Unfortunately there are a lot of out dated misconceptions about VA financing that agents continue to perpetuate with sellers.
1) There are fees that the Veteran cannot pay so the seller or lender must: What's funny about this is, these are not additional fees that wouldn't exist on an FHA or conventional loan so if your closing costs are $5,000 for an FHA loan they'll be $5,000 for a VA loan. In most transactions the buyer will ask the seller to pay the buyer's closing costs so if the closing costs are $5,000 it will include all of the fees that the Veteran is not allowed to pay so the seller would "net" the same amount of money from the sale if they accepted an FHA offer for the same amount with the same amount of seller concessions.
2) VA appraisal requirements are too restrictive. This is also out dated. FHA & VA have pretty similar appraisal requirements.
3) VA loans take longer to close. This is not always true & most of the time the time that it takes to close a loan is more a function of the lender than it is the type of loan you're applying for.
There are a few things you can do to increase your chances of getting your offer accepted.
1) Get cross pre-approved for a conventional loan & when you make an offer do it as if you're getting a conventional loan. Once you're under contract switch over to VA.
2) Another thing I do for my Veteran clients in hot markets like CA & FL is to get them approved through underwriting up front so we can close faster once they're under contract.
Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.
Please feel free to contact me for more information or help.
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
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