What is the maximum acreage for a VA loan?

VA does not limit the number of acres a VA-guaranteed property may have. The appraisal of properties with acreage should not pose a problem, as long as similar properties in the area were recently sold primarily for residential use.

Who is the lender for a VA loan?

Although the VA loan is a federal program, the government generally does not make direct loans to Veterans. Instead, private lenders including Veterans United Home Loans finance the loan while the Department of Veterans Affairs offers a guaranty.

Is there a VA flip rule?

The VA allows for a property to be flipped by an investor/owner within 90 days of being on title. Fannie & Freddie are extremely vague when it comes to their flipping rule. Their actual rule is: “The lender is responsible for ensuring that the subject property provides adequate collateral for the mortgage.

What will cause VA loan to get disapproved?

5 Things That Can Hamper Your VA Loan

• Application errors. Double check your loan paperwork.
• Change in employment. Keep your employment consistent throughout the loan process.
• Change in credit.
• Borrower Delays.
• Factors beyond your control.

What is the minimum credit score for VA loan?

There is no minimum credit score requirement. Instead, VA requires a lender to review the entire loan profile.

What is the VA 90 day flip rule?

The VA allows for a property to be flipped by an investor/owner within 90 days of being on title. But once again, the VA allows the lender to add additional layers onto requirements.

Can I buy a flipped house with a VA loan?

As a veteran you can use a VA loan to acquire a property that you intend to flip – if you use it as your primary residence during the renovations. That property can then be either flipped for profit or kept as a rental property.

Do VA appraisers lowball?

Sometimes the VA appraisal is lower than the asking price, and sometimes it is higher. The VA loan guaranty amount is based on whichever dollar amount is lower. When the appraisal is lower than the asking price, it essentially means that the lender does not place a value on the home as high as the seller.

Do VA loans get denied?

How Often Do Underwriters Deny VA Loans? About 15% of VA loan applications get denied, so if your’s isn’t approved, you’re not alone. If you’re denied during the automated underwriting stage, you may be able to seek approval through manual underwriting.

Are VA loans harder to close?

The short answer is “no.” It’s true VA loans were once harder to close — but that’s ancient history. Today, you’re likely to have roughly the same issues with a buyer who has this sort of mortgage as any other. And VA’s flexible guidelines may be the only reason your buyer can purchase your home.

What are the cons of a VA loan?

What are some of the disadvantages of a VA loan?

• You will be required to pay VA funding fees.
• Consider the total cost of loan compared to total cost of house.
• Manufactured homes may require a minimum down payment and may not be eligible for a 30-year term.
• You cannot use a VA loan for rental properties.