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5185 Dungannon Circle NW
North Canton, OH 44720
phone: 330-494-3444
fax: 330-499-4646
e-mail: hottleco@neo.rr.com
http://www.hottleco.com
©2004 Hottle and Co.
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VA Loans
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If you are an eligible veteran, you
may purchase the home of your choice using the VA loan guaranty program.
For veterans in Ohio, eligibility is determined by the Department of Veterans
Affairs Eligibility Center in Winston-Salem, NC. You may submit your VA form
26-1880 Request for Determination of Eligibility directly to their office
at P O Box 20729, Winston-Salem, NC 27120. For additional information, visit
the Department of VA website at http://homeloans.va.gov/
or call the Winston-Salem office toll free at 1-888-244-6711.>
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As part of the loan process, an appraiser
designated by the VA will appraise the property you wish to purchase or refinace and
consider whether it meets the minimum property standards of the Department:
safe, sound and sanitary. A VA appraisal is not a general home inspection;
the VA guarantees the loan, not the home. A general home inspection should
be considered as a sound investment in identifying defects (if any) and providing
peace of mind regarding strucutural and mechanical elements of the home you
intend to purchase. The appraisal will report obvious and readily observable
factors that are considered unsafe, unsound or unsanitary and these items
must generally be corrected prior to closing. Items that are strictly cosmetic
in nature are considered only in value and are not the basis for repair or
correction. Some common repair items include: peeling paint on properties
built before 1976 (because they are considered to contain lead-based paint),
safety rails on porches and stairs, obvious mechanical failures related to
heating, plumbing and electrical systems, roof leaks, foundation damage or
other obvious problems. Although these items are listed on the appraisal,
the list should not be considered all inclusive because the appraiser did
not perform a home inspection. The appraiser reports the appraised value
and any repair items to the VA loan reviewer who is responsible for issuing
the Certificate of Reasonable Value (CRV) or Lender's Notification of Value
(NOV). If minor repairs are required, the CRV or NOV will be conditioned
on correction of the repair items. Usually a limit on the cost and extent
of repair items and who is responsible for them has been negotiated between
the buyer and seller in the sales agreement. Upon completion, repairs are
inspected prior to closing unless escrowed such as exterior painting due
to winter weather. Occasionally, required repairs are so extensive that a
CRV or NOV cannot be initially issued. These are rare cases and your lender
will advise you regarding what steps are necessary in order to complete the
purchase under the VA program.
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At Hottle & Co. we submit reports
directly to the Department of VA in a secure electronic format that allows
your appraisal to be sent instantaneously upon completion via the internet.
If your loan is being processed by a LAPP lender who accepts electronic delivery,
we provide them the same service. This is important because it helps reduce
the overall time to process your loan so that you may close your loan and
move in more quickly. When shopping for a lender you may wish to consider
whether thelender you prefer offers this service.
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NOTICE: This is not a VA sanctioned site. The information
is a general overview offered to assist buyers and sellers in understanding
the appraisal process when using the VA loan guarantee program. The information
presented is based on over 15 years experience in providing appraisal service
to the Department of VA. As always, if you have questions regarding a specific
case number or situation, they should be directed to the Department or your
lender.
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