What are the negatives of a VA Loan?
What are the negatives of a VA Loan?
- VA loans made prior to March 1, 1988, can be assumed with no qualifying of the new buyer. If a buyer of such a property defaults, the veteran homeowner may be liable for funds.
- Some sellers may be hesitant to work with someone who is acquiring a VA loan because of their past reputation of taking longer to process than conventional loans. While the time may still be a little longer, getting a VA loan is not the lengthy ordeal it once was.
- Sellers are often asked to pay a portion of closing costs, so they may not be eager to negotiate the sales price of the home.
