REALTORS BEWARE. VA LOAN MILILANI,HI

By
Mortgage and Lending with VA LOAN HERO-ALOHA LENDING SERVICES

Just when you thought it was safe to get in the car and look for properties...

I know its great to get a potential lead. A client that is so interested in seeing a home they sleep on your door step so you can go out looking bright and early. Out of courtesy, insanity or lack of experience you don't ask if they have talked to a Lender.  you land their dream house only to find out a week later that they haven't paid their child support, they are 3 payments behind on their car and they are nowhere to be found on the list of " Free Money" courtesy of Mr. Obamas plan to save us all.  Folks truth be told a pre-qual or even pre-approval is worth the paper it is written on unless there has been a DO/DU ( GOVT UNDERWRITING)  approval to go along with it. Trouble is most  govt underwriting approvals are not done as an extra step of precaution. A good loan officer will run DO/DU as part of the initial interview.

If you are on the selling side of a transaction you can always request to see the approval. There will be certain confidential information blocked out such as credit scores, debt to income ratios and even the interest rate, however the magic words you are looking for is APPROVED/ELIGIBLE. This means tha the govt underwriting has granted an approval based on the fact that the borrower and the Loan Officer have told the truth on the information that was inputted.  Then again the DO/DU approval is only as good as the information that was entered. Chances are though if you have this in hand you are 90% on the way towards a closed transaction.

That's all Folks

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Hawaii Honolulu County Pearl Harbor
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Rainer
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Dave White

VA Loan Hero
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