VA Eligibility-You Still Need to QualifyThis week an offer came in on one of my my listings in Northern Virginia.  It was a good offer, well written with terms and conditions that could work for the sellers.  However there wasn't a lender letter included which is a key piece of an offer.   When I called the agent their answer floored me.  "But they are VA eligible so we don't need a lender letter."

For any agent who isn't familiar with a VA Letter of Eligibility perhaps it could be confusing.  In Northern Virginia we have a lot of active duty and retired military who are eligible for VA loans..  However it doesn't automatically mean a buyer qualifies to buy a home.   Buyer's still need to meet today's tougher lending requirements.  This means a good credit score, verifiable income and a  debt to income ratio that falls within the lenders guidelines. 

If you are a buyer eligible for a VA loan it is one of the few zero downpayment loans available.  It offers a great opportunity for a buyer to get into a home with very little out of pocket expenses.  However don't forget the important step of talking to a lender before you begin your house hunting.  Making sure you know how much home you can afford with a VA loan is important. 

 

If you are eligible for a VA loan and are looking for a home in Northern Virginia give Cindy Jones and CJ Realty Group a call at 703-346-2213.  We understand VA loans and how to write an offer to give you the best chance of buying the home of your dreams with a VA laon.


 

 

                No Hassle-No Pressure-Just Straight Talk About The Northern Virginia Real Estate Market

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and CJ Realty Group, Inc a call at 703-346-2213. 

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.
CJ Realty Group Woodbridge VA 

Licensed in Virginia



 

 

 

18 Comments on VA Eligibilty Still Means You Need To Qualify For A Mortgage

JUL
30
620,671 Points 97 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

VA loans are terrific resources for our active duty and retired military, but you are right, they still need to qualify for the loan :)!  
6:02pm • #1
374,299 Points 24 Featured Posts Outside Blog Called Shot Master

Good to explain it as not everyone understand the process. Of course they should seek Cindy Jones out as your expertise is going to make all the difference.
6:32pm • #2
1,227,276 Points 79 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Hi Cindy,

OMG..I find it hard to understand the agent didn't know this fact! Have they never done a VA? They should have called you direct for proper representation!
6:35pm • #3
1,120,205 Points 102 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I've only had a few VA loan clients, but yes, everything has to be in place, the eligibility and the buyer's qualification.
7:51pm • #4
186,709 Points Outside Blog

Great Blog, Great information for Realtors, buyers and sellers. Thanks for sharing this detailed information about how real estate should be handled. The Marcus Rice Team with RE/MAX Allegiance in Richmond Va agree with this blog.
8:11pm • #5
1,914,481 Points 386 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Ah, credit!  A really, really adorable couple wanted to buy one of my listing with VA, but oops! 
8:16pm • #6
1,329,562 Points 37 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Cindy

Buying VA is a great way to buy a home id your a veteran, but you still have to qualify and be approved.

Good luck and success.

Lou Ludwig
8:39pm • #7
JUL
31
1,049,150 Points 397 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I get that quite frequently. A VA loan is not an entitlement. It's a benefit for qualified and eligible veterans.

The things agents don't know never ceases to amaze me.
6:42am • #8
631,063 Points 7 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Using an agent who knows they need to be pre-qualified for a loan would help also
2:48pm • #9
AUG
01
4 Featured Posts Called Shot Master

Cindy, this brief post of yours hits on a mis-perception that the general public has. People think "I am eligible for VA, so I am all set". SUGGESTED, because I think this is a very valid point, and your post is a good reminder for any Buyer to talk to a loan officer, and for all Realtors to double-check with any client talking about VA, to check if they understand what they are planning on doing still requires the normal loan process.
7:25am • #10
1,528,049 Points 164 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Brenda-the agent was newer and took the buyer's word for that they didn't need to qualify for a loan.
5:25pm • #11
1,528,049 Points 164 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Janis-thanks for your vote of confidence.  I've worked with a number of VA buyers over the years.
5:25pm • #12
1,528,049 Points 164 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Dorie-unfortunately they didn't get the property but at least they did learn they needed to talk to a lender.
5:28pm • #13
1,528,049 Points 164 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Tammy-I was shocked but going forward both the agent and the buyer understand the process.
5:33pm • #14
1,528,049 Points 164 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Thanks Marcus for stopping by.
5:33pm • #15
1,528,049 Points 164 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Pat-yep those pesky credit scores and qualifying for a mortgage.
5:34pm • #16
1,528,049 Points 164 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Lou-I've used VA benefits twice to buy and home.  It is a great option and one of the few 100% options available for qualified veteran buyer's today.
5:35pm • #17
1,528,049 Points 164 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Bryant-I guess if you don't work with veteran buyer's frequently you wouldn't understand the difference between an entitlement and qualifying for a mortage.  Big difference.
5:36pm • #18

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Cindy Jones-Northern Virginia Real Estate & Military Relocation Services

Woodbridge, VA

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