The Misconception About VA Loans.... First Time Home Buyers

The VA program is a GODSEND! I have been able to get my veterans into their homes with NO money at the table and 100% of their earnest money back when the seller pays closing costs!

You're absolutely right several times clients have thought the VA is their Lender.  Margaret C.

@ dave #14.

We both may have read the same article. They were stating how VA's should be considered a guideline on setting up future mortgage guidelines.

Melissa,

Another great blog post from you - well written and easy to understand.  I agree with a previous commenter that I guess we take it for granted that buyers understand that the VA is just a guarantor.

I've only had one VA sale and it was awesome. Even the appraiser selected by the bank happened to be a veteran, and he saw it as his personal goal to make sure that the buyers weren't paying a penny too much for their new construction loan.  They were thrilled!  What an awesome program - I wonder how much this benefit is advertised to service men and women?

Hi Melissa -- I bought my first house when I was 25 using a VA loan in a strong rising seller's market.  I didn't have much cash, so this was the only way it would have worked.  The market was rising so fast in DC in the mid 1980s that had I waited one more year, I would have been priced out of the market.  That VA loan helped me get on the home ownership bandwagon that has served me/us well over the years.

Melissa

Very good and brief article..  Yes,  I used the VA Loan for my first home and was a great benefit!   Good to see also that Vets can still have that option..

Melissa, great explanation of a great program.  You tell it in such clear and simple to understand terms that anyone can easily get it.

It amazes me how many people don't "get" this at all.

That's part of our job to educate the consumer. The more you can, the better they'll appreciate you. more

Melissa,

One of my sellers alerted me to this great post!  Yes, the public is reading and acting...

Melissa: Thanks! This is good basic information for the consumer. Being in the business, I know that but I could see how a layperson may not know how to proceed. Thanks again!

Great post Melissa-direct and to the point!  So many people are so insistent that it has to be someone specific. 

I love VA Home Buyers! This is such a great loan for the men and women that honor and serve our country. It is so important a VA Home Buyer work with an experienced Realtor and Loan Officer that understand the program. There are many people in the industry that do not understand the ins and outs of the program and frankly, I think are scared of them because they do not understand. I have had to explain them more than once to listing agents AND loan officers! Great Post Melissa!

I am working with clients now that are both life long in the Air Force.  I had to explain to them what a VA loan was and just when you think people know about something, you've figured wrong!  Great post!

Thanks for the post, Melissa.  You're so right.  The misunderstanding over VA (and FHA for that matter) is extremely common.

But that's why professionals like our AR community exist.  We bring in our understanding and experience to help dispel the confusion.

I'm so glad that the VA program has continued to provide our armed forces such a benefit as one of the last 100% financing options.

What great videos! I could make them too, if only I had any TALENT!