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Are you afraid of VA Home Loans?

Are you afraid of VA loans? Scared that the appraisal may come in low? Frightened that the loan process will be too slow? Worried about an out of state lender?

Since I became a preferred lender for the Military Housing Assistance Fund, I get to deal with selling agents in the many states that I work in. I usually receive a phone call from the selling agent before the contract is accepted asking me many questions and doubting my ability to close the loan on time or possible problems with the VA appraisal.

I take it slow and explain that a great deal of my transactions are VA or Texas Veteran loans and I refer them to my VA Home Loan website. It usually calms their fears and we close the transaction on time and everybody is happy.

I posted about Fast VA Home Loans on my blog and what you need to look out for if you receive an offer that involves a Veterans Home Loan, check it out and let me know what you think.

BTW, if you are one of the agents that receives a contract from one of my borrowers, please feel free to contact me!

Posted by John Parker - Texas Veteran Loan Officer on 10/24/2007 11:16 PM

Comments (9)

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9 Comments on Are you afraid of VA Home Loans?

OCT

2007

I get them same calls.... especially my out of town deals. One of those skeptical callers actually dropped their preferred local lender for me.

A lot has changed in the biz and there are still good loan officers out there.... The biggest piece of advice I can give realtors is how to ask the right questions.

Interesting... I had no idea they were so easy

I'm not scared of VA loans as long as I have a good lender who knows what they are doing! And it sounds like you know VA.

Tom,

I normally get these calls on out of town deals but even more on VA deals...I agree with teaching Realtors on how to ask the right questions...

Dana,

They are easy if you know all of the steps involved...I have LO's and Realtor's emailing me almost everyday about the complexity...It is more involved than any other type of residential transaction but it isn't that complicated...Well, not if you do them everyday...The most common myth is about the VA appraiser that don't find value, I wrote about it here... VA Home Loans appraisals

Linda,

Thanks, I don't claim to be the ultimate expert...it just seems that way becuase I have my own VA underwriter and my processor was an underwriter for 10 yrs...

I originate all types of loans and we take the same care with each of them...I just happen to get a lot of VA loans...

DEC

2007

John,

Great Post. Can you email me Nick@NickGood.com with more info about VA loans? I showed a home this past weekend with a father and son, and the home will be for the son but the father told me he is going to buy it with his VA loan.

Can this be done not being an owner occupied home?

Thanks,

Nick Good

I'm not scared of VA loan... I just wish borrowers would look into all their options before just jumping straight to a VA loan because many times, the VA loan is not the best route for them.

DEC

2007

Donna,

I agree that VA loans aren't always the best solution so I always present different options as well. Since you brought it up and I have a few ideas of my own, when do you feel that using a VA loan isn't in the borrowers best interest?

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