Most know that VA loans are great for buying a home with no down payment and flexible guidelines. Not as many may realize that VA-eligible buyers can finance closing costs. But did you know there’s even a VA Concession program that can provide you with substantial financial incentives?
A seller concession is anything of value added to the transaction by the builder or seller for which the buyer pays nothing additional and which the seller is not customarily expected or required to pay or provide.
VA loan seller concessions allow for the seller to pay the following for a buyer.
- Buy out a current lease
- Payment of the buyer’s VA funding fee
- Pay off buyer debt such as credit card or loans
- Prepayment of the buyer’s property taxes and insurance
- Payment of extra points to provide permanent interest rate buy downs
- Pay off a buyer collection or judgment
- Purchase a lawn mower, golf cart, furniture, appliances, etc.
The VA seller concession rules allow for just about anything. Even sending the Veteran on a cruise is allowed.
However, there are some restrictions to qualify for a VA Loan and enjoy VA Concessions you must meet eligibility requirements. Contact Champion Realty and we’ll help you through the process and make sure you receive all the benefits and savings you’re entitled to. Contact us today!