Anybody have experience with 0 down V.A. mortgages?

[p-]

Hey guys,

We put our home on the market last week and received a reasonable offer today from someone with a V.A. loan prequal.  They are doing it zero down and have asked for a 45 day escrow.  

From what I hear the inspections are stringent, but we are selling this house in pretty much new condition so I doubt we'll have an issue there.  Any other pitfalls to watch for?  

Have any of you bought or sold under these conditions?

Thanks-

[StartingOver10]

I am a Realtor and work with VA loans regularly.  Those loans are terrific. The appraisal inspection is no more stringent than an FHA loan and has just a few more items that need to be checked than a conventional loan.  VA loans, from my experience, usually are very smooth. The  45 day escrow is normal now, but I have seen them close in 30 days. Of course, this is lender specific, I am assuming your agent checked out the lender and the buyer before you accepted the offer.

There are only two small fees that the buyer can not pay at closing: 

• tax service fee (which is less than $100)
• WDO reinspection fee if applicable. This is also a very low fee. Last one I saw was only $20

Congratulations on the sale of your home! 

Sounds like you have a very good sale on your hands. 

[p-]

Thanks!  We did do very well on this, as we bought it in 2009 at the bottom of the market as an uninhabitable short-sale, and made a number of sweat equity improvements.  I think our net is about 50-50 market movement and added value.  We countered and they accepted, so it's headed down the road now.

I appreciate the feedback.

[Anonymous]

Also, I believe that in a VA loan, seller has to pay termite inspection but I don't think it's much, probably less than $100 here in MD

[StartingOver10]

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@Anonymous wrote:

Also, I believe that in a VA loan, seller has to pay termite inspection but I don't think it's much, probably less than $100 here in MD

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 Yes, seller pays WDO inspection (and reinspection if applicable)  WDO = termite.

Seller pays tax service fees, underwriting fees (if applicable), doc prep fees (if applicable).  Check standard FHA/VA addendum paragraph 4 (a)

[Anonymous]

Got it I had to google it, WDO stands for Wood Destroying Organisms