Why after all these years is there so much disinformation about the VA loan?
Is it the realtors being uneducated? If not then is it sellers unwilling to listen to their realtors try and and dispel the myths? Are people just stuck in the past way and unwillingly to accept that the product has evolved and it’s not the pain in the rear it used to be? The amount of people confidently saying flat out false things in this subreddit and others is alarming.
I saw so much disinformation in another thread it made my head spin.
“Interest rates are higher” – no they’re not higher, in fact they’re lower than even conventional loans because the rates are subsidized by the government
Inspections- you’re required to have a termite inspection. THATS IT. I waived my inspection contingency.
Closing takes too long- I personally used Veterans United and we had a 35 day close
Appraisal- A lot to unwrap with this one.
First common misconception is appraisals come in low. The home I bought was $140k list price and we offered $155k. Appraisal came back at $156k. This problem might come down to the individual appraiser and not the loan itself.
Second, No the Va Appraisal is not another inspection. They have to make sure the home is safe and habitable. As long as your basement walls aren’t bowing out 6 inches or there’s water actively dripping from the ceiling you’re fine! My home had
-Cracks in plaster walls and ceiling all over – Still had knob and tube wiring which is exposed in the pantry, basement and some closets. -My front porch does not have railings
Passed with flying colors! The sellers were not required to fix a single thing.
I’m sure there’s a ton I’m missing.
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