Good Morning!
This would apply to veterans using VA loans, and realtors/title officers involved in a real estate transaction involving a VA loan…
Veterans Administration guidelines state that if a sales contract is signed by the veteran prior to receipt of the Lenders Notice of Value, the contract must include, or be amended to include, the following clause:
“It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not incur any penalty by forfeiture of earnest money or otherwise or be obligated to complete the purchase of the property described herein, if the contract purchase price or cost
exceeds the reasonable value of the property established by the Department of Veterans Affairs.
The purchaser shall, however, have the privilege and option of proceeding with the consummation of this contract without regard to the amount of the reasonable value established by the Department of Veterans Affairs. (Authority: 38 U.S.C. 501, 3703(c)(1))
REMEMBER: I can do FHA loans now down to 500 credit scores – read this blog post to learn more…
I hope you have a great day! Thanks for reading!
Brett
If you are thinking about buying a house, but you aren’t really sure if it’s…
Here is a breakdown of the maximum seller help amounts by loan program… Program: Conventional…
Your property tax bill usually comes out in late November, or early December. There are…
If you want to acquire rental properties, but you are having issues proving your income…
If you receive money from the State or a County sponsored organization for providing foster…
FHA gift questions come up often. I wanted to give you the rules on FHA…