than calling at the last minute just before closing and telling the agent that there’s a water issue that has to be fixed, thus delaying the closing for another week. Don’t you agree?
VA Loan Program
The U.S. Department of Veterans Affairs (VA) provides a loan program for current and former military service veterans. Similar to an FHA loan, a VA loan is a mortgage loan backed by the VA. The program is for American veterans, military members currently serving, reservists, and select surviving spouses. However, officers who have been issued a dishonorable discharge are not eligible for the loan. Loan proceeds can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes, and new construction. The VA does not originate loans; however, the agency sets the rules for who may qualify and issues loan guidelines and requirements. As with FHA loans, the VA is not a loan servicer, but financially insures loans that qualify under the program. Many VA requirements are similar to the requirements for the FHA program; however there are significant differences. For example, the VA makes a final call on whether a home needs a heating system, even in locations where heating systems are not necessary. It very well may be that a home without a heating system in Phoenix, AZ — w ix, AZ — where the average low temperature is only 63 degrees Fahrenheit — could be rejected for a loan by the VA. The VA also has minimum property requirements for the safety, sanitation, and structural integrity of the home. These requirements frequently change, so I keep up-to-date as best as I can with those fluctuating requirements.
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