VA Loans – Did You Know?

Did you know, when buying a home, your lender is not the only one who needs to understand your VA loan? Your real estate agent needs to understand all of your VA loan requirements when helping you to purchase your next home. Having an agent that is well versed in the VA loan requirements will help save you time and money. 

Protecting The Buyer 

First things first. As a real estate agent, representing you as a buyer, the agent’s number one priority should be protecting the buyer. When purchasing a home with a VA loan, there are specific requirements the house must meet to qualify for the loan. If something with the house is not up to the VA loan standard, the buyer must be protected and have a way out of the transaction if the seller is unwilling to fix the problem. This is where the VA Escape Clause comes in. The VA Escape Clause is a document that is presented to the seller stating that the buyer will not be obligated to purchase the home, and can be released from the transaction, if the home does not meet the VA loan requirements. This document also ensures the buyer will receive their earnest money back.  

100% Financing

A VA loan should be 100% financed. This means the buyer should not be bringing any money to the closing for the home. Here is another reason why having an knowledgeable agent is so important. A home seller needs to be made aware if you are using a VA loan to purchase their home. This is indicated when you make your offer on the purchase agreement. However, it is important for your agent to write your offer in a specific way to ensure the seller knows all of the fees they will be responsible for, so there is no confusion or problems down the road. 

Inspections and Appraisals

Typically most home purchases come with inspections and appraisals. A home purchased with a VA loan comes with their own VA home inspection and VA home appraisal, as well as a required pest inspection, and sometimes water tests. The VA home inspection is in place to make sure the condition of the home meets with the VA lending requirements. These inspections do not replace an independent home inspection arranged by the buyers. Even though the home will be inspected by the VA lenders, it is very important the home is thoroughly inspected by an independent inspector for a more detailed report of the home’s condition. 

Timelines and Processing

Timelines and processing are a little different for a VA loan than say a conventional loan. There has to be enough time specified in the purchase agreement to allow for the extra inspections. These time frames are specified when making the offer, and outlined in the purchase agreement. Having an agent familiar with VA lending will ensure the proper amount of time is allotted in the offer.   

Military Relocation Professional – MRP

A real estate agent like Aimee Ness, with the Aimee Ness Realty Group has been certified as a Military Relocation Professional. Aimee participated in a special certification course to educate her about the VA lending process and loans. This allows Aimee to work with current and former military service members to find the housing solutions that best suit their needs and help them take full advantage of their military benefits and support.

As a home buyer, you have enough to worry about with getting ready to move. Let your real estate agent worry about meeting your VA loan requirements. If you are buying a home with a VA loan, be sure your real estate agent is well versed in all of the requirements of your lending situation. 

Contact Aimee Ness with the Aimee Ness Realty Group in Lafayette with any questions or concerns about buying a home using a VA loan. 

For current market information for your Lafayette and West Lafayette communities or a free consultation, contact The Aimee Ness Realty Group Lafayette Indiana. Our team with over 10 years of local experience, has your back to find your dream home, or sell your current home.


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