Episode 66: All About VA Loans

April 10, 2023 melissa Real Estate Comments Off on Episode 66: All About VA Loans

Episode 66: All About VA Loans

In today’s Real Estate Jam Podcast episode, we have Jason Wood as our guest. If you don’t know, he’s the “VA Loan Guy”! If you’ve been interested to know about VA loans as much as we do, then this is the episode for you. Stay tuned to hear about a hack you can do for yourself!

The points below are from the 66th episode of The Real Estate JAM, where we discussed what you need to know about VA loans.

Tune in to the full episode on YouTube, Spotify, or Apple Podcasts.

 

Pros and Cons of a VA Loan

Eligible individuals can use VA Loans to purchase or build a primary residence, including single-family homes, condominiums, and townhouses. They can also be used to refinance an existing mortgage or to make home improvements. In the real estate business, investors may choose to utilize VA Loans to purchase properties as rental investments, though this would require meeting the VA’s occupancy requirements. However, it’s important to note that VA Loans cannot be used to purchase investment properties or vacation homes.

 

VA Loans vs Other Loans

VA Loans offer several advantages over other loans for real estate, particularly for eligible veterans, active-duty service members, and surviving spouses. These advantages include the ability to purchase a home with little to no down payment, lower interest rates, and more flexible credit requirements. VA Loans do not require private mortgage insurance (PMI) and provide certain protections for borrowers. However, VA Loans have limits on the amount that can be borrowed, and the appraisal process can be more stringent than other loan types.

Want to learn more? You can listen to the full episode on YouTube, Spotify, or Apple Podcasts.

 

Outline of the Episode:

  • [00:02] Welcome to the show.
  • [01:32] What is VA Loan and how can this help someone get started in a real estate business?
  • [02:48] There are different types of loans. Which one is the best for a buyer?
  • [05:58] Did you know that with VA Loans, you are guaranteed not just 5-10% down but actually 25%?
  • [08:48] What is it about the appraisal part of a VA Loan that makes people feel hesitant? Should they really be iffy about this?
  • [10:51] Understanding the WHY behind the VA Handbook can help you understand how you can become VA qualified. Have you read the VA Handbook?
  • [15:18] Most of the worries for a VA appraisal are actually fear-based. If you do your part as a seller and look out for things that concern safety and health, you shouldn’t have to worry about a VA appraiser.
  • [16:09] Is it hard to find a VA handbook? How can it help, especially when selling to a VA community?
  • [17:15] What are the limitations of a VA Loan?
  • [22:28] VA Loan Limits are updated yearly. How does this affect the market, the buyer, and the person financing it through the loan?
  • [26:07] Did you know that as long as you stay within your loan limit, you can buy multiplexes or several units, then rent them out and use the money to pay for your loan and push your limit higher?
  • [31:10] The VA Loan isn’t just about helping VAs get houses that they normally couldn’t afford. It also helps get them started in the real estate business.

 

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