Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase.
This morning I sat down with Stacy Himley from Guaranteed Rate. Today we talked about "VC" items that can come up on your RD, VA and 1st Time Home Buyer loans. You can reach Stacy at 605.605.690.2305 or Stacy.Himley@rate.com Her office is located at 101 S. Reid St. Suite 307, Sioux Falls SD or on the web at www.Rate.com/StacyHimley
What Are VC (Valuation Condition) Items? And How Does That Affect Me?
- We are live, so.
- So hey there.
- It's Monday morning So, camera flipped around, sorry about that guys. So, we haven't had our coffee yet.
- I haven't had, my Mountain Dew yet, so, no caffeine, but hey, good morning. It is Monday morning, it is a little past 8:15 'cause we're having some technical difficulties, but it is the Monday Morning Mortgage Tip. This is Shane with the, the Brookings Home Team powered by Century 21 and we got Stacy here from Guaranteed Rate to talk a little bit, or actually to give us a Monday Morning Mortgage Tip
- So thank you for,
- Thank you for having me.
- jumping in today.
- Today we're gonna talk about VC items. So when you're purchasing a home and you're getting financing on that home. Depending on what type of loan program you go with, so typically these come up on government type loans, so FHA, VA, Rural Development, things like that. What happens is the appraiser goes out to the property. They're gonna make sure, A that the property is worth what they're buying it for, but B also, that is meets certain conditions and criteria for the appraisal to meet that, that it's standard, it meets the guidelines and things like that. They're looking for safety issues, they're looking for maybe some repair items that need to be done. That's typically a negotiated item and your agent, your realtor, would be able to tell you if you need to write that into the contract, so Shane would be able to tell you that, who's paying for it if these things come up. Typically what we see in this area is maybe some cracked, chipped, or peeling paint, pretty easy repair to be made. Once in awhile if there's a sidewalk that's a safety issue, things like that. But typically we're seeing paint, once in awhile a hand rail, pretty easy things to fix. And if a house has been financed, using any of those programs, those things are probably already done.
- Should be.
- So. You might run into that. It's not usually a deal breaker but it is something that you need to consider. Who's paying for it, can you get some buddies together or maybe a painter over there to get the paint done quick, those things typically have to be done before you can close, unless it's a weather related issue, but it's nice out now.
- So we're getting into the season where they're gonna want that done before you close.
- Exactly, yeah.
- So just if you have any questions on any of the Rural Developments, VA, first time home buyer loans that, that are tied with this VC item issue, give Stacy a call. She'd be happy to talk to you more about that and like she said, we, if we know as a realtor what type of loan you qualify for we know what we're looking for in the home and what could be flagged in that as well, so.
- So great tip there this morning. Thank you for that.
- Thank you for having me.
- Just reminder everybody we got the fourth of July coming up and we are teamin' up for a big,
- A big contest again, so.