To all my blog readers and subscribers, I always try to bring to you things of value and substance whether or not it came from me or another colleague in the real estate industry.
This is another one of those instances, I thought this particular article by Nevin Wiliams, a VA Mortgage specialist out of California would be appropriate information to pass on considering the number of veterans in and around the Dallas/Fort Worth Metroplex and especially Northeast Tarrant County Real Estate area. Additionally, because my wife proudly serves in the United States Air Force and I come in contact with a lot of both active and retired military personnel, I felt this would be some useful information to pass on.
To your success,
John Hrisco of John Hrisco and Associates
The Veterans Administration will allow a veteran to use an attorney-in-fact to execute any documents necessary to obtain a VA guaranteed loan. This makes it possible for active duty servicepersons stationed overseas, and other veterans who cannot be present to execute loan documents, to obtain VA loans.
The veteran must execute a general or specific power of attorney which is valid and legally adequate. The veteran’s attorney-in-fact may use this power of attorney to apply for a Certificate of Eligibility and initiate processing of a loan on behalf of the veteran.
To complete the loan transaction using an attorney-in-fact the general or specific power of attorney must comply with state law to the extent that
1) the mortgage can be legally enforced in that jurisdiction, and
2) clear title can be conveyed in the event of foreclosure.
To complete a loan transaction using an attorney-in-fact the Veterans Administration also requires the veteran’s written consent to the specifics of the transaction. This requirement can be satisfied by either:
- The veteran’s signature on both the sales contract and the loan application as long as the veteran’s intention to obtain a VA loan on the particular property is expressed somewhere in those documents, or
a specific power of attorney or other document(s) signed by the veteran, which includes the following:
- Entitlement—A clear intention to use all or a specified amount of entitlement.
- Purpose—A clear intention to obtain a loan for purchase, construction, repair, alteration, improvement, or refinancing.
- Property Identification—Identification of the specific property.
- Price and Terms—The sales price, if applicable, and other relevant terms of the transaction.
- Occupancy—The veteran’s intention to use the property as a home to be occupied by the veteran (or other applicable VA occupancy requirement).
John Hrisco & Associates: When experience counts, the sign you want, the agent you need. Licensed Texas Real Estate Broker #0480703, with over 13+ years experience buying & selling real estate in the D/FW Metroplex. Integrity, Professionalism, Results & Charity is our Mantra. It is how we go about our lives and our business. We undertake a specialized set of tasks and orchestrate them with uncommon skills. Whether you are buying, selling, or investing in real estate, if you are not doing business with John Hrisco & Associates, you are losing money.
servicing the Dallas/Fort Worth Metroplex: including Northeast Tarrant County, Ft. Worth, Keller, Southlake, Colleyville, Grapevine, Haslet, Trophy Club, Roanoke, Westlake, NRH & Surrounding areas
John Hrisco & Associates
4200 Heritage Trace Pkwy., Ste. 100
Ft. Worth/Keller, TX 76248