Under contract simply means that a seller has accepted an offer on the property, but the sale is not final until all contingencies are met. A home is “under contract” when a seller has accepted an offer from a buyer but the transaction has not yet closed.
Service members, veterans, and eligible surviving spouses can receive home loan guarantees provided by private lenders. The Department of Veteran’s Affairs guarantees a portion of the loan, which leads to more favorable terms for the borrower.
Verification of funds, or VOF, is a document that demonstrates how much money a person has available. When purchasing a home, you may need a VOF to show the seller that you can cover the cost of the home. The VOF gives you more credibility as a buyer.