One of the only loan programs that has not been hit hard with changes and government scruitny has been the VA guaranteed loans to our activy duty military, and eligible veterans.
Conventional and FHA loans limit what the seller can pay for for a new buyer on a real estate trasncation to just loan fees. VA, however, still allows the seller to pay up to 4% of not just the loans fees, but also any collections, and personal debt for the veteran.
According to the Alasksa MLS, the average sales price for a single family home in Anchorage in 2009 was $320,720. Using the 4% allowable sales conscession that VA allows on their programs, the seller could pay up to $12,828.00 for the veteran buyer. With average closing costs and prepaids on a $320,828.00 VA deal running about 2.75%( $8822.00) , the VA buyer could use the balance ($4005.00) to payoff a car loan, credit card, and or collections.
Often the prohibiting factor for a veteran in qualifying for a home in Alaska is due to their past credit, or current debt. By using this strategy, a veteran may be able to qualify for a home now by having the seller pay off a credit card, unpaid collections, or possibly a car payment. If you would like to take advantage of this, or know someone who would, please contact me right away.
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Jackie Toppin
Mortgage Banker
Mortgage License #100110
Preferred Mortgage
Branch of Residential Mortgage
Mortgage License #100083
3111 “C” Street, Suite 325 Anchorage, AK, 99503 |
Work: 907-261-7655
Fax: 907-261-7543
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*This is not an offer to lend. 
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