How Do I Buy a VA Home?

Each property listed by the VA will have one of the four following codes:

Code "A" 
Homes with an "A" code are typically the better properties in the inventory.  The "A" signifies that these properties are eligible for any type of financing.  This includes an FHA 203(b), VA guaranteed financing for veterans, conventional financing, VA vendee financing (for veteran and non-veteran owner occupant buyers), and  all cash buyers.

Code "C" 
Only all cash buyers are allowed to purchase these properties.  VA will not accept any type of financing on a property coded "C".  Furthermore, a buyer must close on the sale within 30 days of the approval of the bid.

Code "T" 
Properties with this code are available for purchase with only two financing options: 1) VA vendee financing or 2) all cash.  The VA will not accept any other financing on a home with this code.  Closing must occur within 22 days of approval for buyers with VA vendee financing or 30 days for all cash buyers. 

Code "X" 
These properties are eligible for the following financing types only: 1) FHA 203(k), 2) VA vendee financing, 3) Conventional "As-Is" financing, or 4) all cash.  These properties do not, however, qualify for VA guaranteed financing or FHA 203(b) loans. 

As mentioned before, VA acquired homes do not include any warranties.  Furthermore, it is important to note that lead based paint and/or asbestos may be present in some properties.

However, VA grants a 10 day period to the buyer to inspect for lead-based paint and other hazards.  It is the responsibility of the buyer to pay for the certified home inspector (though not required).

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