WASHINGTON STATE has many many veterans returning home and several military installations with active duty officers and staff living in our area. I stumbled into the VA program a couple of years back when a borrower who had some credit issues happened to mention he was a veteran.
100% PURCHASE FINANCING/ 95% REFINANCING: I happen to enjoy working with Veterans. They are very organized and get their paperwork in with military precision! Many older Vets have never used their entitilement and it's the first thing I ask these days because if they are entitled, they deserve a VA loan. They put their lives on the line for us so it's great payback. Naturally, your broker has to be fully registered with the Veteran's Administration which is different from FHA although they source the funds similarly. In recent years the terms were less attractive but right now the smoking hot rates compare favorably to FHA because the VA does not require monthly Mortgage Insurance (just an upfront MI fee funded into the loan)
ENTITLEMENT: Most Veterans don't realize is they can re-use their entitlement. Another good point is that credit issues that other lenders totally balk at (IRS liens for example) can still be funded via the Veterans's Administration. I've had one Veteran couple (both vets) use their VA entitlement several times. We can also Refinance a VA loan as long as their current loan is in good standing up to 95% LTV including cash back....a great way to find funds for renovations! Compare that to the fact that conventional cash back loans are currently limited to 85% LTV and only for great credit.
ARE YOU ENTITLED? Bring or fax us your DD-214 Discharge papers and we can register and print out your entitlement papers on-line in about 15 minutes. Since I started doing VA Loans, things have vastly improved in the VA systems. I have attended a number of training programs and the VA trainers are very thorough and clear that their mission is to assist veterans first and foremost. They have improved their response and turn times for appraisals. I recently closed a foreclosure purchase through the VA . The listing Realtor and REO Seller pricked up their ears when they heard it was a VA loan is disbelief, poo pooing the idea because the home was older and needed some work...but we funded it on time and it turned out the seller was the one dragging their feet in the end.
VA MYTHS: VA appraisers will low-ball your property. Not true! I had one VA appraiser improve the value by 20% over what a local bank had offered. VA inspectors will kill the deal. Not true! Lenders don't require an inspection unless an appraiser notes obvious deficiencies. They want to be sure the home will not be a financial burden and if there are 'costs to cure' those items must be satisfied before funding. Veteran's spouses don't qualify. Not true! An unmarried surviving spouse of a military person may be eligible for a VA loan. Disabled Vets won't qualify: Not true! In fact, there are Veterans Benefits Grants for Disabled Vets and help toward ADA access renovations and energy improvements to a home.
DOCUMENT HEAVY Some mortgage brokers steer away from government programs because they are document heavy and we are limited in how we charge our fees. VA in particular makes the broker pay for many of the veteran's costs out of our fee so we have to manage that by pricing the loan very accurately up front. Our VA underwriters are very good at making sure the loan terms 'serve the veteran'.
PRACTICE CREDIT WELLNESS! www.netcredit.blogspot.com Factoid: Many veterans have been away from home for a year or more and may have experienced family financial pressures as a result so its always a good idea to get mortgage ready well in advance of a purchase or refinance. Your report and FICO score will help us place your loan with the best lender for you: higher scores = better terms.Click this Credit Link to order your tri-merge lender report on our secure site. We will call to discuss your report with you. Loannetter
Washington Licenses: 510-LO-31434 510-MB-24707-50145