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VA Loans and You

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Everything Real Estate in the San Fernando Valley
Monday March 18, 2019
VA Loans and You

As a veteran, you have faced immense challenges in your service to our country. Like most home people, purchasing a new home will be one of your life’s highlight real purchases. Having a knowledgeable real estate agent to walk you through the process is always important, and the Chernov Team has extensive knowledge of all things real estate, and this is particularly true when you're purchasing a home with a VA Home Loan (also referred to as a “VA mortgage”).

VA mortgages come with a plethora of benefits, which includes zero down payment, lower than average interest rates, and no requirement to obtain private mortgage insurance. However, obtaining these benefits has loan requirements unique to VA loans.

First, military-friendly agents understand that VA home buyers have unique needs; Active-duty service members tend to relocate frequently. These service members receive 10 days, upon receiving a PCS (Permanent Change of Station), to search for a new home. Choosing an agent who understands this short turn around, and who can dedicate the necessary time to assist you in finding a home during this shortened time frame is critical.

Due to active service members' frequent relocation, it’s also critical for agents to comprehend the critical requirement that a home possess strong resale value. Real estate agents who are working with individuals who are currently in the military understand they'll need to find a home that that fits the service member's current needs, but also needs to find a home that has the ability to sell quickly, and for a reasonable price, if the service member receives PCS orders again.

Agents who are military-friendly typically are passionate about assisting those who’ve served; and the Chernov Team has that passion. Whether that passion arises because they have close ties to someone who has served, or because they want to give back to those who’ve put so much on the line for our country, the Chernov Team cares about helping our men and women in uniform.

The Department of Veterans Affairs created VA loans for the benefit of our military members, but in order to qualify for this loan, they have imposed certain has created requirements, these requirements are designed to ensure that the service members purchase homes that are strong investments. The Department requires that homes meet their minimum property requirements (“MPR”s), which serves as a proxy for ensuring all homes purchased by military members past and present are good investments and suitable to live in.

With this in mind, VA appraisers have the job of notating features that don’t comply with the MPRs, these issues generally must be fixed prior to closing.

At the Chernov Team we understand that knowledge is power. We also understand that it is complicated to purchase a home in Encino, Sherman Oaks, or Studio City, particularly when you are active in the military. At the Chernov Team we take pride in our understanding of all things real-estate and look forward to assisting our armed service members accomplish one of their many dreams. Remember, whoever shows up to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.

If you are an active duty service member or a veteran, you should select an agent that has identifiable VA loan expertise. The nation honors its veterans in many ways. When taking advantage of the VA home loan program you will feel the nation's gratitude.

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