Mortgage News

VA Offers Best For Realtors and Sellers

September 12th, 2017 12:28 PM by Anne James

VA Loans: Are they a Seller's concern or old Fish Story passed down from Realtor-to-Realtor? Listen up, homeowners and Realtors alike! VA Offers and loans are more likely to close successfully and on time than any other offer, save 'All Cash.' Here are 5 Reasons VA Loans are the Best Loan for both Veteran and Seller:
1) Sellers do NOT have to pay points, closing costs (the termite report and repairs being only exception ) or other fees. Rates are so low on VA loans compared to Conventional and FHA; it's easier for the Veteran to qualify! There's no Mortgage Insurance on VA Loans either.
2) There's NO downpayment (zero down to $636,150 loan amount- and low downpayment up to $1 Million), The Debt Ratio  is allowed to go up to 59% versus 49.99% on conventional and 54.99% on FHA. No Reserves are required.
3) Lenders love VA loans as Realtors don't have to ask for closing costs in a tight seller's market - the rate is so low that closing costs can be covered by a slightly higher interest rate and many Veterans get into homes for less than $1,000 .
4) Credit Scores are relaxed with no higher rate for 670 FICO and down to 600 FICO's are accepted. Reliance Mortgage Service will work with Veterans who have credit derogatories always and bring them up to lender requirements or higher. Try us.
5) Veterans can use their VA Entitlement more than once, twice or more as long as their current VA Loan is paid off. Keeping current home as a rental? Reliance Mortgage Service will refinance your loan to conventional and usually at a much lower payment. Call us today and get an estimate on either purchase or refinance. Realtors are welcome to call with questions as well.


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