your
interests and your money.

25. Jimmy Vercellino, is an Arizona VA
Loan Specialist who helps
veterans obtain the loans they are
entitled to.

26. He served in the United States
Marine Corps, and now devotes
himself to the Veteran home buyer in
the Phoenix area, fulfilling a passion
of his while at the same time helping
others achieve home ownership.

27. Be a proud homeowner today.
For more details call 480-351-5904 or visit
the site http://www.valoansforvets.com

28. VA Loans for Vets
7702 E. Doubletree Ranch Road, Suite 220
Scottsdale, AZ 85258
Phone: (480) 351-5904
Email: jimmyv@fcbmtg.com