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100% FINANCING SUPER LOAN SAVES REAL ESTATE INDUSTRY! More Tidbits from TBWS

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Mortgage and Lending with Los Angeles & Ventura Counties in CA

I subscribe to the daily webcasts of Think Big, Work Small (TBWS), which is hosted by these two guys, Brian Stevens & Frank Garay.  TBWS was founded a couple of years ago by a bunch of real estate and mortgage people who wanted to teach others in the business how to work smarter to grow their business.

Today's video was especially interesting because there was a segment on the VA and how the VA loan and it's guidelines have out-performed other loan products.  With its 100% financing, seller funded costs, appraisal process and their over-all exclusion to so many of the new rules and regulations for other loan products, VA's loan default rate is far below any other loan product as well as the national average.  Hmmm...  I think there's a solution in there somewhere to this mess that were all in now.  

Anyway, here is today's video and I hope you enjoy it as much as I did.  I want to also suggest checking out some of their more recent ones too as well as their blog threads.  Very interesting discussions going on.  

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 Donne Knudsen

Realtor® - CalState Realty Services

DRE#: 01364050 / NMLS#: 249822 

 

805.2069123

 

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Serving low-medium income individuals and families as well as first time buyers with both their real estate as well as their mortgage needs including down payment assistance

Los Angeles County  --  Ventura County

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Show All Comments
Eric Bennett
Capitis Real Estate - Palm Springs, CA

Great post.  I also subscribe to TBWS - VA loans should have a great impact in the months to come especially when the tax credit appears destined to survive for Veterans, if not for the entire market.

Oct 20, 2009 05:34 AM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Eric - I wish I would get more vets asking about pre-approving for VA loans.  Unfortunately, around here (Los Angeles & Ventura counties), I don't know of any of the REO listing agents who are accepting VA loans because of the time they take to close and the lack of a down payment.  Around here, VA buyers are having to compete with all cash investors and the VA buyers are losing out.

Oct 20, 2009 09:05 AM
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

I never felt the amount of the down payment was that big an issue (at least not when comparing 3% to 3.5%), but it is an issue people have jumped upon.

Oct 22, 2009 05:04 AM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Gene - I should not be an issue because the loan is insured by the VA but listing agents and their sellers often like to make it an issue by comparing a VA loan to other loans when VA buyers make smaller EM deposits or ask for seller credits.  On that note, these same agents and their sellers make the same complaints about FHA buyers too - even if they don't ask for seller credits.

Around here, cash is king and for those who don't have it, they're treated as second class buyers.

Oct 22, 2009 05:17 AM
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