1. Permanent Change of Station (PCS)
Failure on the part of a borrower applying for a VA mortgage loan to disclose that there is an expectation of leaving the area due to active duty service the area of applying for VA mortgage loan due to transfer orders or completion of his/her enlistment period may constitute “bad faith.”
If your VA mortgage loan is foreclosed under bad faith circumstances, it may be necessary to repay the Department of Veteran's Affairs for any loss suffered by the VA under the VA mortgage loan guarantee.
In ANY case in which the Department of Veteran's Affairs suffers a loss under the applying for a VA mortgage loan guarantee, the loss must be repaid on the original VA mortgage loan before your new VA loan benefits can be restored to use in obtaining another VA mortgage
2. VA Home Values
Although real estate values connected with VA mortgage loans have historically risen in most areas, there is no assurance according to the Department of Veteran's Affairs that the VA home for which you are seeking VA mortgage financing will increase in value or perhaps maintain the present value.
3. Selling your VA Home
It is possible that after applying for a VA mortgage, you may encounter difficulty in selling your VA home, recovering your investment or making any profit after obtaining a VA loan, particularly if there is an active new VA home market near your area.
4. Your VA loan obligations
Receiving military orders for a permanent change of duty station or an early discharge due to reduction in force won't relieve you of your VA mortgage loan obligation, including VA mortgage payments on the 1st of each month.
5. Good Faith Policy on VA Mortgages
“Letting the house go back” according to the VA is NOT an acceptable option. A decision to let go of your VA mortgage loan may be considered “bad faith.”
A foreclosure on your VA home secured by a VA loan will result in bad credit, a possible VA loan debt you will owe to the Department of Veteran's Affairs and difficulty in getting future VA mortgages.
6. VA Loan Help and Advice
If unexpected circumstances involving your VA home mortgage loan lead to difficulty in making your payments on your VA loan, contact your VA mortgage lender promptly.
It will be easier to resolve any problems with the Department of Veteran's Affairs if you act quickly on your VA home mortgage loan difficulties and be open and honest with the Department of Veteran's Affairs and your VA Lender.
7. Requirements for assuming your VA Loan
YOUR VA MORTGAGE LOAN MAY NOT BE ASSUMED WITHOUT THE PRIOR APPROVAL OF the Department of Veteran's Affairs and your VA Lender.
8. VA Guaranty Policy
DO NOT BE MISLED! The Department of Veteran's Affairs does not guarantee the CONDITION of the VA home which you are buying, whether it is a new VA home or a previously occupied one.
The Department of Veteran's Affairs guarantees only the VA LOAN.
9. VA Inspection
Notably with a previously occupied VA home, you may pick up the impression along the way that shouldn't be concerned with any needed repairs on your VA home purchase or hidden defects since the Department of Veteran's Affairs will be sure to find any and require all to be repaired.
This is NOT TRUE!
10. Be Informed
In every case, ultimately, the Department of Veteran's Affairs says it is your responsibility to be an informed VA loan applicant and to assure yourself that what your VA home mortgage loan is satisfactory to you in all respects.
Remember, the Department of Veteran's Affairs guarantees only the loan - NOT the condition.
11. Get VA Mortgage Advice from a VA Loan Expert
If you have any doubts about the status the VA mortgage loan which you are buying, the Department of Veteran's Affairs says it is in your best interest to seek expert advice before you legally commit yourself to a purchase agreement.
With a previously occupied home, most sellers and realtors will permit, at your expense, to arrange for a VA home inspection by a qualified VA home inspection service.
Also, most sellers and agents are prepared to negotiate with you concerning what repairs are to be included in the VA mortgage loan purchase agreement.
Steps of this kind can prevent many later VA mortgage loan problems.
12. Maintain your VA home
Proper maintenance on your VA house is the best way to protect your VA home and improve the chance that your VA home's value will increase.
13. VA Refinance or Buy with Energy Efficient Upgrades
If you are buying a previously owned house, you should look into making energy-efficient improvements.
You can add up to $6,000 VA home improvements to your VA loan if this includes the fact that energy efficient improvements are installed.
Consult the best VA lenders or the local VA office.
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