Realtors, brokers, VA loans - first time home buyer
- Thread starter NorCalAthlete
- Start date
Yakoo752
USN
Never had that problem :dunno
tfkrocks
Well-known member
Just what I was told. Didn't dive further into it since I wasn't looking that seriously and either way it wasn't ideal for going halfsies with someone who isn't eligible for a VA loan.
DigDoug
Well-known member
This just came to mind:
There are a lot of solar panels on roofs these days, especially in CA. For every single roof you see with solar on it, there are probably about as many types of contracts/agreements associated with them depending if the owner purchased them out right, leased them, or any variation thereof. If you do like a place with solar on it, be sure to understand what the terms are and any added steps that may be involved with the installation when putting in an offer on a place that has them.
I had solar installed on a house I purchased in Fresno. It was great as I thought I was going to be in the place for a much longer time than it turned out. My agreement on the solar installation was of the PPA variety. I found out when I ended up selling, that perspective buyers also had to have a separate credit approval from the solar company to verify the buyer could cover the PPA. The buyers were cool with it and everything turned out fine but it was one more headache added to the slough(sp?) of paperwork that had to be done. Just something to consider.
There are a lot of solar panels on roofs these days, especially in CA. For every single roof you see with solar on it, there are probably about as many types of contracts/agreements associated with them depending if the owner purchased them out right, leased them, or any variation thereof. If you do like a place with solar on it, be sure to understand what the terms are and any added steps that may be involved with the installation when putting in an offer on a place that has them.
I had solar installed on a house I purchased in Fresno. It was great as I thought I was going to be in the place for a much longer time than it turned out. My agreement on the solar installation was of the PPA variety. I found out when I ended up selling, that perspective buyers also had to have a separate credit approval from the solar company to verify the buyer could cover the PPA. The buyers were cool with it and everything turned out fine but it was one more headache added to the slough(sp?) of paperwork that had to be done. Just something to consider.
NorCalAthlete
O_o
Thanks for the heads up, I’ll definitely keep that in mind.
Most of the places I’m looking at in my price range are townhouses / condos but I’m crossing my fingers for an actual house.
Most of the places I’m looking at in my price range are townhouses / condos but I’m crossing my fingers for an actual house.
chrisweir.com
Home Loans for Riders!
I have closed VA and FHA loans in Marin County where they don't do a lot of government lending. The buyers agents were nervous since there are many misconceptions about government loans, and it is true the section 1 portion of the termite report must be completed prior to close, but other than that they're not difficult loans to close and the sellers do not need to jump through hoops to get them done.
The VA loan is a great product, currently in the low 2% range and yes, that's with $0 down and no monthly mortgage insurance. Its the best product for the borrower available in the mortgage market, and any vet should take advantage. If your broker does VA loans regularly they will be prepared to close the financing side with the sellers agent and you'll be fine.
I would compare the monthly savings on putting cash down vs $0 down carefully and consider the advantage of having a cash reserve you can invest or buy more motorcycles with in the future.
THANK YOU THANK YOU THANK YOU FOR YOUR SERVICE!
The VA loan is a great product, currently in the low 2% range and yes, that's with $0 down and no monthly mortgage insurance. Its the best product for the borrower available in the mortgage market, and any vet should take advantage. If your broker does VA loans regularly they will be prepared to close the financing side with the sellers agent and you'll be fine.
I would compare the monthly savings on putting cash down vs $0 down carefully and consider the advantage of having a cash reserve you can invest or buy more motorcycles with in the future.
THANK YOU THANK YOU THANK YOU FOR YOUR SERVICE!
Pete, don't forget to factor the HOA fee (as well any projected increases you can) into your payment for comparative value with a non-HOA property. Most of the HOA fees cover very little of actual maintenance so factor that difference in too.
Akira-R
Well-known member
If there is an HOA, you will want to know if there have been any special assessments, or planning to have some in the near future.
Basically a special assessment is where they need the home owners to give more money for repairs or other things that are beyond the budget and reserves. It could be in the tens of thousands as a one time cost.
chrisweir.com
Home Loans for Riders!
Agreed but in this white hot, bid over ask, marketplace don't put special assessment language in your offer. You can check it out once your offer is accepted but before inspection period ends.
mean dad
Well-known member
It is, and thank you!
Since the pic, I've installed cabinets on both sides and a workbench against the far wall. With my toolbox and a couple of shelf units in there I'm about out of room already. :laughing
MrIncredible
Is fintastic
Looks like it's all been covered.
Good luck, Pete.
Good luck, Pete.
gnahc79
Fear me!
Pete, FYI since this could affect the supply of homes available for sale
https://a27.asmdc.org/sb91-information
https://a27.asmdc.org/sb91-information
JesasaurusRex
Deleted User
Ghosts