Here's a small glimpse of the most common myths I work hard daily to ensure are truly understood by veterans and real estate agents:
Myth 1: Zero Down = Weak Buyer
FACT: The average veteran has a higher than average median credit score, and higher than average median income, and money in the bank.
Myth 2: VA loans are harder to get through Underwriting and Take Longer
FACT: The national VA average turn time mirrors conventional loans at 28 days, THE FINANCE GROUP IS MORE LIKE 17-21 days when buyer is on top of their requested items.
Myth 3: A Home Seller has to pay veterans fees
FACT: NO ! Sellers have NO FEES TO PAY FOR THE Veteran. This is only true if lenders charge a 1% origination fee, THE FINANCE GROUP DOES NOT CHARGE THIS!
The common place of confusion is Section 1 pest items:
... IF YOU WANT A TRADITIONAL PEST INSPECTION: I would recommend using a home inspection company where the home inspection is on paper incld at $0 OR cover the cost for your client as a "thank you" for their service (these fees are less than $85). Then as with ANY home purchase negotiate section 1 clearance
OR
Order a Form NPMA-33. That Is all I need to see! This form only discusses presence of live pests, it makes no comment for DRY ROT ETC making it cheaper for seller and all parties to obtain "clearance" If there is dry rot, leaks etc it will NOT be on this report and will not kill your deal with a difficult seller. NPMA-33 is accepted by VA and lender as a "pest clearance"
Myth 4: You can only have one VA loan
FACT: Veterans can restore their benefits upon selling and in some cases have enough entitlement for 2 homes using VA financing as long as they are acquired as primary residences.
Myth 5: VA appraisals are much Tougher:
FACT: The VA appraisal gives you 2 chances to get value, VA appraisers are the same appraisers that do conventional FHA and other types of appraisals.
Although I know many veterans would say treat us no different than anyone else, It is so so critical to know that they have earned the right for a zero down home loan, and that A ZERO DOWN VA HOME LOAN DOES NOT EQUAL an INFERIOR BUYER!
Let us all help them come home and make a home in our communities. They will be the best neighbors we have ever had!!!
Please help me in my mission to serve all veterans, their widows and children by at least giving them what they have earned, a chance to be treated fairly.
