In the past 3 years, I have personally bought two properties for my family and I. During this process, we had to look at our finances and our available capital so that we could assess what loan option to use and how much we could afford. Thankfully, I have a VA loan that allows me to purchase property with no money down as long we are buying it for us and not as an income property. The alternatives to using a VA loan were an FHA loan and a conventional loan.
As a buyer, I absolutely love my VA loan because it requires the least money down. Without it, I would opt for the FHA loan next with minimal money down. Last, I would probably chose the conventional loan because those require the most money out of pocket typically. They are all good and have pros and cons to using each one.
Ironically, as a seller, I see the opposite is true. All things being equal, we would probably accept an offer with conventional financing above an FHA loan with the VA loan being the least desirable. That isn’t to say that there isn’t one that is better than another, but in our past three home sales as a business, two were conventional and one was FHA. The two offers that we didn’t accept were both VA loans. The lower offers also happened to be the VA loans, but not by much. It wasn’t that the VA loan offers weren’t good, but only that they weren’t as good of a fit for the property.
VA loans are the most stringent when it comes to the condition of a property with conventional loans being the least strict. Sometimes, the property that we sell will dictate the preferred loan. For instance, a house that we sold that had an older roof (needed replacing to be fair) was perfect for a conventional loan and would have been hard to sell with a VA loan. Another property that we sold was a manufactured home with a garage that had evidence of WDOs but nothing active due to it being treated. That wasn’t a good candidate for a VA loan either, so we opted for a conventional loan on that one too. It really just depends on the situation and we readily look at any offer we get and make our decision based on many factors.
It really is a different world on the other side of the table! We have been on both sides enough to know the feelings and worries that go along with each one. These experiences and more are what we can bring to you and help you with as a seller or buyer. Sure, you might have a catch with your property or ask a question that we don’t know the answer to, but we know who we can call to find the answer or make a deal happen. Our business isn’t an island isolated from others. We work with and need other investors and real estate professionals. When you call us, you aren’t just getting our experience and help, you are gaining access to a much larger network dedicated to helping you with your real estate needs.
We can be reached at (850) 710-0710 or by email at email@example.com. Sonny Side Property Solutions is here to help everyone with their real estate needs, especially homeowners that need help now! We are here to serve the community and provide real estate solutions for any situation and we have a national network of investors and brokers that we work with and can call on at any time.
We can be reached by phone at (850) 710-0710 or by email at firstname.lastname@example.org.