VA Mortgage Center.com’s New Video
We are proud to be releasing our first video here on VA Mortgage Center.com, geared towards explaining some of the benefits on the VA Home Loan Program. Mostly we just wanted to create something that was unique and might help raise awareness of the benefits afforded to Vets and Active-Duty military in purchasing or refinancing their home.
Here it is, in all its glory. We hope you enjoy it.
Janet Smith
August 28th, 2008 at 7:14 pmFrankly, I’m scared to put my actual name, may lose my job, real estate industry in Texas. There are so many perils that people just do not see. Here’s a few!
VA Loans-Uncle Sugar gives a soldier/veteran a certificate of elgibility. What does that do? It allows the member to home purchase without a down pmt. In lieu of the down pmt. the loan comes to the lender with what is called guaranty….Uncle Sugar says ‘if the member doesn’t make his pmts., don’t fret, I’ll step in, pay you the amy of guaranty, then I’ll repo (VA likes it named acquired) the property and get it out on the market. The lender says “u bet”. But what happens in the interim….ok a short sale (compromise agreement) is coordinated with the lender to keep the property from foreclosure, in short the lender agrees to accept a lesser amt. than what is owed on the property, typically an amt. not less than 88% of the liquidation appraisal’s amt. has to be recovered. This leaves the soldier/veteran owing an outstanding balance and loss of his “guaranty” from VA, may/maynot show up on his credit eport and can be reported as damaging credit. Lenders on VA loans despise compromise….why? Because Uncle Sugar is in the wings with the guaranty amt….way more than the paltry 88% net. Lenders are tickled to foreclose on VA loans due to that guaranty. Lenders will do everything in their power to drag their feet, swear they didn’t receive faxes, not answer phones or do call backs from voicemail, I guess they hope the realor will finally get so frustrated they will give up and the lender can go down the golden road to cashing in that guaranty. THIS IS TAX DOLLARS, YOUR DOLLARS!!! If you are interested in more perils I’ll blog more and tell you more little known facts…its nauseating! Want to really know what the consequences of the “$1.00 move-in is”, how abou the real truth behind the mover’s advantage program from USAA, lol, this one is rich…what does the VA Funding Fee do? If you want me to blog let me know, I swear its truth.
Dee
June 14th, 2009 at 12:00 pmAre veterans given preference when bidding on VA foreclosed homes. I once read somewhere that “a veteran lost the home, and a veteran will be given preference to obtain one.” I have placed bids on two VA foreclosed homes, and we keep being asked for our highest and best offer. we have also been told that we were the only veteran’s bidding on the property. Please clarify this for me. I tried calling the VA loan section, but they don’t have a property management section anymore.
You Served Editorial Staff
June 15th, 2009 at 10:39 amDee, Please give us a call on our main line at 800-405-6682 and we can help clarify the situation w/foreclosed homes and VA Loans. Look forward to talking to you.