Opportunity is Found in Adversity
The recent changes in the mortgage industry are eliminating many potential buyers. As professionals we are searching for alternatives loans that will help buyers qualify. The VA loan program is once again becoming a viable option for buyers and sellers. There are many veterans and active duty military who have not used their VA loan benefits to buy a home. During the last real estate downturn in the early 90′s I specialized in VA loans.
A VA buyer can finance the purchase of a home or condo up to $417,000 with one loan and no money down. If the sales price exceeds $417,000 the VA loan may still be a viable loan, however a small down payment and secondary financing will be required. Seller carry backs are allowed. Interest rates are very competitive and comparable to conforming interest rates. There is no PMI insurance. The seller can pay all closing cost and other sales concessions to help the buyer qualify. SCME offers the VA fixed rate, buydowns and adjustable rate loans.
Warning, do not trust inexperienced loan officers with your VA Buyers. VA loans are a different breed of animal than conventional loans. Most loan officers who have been in the business less than 7 years have not closed a VA loan, even if they work for a major lender. Many mortgage companies and brokers do not have the knowledge and experience necessary to close these loans. This same advice applies to selling agents as well. If you receive an offer on your listing and the buyer is using VA financing you owe it to your seller to insist that the buyer apply with an experienced loan officer and lender.
In my 23 years as a loan officer I have closed hundreds of VA loans. I have also taught VA home buying classes on and off the military bases. SCME Mortgage Bankers is an industry leader in the VA & FHA mortgage business. Together we have the expertise and resources to help you close more sales and increase your profits in this challenging environment.
Call me at 858-592-7090 to learn more about VA and other loan programs that we have available to help you increase your profits. Ask how I can help you build your business by use these loan programs as marketing tools to prospect for clients.
Author Contact Info:
Aaron Johnson
http://www.scmehomeloans.com
(858) 677-2796
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