Our radio show on April 27th featured Kari Phillips and Rowe Nelson of Southern Fidelity Mortgage in one of our segment parts. In addition to Kari’s wealth of information regarding VA Loan requirements and special incentives they are offering for Veterans in the month of May, Rowe added some great information on the appraisals and how it relates to the loan process.
Some of the benefits of a VA loan that Kari explained include zero percent down, low rates, no pre-payment penalties and no private mortgage insurance. Additionally, VA loans are less strict on your credit score and one can qualify with a 580 mid FICO score.
While Rowe discussed appraisals, he highlighted the basic requirement that the home must be in living condition with a fully functioning kitchen. He also shared that appraisers are assigned via a rotation system from a panel of qualified appraisers to make sure the appraisal process is done fairly and independently.
Another important take away from this segment is the promotion that Southern Fidelity Mortgage is offering for VA Loans in the month of May. As a thank you to our veterans, they will be giving a $1,685 lender credit for any VA contracts they receive in the month of May. What a great way to honor our veterans for their service for our country!
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