VA Loans - Even Experienced Agents are Clueless at Times

Lenn - I am still shaking my head

Leigh - The saddest part is the community he services is next to military installations and there are a lot of ex-military.  The majority of my sales in the area had VA loans.  I wonder how many he short changed with those ideas.

Linda - I have run in to several like him in the past, but with my letter and phone conversation was always able to walk them through it.

Mary - The loan officers I work with pick up the non-allowables.  They have been doing that for some time.

Sally - My loan officer even tried to call him after we found out to better update him for future reference.  No returned phone call as of yet.

Margaret - A great example of why it is so important to continually educate ourselves as agents.  Even after all those years in the business, some agents still do not have a clue.

Jeff - I couldn't agree more.  If I question something in an offer, I pick up the phone to clarify with the other agent before I speak to my client.  I do not want to give me clients misinformation.

Robert - There are many in every area.

Jesse & Kathy - It is critical we keep up.  This business is changing every day. 

Bill - There is a list of items that the buyer normally pays, some lender and escrow fees.  The VA does not allow the vet to pay them.  They are paid by the seller normally which weakens your offer to the seller.  The loan officers I work with pick them up.

There is also a VA funding fee.  The first time you use your benefit it is a 2% charge.  It can be folded in the loan and will not be part of the needed appraisal amount.

If you find a real estate agent that does not want to work with a VA buyer, kick them to the curb and find a professional.

Michele - It is scary to think how many agents do have know anything about VA or FHA.  Shame on them.  I pity their clients.

Charlotte - I ask ecvery buyer if they served in the military.  You may be amazed.  Also USDA offers a similar loan to non-VA buyers in many parts of the country.

Cindy - I have seen far too many buyers talked into less than desirable loans when they could have used their VA benefit.

Brandon - If you add $15,000 to the list price how will it appraise?  Are you thinking the property is priced that much under market?  That fact that it still has not sold says that is not the case.

The problem may be that they have no faith you will be able to close the sale.  You may want to consider modifying your buying strategy. 

I am fortunate that I work with lenders who pickup the VA non-allowables.  The VAfunding fee is folded into the mortgage.  That portion does not need to be part of the appraisal.  The buyers monthly payments are exactly the same, the seller does not need to raise the sale price risking the appraisal.  My clients come in with very little cash and I close 100% of the ones that had a proper pre-approval from a funding lender. 

If the buyer is tight for cash, the bank will drop the origination fee for a slightly higher interest rate.  I know there has been some changes with my local banks, so that may or may not still be the case today.  I have to verify that, my last two clients did not need that.

I write VA offers regularly and get them accepted.  This case I cited above was frustrating because the agent has been in the business a long time and had no idea what he was talking about.