Help a Veteran buy a home...it's easy

By
Mortgage and Lending with Fairway Independent Mortgage Company 385907

 

I am frankly astonished that considering the number of Veterans in our country how few use their entitlement to purchase a home, and how few Realtors encourage them to do so.

remember the VA entitlement is an earned benefit and essentially is available to a Veteran and their spouse.

yes I know there are other circumstances, but this is the main use.

here's one myth for you

I can only use my entitlement once

I still hear Veterans saying that and it's just not true.

Let's look at the basics;

you're talking about 100% financing where the seller can pay the closing costs and prepaids...no $$$ necessary

you're talking about a 30 year fixed rate loan. rates are still great.

you're talking about liberal credit scores. the norm is 640, but some investors will accept 620


the VA funding fee is very reasonable, 2.15% for first time users, and there is no annual MI fees. Compared to FHA that's a pretty big savings.

Did you know that a disabled Veteran may qualify to have the funding fee waved?


Is that the markets best buy? could be.


  VA Jumbos; have you heard of them? up to over $1million, with lower than conventional down payments and great rates

this program will save the Veteran substantial out of pocket $$$

Okay let's see now; low down payments, little or no out of pocket $$$, great rates.

Hmmmmm

Seems like there should be more Veterans using their benefits

Disclosure;

At the American Eagle Mortgage co. were are government lenders and we are proud to offer VA loans to the qualified Veterans who have earned this entitlement.

the writer of this post has had the honor and privilege of helping Veterans purchase homes for over 30 years.

So today's the 4th of July, Independence day, it's a good day to start

helping a Veteran to buy a home for themselves and their families

 

ps; this is a great first time homebuyers program for Veterans

 

 

 

 

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Rainmaker
275,477
Jay Beckingham
Fairway Independent Mortgage Company - Delray Beach, FL
"I love first time homebuyers"

Edward & Celia

I don't know who does your VA loans, but there's no reason for them to take longer

 

Harry,

I agree, and the Veteran has earned it.

thanks

jay

Jul 04, 2013 01:50 AM #9
Rainer
237,463
Jay & Michelle Lieberman
Keller Williams World Class - Agoura Hills, CA
Creating Calm in the Buying and Selling Chaos

I have had a couple veteran buyer clients and was suprised that they did not even know much about the entitlements for home buying they have.  I had to educate them on the benefits.  I think I have them as clients for life now.

Jul 04, 2013 01:51 AM #10
Rainmaker
388,277
Mitch Muller - Charlotte NC Real Estate
ProStead Realty Charlotte, NC CRS CDPE mitch@prostead.com - Charlotte, NC
Certified Residential Specialist

Something I tend to forget to ask as well unless the buyer is looking for 100% financing. I'm going to start asking this more often!

Jul 04, 2013 01:56 AM #11
Rainmaker
275,477
Jay Beckingham
Fairway Independent Mortgage Company - Delray Beach, FL
"I love first time homebuyers"

Jay & Michele,

I agree that most Veterans do not realize the strength of the tool, being their entitlement, that they have.

Mitch,

make a little sign that says, don't forget to ask "are you a Veteran?"

 

thanks

jay

Jul 04, 2013 03:04 AM #13
Rainmaker
597,342
Bill Reddington
Re/max Southern Realty - Destin, FL
Destin Florida Real Estate

VA loans are are great. Lots of VA buyers in the Destin Area. Always like working with VA buyers. Happy 4th.

Jul 04, 2013 03:30 AM #14
Rainmaker
275,477
Jay Beckingham
Fairway Independent Mortgage Company - Delray Beach, FL
"I love first time homebuyers"

Bill,

I would think that that is a Veteran rich environment. serve them well

 

jay

Jul 04, 2013 06:20 AM #15
Rainmaker
1,554,524
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Veterans are no more entitled to buy a home then anyone else.  They are, however, given a very nice loan guarantee, AKA, the VA Loan.  The VA doesn't loan money, but guarantees the loan with the very liberal conditions of: zero down, no PMI, etc.  Veterans are still borrowers.  While they may be eligible for the VA loan, not entitled to it, they must qualify just as any other borrower.

Jul 04, 2013 06:43 AM #16
Rainer
275,569
Jimmy Faulkner
Florida. Homes Realty & Mortgage - Wantagh, NY
The Best Of St. Augustine

VA loans are a great benefit that the Veteran gets for the service rendered. I always encourage a Vet loan since the government gives them little else. Just ask the Wounded Warrior.

Jul 04, 2013 07:20 AM #17
Rainmaker
275,477
Jay Beckingham
Fairway Independent Mortgage Company - Delray Beach, FL
"I love first time homebuyers"

Carla,

you don't appear to enjoy the word "entitled" so I'll make a change and quote directly from the VA underwriting guidelines. "VA loans involve a veteran's benefit." and make no doubt about it is an earned benefit. They certainly do need to qualify but once again right in the guidelines," lenders are encouraged to make VA loans to all qualified veterans who apply...underwriters are expected to use good judgment and "flexibility" in applying the guidelines." I don't think you'll find the word "flexibility" in any other manuals in todays environment.

 

Jimmy, you encourage them, as do I, as it is an earned benefit.

 

thanks

jay 

    

Jul 04, 2013 07:54 AM #18
Rainer
225,942
Dinah Stallworth-Lewis
Priority Real Estate LLC - 800.978.4847 - Natchitoches, LA
NATCHITOCHES, LA HOMES FOR SALE

Im working with a veteran now. Hopefully, he is able to purchase his first home.  They all should take advantage of their VA Loans. 

Jul 04, 2013 10:04 AM #19
Rainmaker
1,003,812
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Jay, I think that helping a Veteran make their home purchase using their VA benefits is an excellent way to finance.  Fort Worth is my market area, and I have found that too many Realtors are really not all that familiar with VA loans... so they shy away from them.  Not a good plan.

Jul 04, 2013 10:42 AM #20
Rainmaker
1,003,812
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Carla, the words "VA Entitlement" have been used for years and years when speaking about VA loans.  It has never, ever meant that a veteran is "entitled" to an approved VA loan... only that because of their service, they are "entitled" to have access to a mortgage financing program where the VA "guarantees" the loan once it is in place... that is... after closing.  Like any loan, their VA loan must be approved.

The VA "guarantees" their veterans loans, while the FHA "insures" them... again, once they have been made and approved.

Jul 04, 2013 10:47 AM #21
Rainer
228,014
Jill Winchel
Royal Shell Real Estate - Koffman & Associates - Cape Coral, FL
We make it easy. You make it home.

My husband and I helped a couple buy a home with a VA loan last year. It is a great benefit for veterans. Lenders should be asking if their clients are veterans and finding out if they are eligible while qualifying them.

Jul 04, 2013 10:50 AM #22
Rainmaker
1,316,615
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

I have worked with a lot of veterans.  My pet peeve is that the VA won't let the veteran pay any portion of the buyer agent fee.  With a variety of fee structures including entry only and uneven splits, it may put a veteran in the position of having no representation and they have to work with the listing agent.  The FHA dropped this years ago.  I have had a number of veterans who have not been happy with this prohibition.  They want and are willing to pay for buyer representation. 

Jul 04, 2013 11:25 AM #23
Rainmaker
938,979
Gary Frimann
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

In the past 3 years, I have helped 4 ve5ts get into houses.  It is a great program (benefit) and they are always grateful.  Unfortunately, prices have risen here rather rapidly, knowcking them out of c`ontention for 100% financing.

Jul 04, 2013 12:21 PM #24
Rainmaker
275,477
Jay Beckingham
Fairway Independent Mortgage Company - Delray Beach, FL
"I love first time homebuyers"

Dinah,

I agree, and good luck.

Karen

question? of all the low/no down payment loans, which has the lowest payment, and how bought on funding fee for qualified disabled Vets...beat that.

Jill,

 I agree, I try to remember to ask every applicant, up front, if they are a Veteran.

Joan,

on many VA loans I and the American Eagle Mortgage Co. earn less money due to non allowable fees. I accept that and under no circumstances do I allow it to deter me from serving our Veteran homebuyers

Gary,

if you're in jumbo land check out the VA jumbo. it is still a great option.

thanks all

jay

  

Jul 04, 2013 09:23 PM #25
Rainmaker
397,192
Bill Dean
Haggerty Team St. Louis, Mo. - Fenton, MO
William Dean - Broker, Salesperson

Jay,

I'm a veteran from way back in the early 70's and did not use my loan but does it ever expire?  I did use my eligibility when I assumed a loan back in 1978.  It was a VA loan going into foreclosure and I paid it off after I got the loan and had it for several years.  Always wondered if I would still be eligible?

Jul 06, 2013 03:52 AM #26
Rainmaker
275,477
Jay Beckingham
Fairway Independent Mortgage Company - Delray Beach, FL
"I love first time homebuyers"

Bill,

from what you just described us you are. just contact the VA and acquire a new certificate of eligibility

jay

Jul 06, 2013 05:30 AM #27
Rainmaker
1,003,812
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Bill, the questions I would ask would be if the veteran whose loan you assumed was released from liability. 

Also, in 1978... you may have simply assumed the veteran's loan like everyone else could have... or you could have assumed it and used part of your own VA eligibility.  (I am not sure when the ability for ANYONE to assume a VA loan ended.)  I think that FHA discontinued the ability for anyone to simply, totally assume a loan was perhaps in 1986... I am unsure.  And back then... often-times FHA and VA did similar things.

The reason I ask the questions is that if the VA loan you assumed was simply an "assumption" and was not done involving your VA eligibility... then it going into foreclosure may have only affected your credit, and not your VA.  However, if when you assumed it, your VA WAS involved, then the foreclosure may have had additional impact.

Best answer... talk to a long-time VA loan officer who has been doing VA loans for years and years, or maybe even a VA underwriter... along with talking to the VA.

Hope this helps rather than confuses more.

Jul 06, 2013 06:18 AM #28
Rainmaker
275,477
Jay Beckingham
Fairway Independent Mortgage Company - Delray Beach, FL
"I love first time homebuyers"

Karen,

I've been doing VA loans for over 30 years would I qualify as a loan officer who's been doing VA loans for years and years?

I really don't think a VA underwriter could answer the question, but if you contact the VA and apply for a new certificate of eligibility they will tell you if you're eligible.

gee I think I already suggested that

jay

Jul 06, 2013 07:46 AM #29
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