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What are the negatives of a VA mortgage |
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Written by Tamara Schmitt
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Thursday, 20 July 2006 |
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VA loans made prior to March 1, 1988, can be assumed with no qualifying of the new buyer. If a buyer of such a property defaults, the veteran homeowner may be liable for funds. Some sellers may be hesitant to work with someone who is acquiring a VA loan because of their past reputation of taking longer to process than conventional loans. While the time may still be a little longer, getting a VA loan is not the lengthy ordeal it once was.
Sellers are often asked to pay a portion of closing costs, so they may not be eager to negotiate the sales price of the home. |
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Last Updated ( Tuesday, 22 August 2006 )
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