Home Buying in Ponce Inlet>Question Details

Rr, Home Buyer in Florida

Why do real estate agents and mortgage companies try to push me away from using my VA benefits?

Asked by Rr, Florida Sat Mar 29, 2008

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Hi JD. Thanks for the info. I always like to learn new things. Finding out about how things are done differently in different states has been one of the main reasons for coming to Trulia.
1 vote Thank Flag Link Sat Mar 29, 2008
Ute Ferdig -…, Real Estate Pro in New Castle, DE
We do a lot of VA mortgages here in the Florida panhandle. If someone is discouraging you, find a new agent and mortgage company!! My guess is they just don't know how--there used to be a biased against it because of stricter rules. but in military areas, they are the norm.
Web Reference: http://www.MykeTriebold.com
1 vote Thank Flag Link Sat Mar 29, 2008
A friendly note to Ute:

VA and FHA loans are very popular here in Florida becuase of the high Military retirement and regular retirement folks here. When I practiced in the midwest we NEVER saw VA or FHA...it was all cash or conventional financing

See Ya,

1 vote Thank Flag Link Sat Mar 29, 2008
I would be willing to bet that the mortgage officer you are talking with is not qualified to do VA or has no experience with VA. The agent should recognize this and help you fnd another mortgage officer. The downside is there will be an additional inquiry on your credit report but a good underwriter should be able to over look it. If your agent is not responsive to this ask the broker or manager for another agent to be assigned to you. If that fails Walk! The financing contingency should qualify you for a return of your deposit. If that Fails appeal to the Florida Real Estate Commission in Orlando with what is called a Binder dispute and request an EDO. The present broker is required to make this request on your behalf here in Florida. I hope it's not my broker or an agent in my office!

JD “Dan” Weisenburger, GRI
Broker-Associate REALTOR®
Vanguard Realty, Inc. GMAC Real Estate
Web Reference: http://www.neflahomes.com
1 vote Thank Flag Link Sat Mar 29, 2008
If your real estate agent and mortgage company are discouraging you it is time to get new real estate and mortgage professionals. Be sure you have your eligibility certificate from the VA before you look for a home. If you have used your VA benefit before the "funding" fee increases each time and sometimes when that is worked into the loan the actual percentage rate comes out higher than a conventional loan. Both mortgage and real estate professionals need to wrap their brain around these loans as VA may be one of the last truly 100% financing options available. I have been a USAA agent and have closed VA loans for years (even when the market was hot) Veterans deserve this benefit and when properly explained an informed seller is willing to work with you. Be sure you investigate all of your options and do what is best for you and your family... Best Wishes
1 vote Thank Flag Link Sat Mar 29, 2008
They shouldn't. I just completed a VA sale transaction and it was the smoothest transaction I have experienced in a long while. With the VA purchase price currently set at $417,000 it enables a huge sector of the population to e able to purchase a home with no down payment, no closing costs and in some circumstances, no PMI (disabled veterans benefit from this). I just closed a VA loan this week, March 26th at 5.75% interest rate for a veteran that had a 690 fico score and stable income.

I think it is a no brainer as far as choosing a loan program when your buyer is a veteran. And you realize that we will be seeing a whole lot of veterans saturating the home buying market now for years to come. Use those benefits!! You deserve them! Good luck.

P.S. I don't see a down side for a mortgage company to offer these programs. Their fees are the same as a conventional loan would be, typically. I think that many lenders and brokers do not understand the VA process and therefore shy away from it. Too bad for them. It's a piece of cake.
1 vote Thank Flag Link Sat Mar 29, 2008
I do believe this might have a simple answer ~ because they are not comfortable with handling that type of transaction. In past years, VA loans have been a little more difficult type of loan to secure, but recent changes have made them more attractive. If you're searching for an agent that can help you find a great home, using the loan you worked so hard to earn, give us a shout. We're happy to help.

The Mark Card Team
Web Reference: http://www.TeamCard.us
0 votes Thank Flag Link Sun Mar 4, 2012
It could be that the home would not qualify for VA financing based on condition ... beware when someone pushes you away from the benefits that you earned while serving your country - you should take advantage of it, the program is wonderful. BTW - Thanks for your patriotic service !
0 votes Thank Flag Link Sat Mar 3, 2012
VA & FHA loans were not popular in the recent past because they were stricter, more paper work and there were lots of other easier loans available. Now that the loan industry has changed, I think VA & FHA loans are experiencing a rebirth and increased popularity. One of the possible reasons for discouraging you from getting a VA loan may be that not all mortgage brokers handle VA loans and they'd have to refer you to someone else who does. If I were you, I'd carefully evaluate the pros and cons of VA loans and conventional financing. If you find that a VA loan is what you want, then go for it.
0 votes Thank Flag Link Sat Mar 29, 2008
Ute Ferdig -…, Real Estate Pro in New Castle, DE
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