Click here to search for Real Estate that will allow for VA Lending!!! Why do Veterans Loans take the back burner when compared to every other type of loan program in the world?
Each and every time we meet with a veteran in our offices or talk to one of the phone – I come across the same discussion. They usually tell me that they want to use the VA loan and I say “GREAT”.
However, I always throw the disclaimer out there, “Let me share with you my experiences with VA loans.”
Over the past several years – since we founded our business on Representing Emergency services members with their Real Estate Needs, we found that we were working with a lot of Veterans. Looking back at my police academy days in 1990 – most of my class had served in the US military in one capacity or another. Cops, Police, Firemen, Deputies and Highway Patrol, are very attractive to X-Military due to the structure and “potential life saving” abilities that they offer.
So, you have the training, the rush and the personal satisfaction of being able to “make a difference”.
The VA Loan is looked at by Mr. and Mrs. Home Seller, whether they are a bank, private person, or investment group, as being the lowest in rank. If Mr. and Mrs. Seller get a conventional offer (usually 20% down) or an FHA offer (usually 3.5% down), they usually go with those two and not the VA.
Reason? V.A. financing is very strict. The owners of these homes are brought up to speed and they know that their home has to be in “top” condition, or face injecting more money to bring it to that point, if they accept a VA offer.
When they, the seller, is looking at their bottom line, which is otherwise known as their net profit – they know they will make more with either a conventional offer or FHA offer than they will with VA. (depending on offered amount and appraisal)
How to Change it so the Veteran does not get the short end of the stick, yet again? – Turn the tables and make VA the best loan program and the first accepted by the Sellers. Can’t our Veterans get a break? What do you think about the VA Loan and what has been your experience?