Arlington VA Home Loan

Drawbacks of Arlington VA home loan

 VA home loan is popular among many borrowers, especially veterans that to lead to its instigation by the US federal government to appreciate them for fighting for their country. The program as numerous benefits such low or zero down payment, acceptance of borrowers with low credit score, etc. despite all those goods benefits of VA home loan In Arlington  that magnet most borrowers towards it. The loan program has some drawbacks that may not be detected by some borrowers, and they are as follows:

 The borrower is not guaranteed of a defect-free house. This can be undesirable to borrowers if the borrower encounters a house with some defects. VA does not guarantee the borrowers that the house they secure will be free from defects. However, if you encounter good lenders that can guarantee a free defects house, it can be a plus to side of the borrower.

 The appraisal of VA does not inspect the condition of the house. The main objective of the VA appraisal overlooked the inspection of the property. Therefore, if the client may have some doubts about the condition of the property, he or she intends to buy. It is on his or her best interest to source for an inspector to inspect the property on his behalf before buying the property. Furthermore, some lender can allow borrowers at their own expense to organize an inspection of the prospective property by his or her residential inspector agent. Then negotiate with the lender to incorporate repair fee in the purchase agreement. Such actions are good since they can prevent disappointments, disagreements, and later problems. However, it worth to know that the VA does not guarantee the condition of the property, but only the loan. Therefore, it is upon the borrower to remain informed and be sure that the property he or she is acquiring is worth his desire and meet all his needs and finally

VA does not provide legal services.  VA mortgage program mostly helps borrowers that are serving affordable finance housing. Furthermore, VA cannot guarantee borrowers acquiring VA home loan that he is making a reasonable investment or reselling the property at the cost they paid initially. Hence VA does not have jurisdiction to issues the borrowers with legal services. 

In conclusion, it is proven that Arlington VA Home Loan has some drawbacks that can impact the borrowers’ ambition of homeownership. There for fore, it is high time for lenders to raise this concern with VA and stakeholders of loan programs to counteract the above challenges. Also, this article may not have captured all the drawbacks. Therefore, more research needs to be done to unearth all the drawbacks. So that veterans and all non-veterans can get good mortgage program that defeats their expectations.