Kelly L. Zitlow

Don't be fooled by rumors that VA loans are difficult to get closed.  I can assure you VA loans are getting done as quickly and efficiently as any FHA or Conventional loan today! As a reminder the VA loan provides a ZERO down home loan to those that have served or are serving in the military. My team and I have a combined 36 years experience in VA Loan lending and are very proud to serve those who have served our country!

Below are a few of key items to keep in mind when you have a VA Loan buyer:

• Eligible VA Loan buyers include: active duty personnel, veterans, certain reservists and National Guard members, surviving spouses of persons who die on active duty or die as a result of service connected disabilities, certain spouses of active duty personnel who are a) missing in action, b) captured in line of duty by a hostile force, or c) forcibly detained by a foreign government or power.
• 100% VA Loan financing up to $417,000 ~ and there is no monthly mortgage insurance or PMI!
• VA loans charge afunding fee(percentage charged varies the eligibility status of the buyer) to the buyer, it's financed into the loan. If the Arizona buyer has a service-connected disability he or she may be exempt from the funding fee.
• Seller's can contribute 100% of the buyer's closing costs ~ seller concessions can't exceed 4% of the VA loan amount. However, only some types of costs fall under the 4% rule such as pre-paid closing costs, VA funding fee, payoff of credit balances or judgments, appraisal and credit. The payment of discount points is not subject to the 4% limit. Request seller contribution on lines 77 & 78 of AAR purchase contract.
• VA Condos~ Approved VA condo projects can be found on the following website: https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch
• Line 79 - 80 of the contract ~ VA Loan Costs not permitted to be paid by the Arizona Buyer. The most notable costs not permitted to be paid by the Buyer on a VA loan are lender fees: underwriting, processing, application, document preparation and tax service.  This dollar amount generally ranges from $900 - $1500 and may vary by loan amount. As a reminder the buyer cannot pay any part of the Escrow Fee. This verbiage is pre-printed on line 79 of the contract.
• Jumbo VA Loan~ This is a fantastic jumbo loan option for Arizona buyers and in most cases offers a down payment less than 10%, allows for financing up to $1,000,000 and doesn't require mortgage insurance!
• VA Loan waiting periods for a short sale or foreclosure is only 2 years~ Assuming the loan that was sold short or foreclosed was not a VA loan, buyers who have VA benefits can buy again after 2 years. This is one of the shortest waiting period time frames for all loan options today in Arizona!

These are just a few of the fantastic benefits of using a VA home loan. I encourage you not to shy away from Arizona buyers who want to use a VA home loan. If you have any questions or need assistance in preparing an offer for a buyer who is utilizing a VA home loan don't hesitate to call me or one of my team members~ Tara Bradley or Karen Hunt. We look forward to talking with you!

Have a great week!

~Kelly

Quote of the week: What you get by achieving your goals is not as important as what you become by achieving your goals. ~ Zig Ziglar

To learn more about VA loans join me next Wed! You will earn 3 hours CE of Contract Law at my Residential Financing in Today's Market class that I'm teaching next week, February 15th.  See www.southwesternschool.com for details. I hope to see you there!