When speaking with a client about buying a home, there are three questions you absolutely must ask them, and each question revolves around one thing: VA financing.
In other words, is your client VA eligible? If they are, they can take advantage of some key benefits—they don’t have to put any money down, the qualifying process is much easier, and they get offered much better rates.
So, here are the three questions you must ask:
1. Are you or your spouse a veteran? Simply put, a VA loan is the best loan on the planet.
2. Are you or your spouse entitled to VA disability? If so, they’ll be able to waive the funding fee. If they’re getting a $300,000 loan, that will save them close to $10,000.
3. Do you have a certificate of eligibility? Most veterans don’t go out and get a certificate of eligibility, but if they don’t have one, they won’t be able to receive a VA loan. There are three primary ways to get a certificate of eligibility: You can either contact a lender, contact your local VA office, or visit the Veterans Information Portal online and download the form yourself.
Remember, the VA doesn’t loan money to veterans. It sets basic guidelines for the bank to loan the money, and the bank can then add layers on top of those guidelines. If you think your client has a shot at getting a VA loan but they’ve been denied previously by a bank, call a mortgage broker or another bank and see if it was because of an individual overlay that was set on top of the normal guidelines.
If you have any more questions about this topic or any other real estate topic, don’t hesitate to reach out to me. I’d love to help you.