Don’t Overlook Buyers With a VA Loan in Brooklyn

VA loan

Nearly 12% of the 16.4 million active-duty service members and military veterans with a mortgage have a VA loan.

Home Sellers, are you overlooking buyers with a VA loan in Brooklyn? If so, you could be missing out on a huge, fast-growing consumer market. Wanda Petty, president of the Washington, D.C., chapter of the Veterans Association of Real Estate Professionals, says, “Most home sellers have major misconceptions about veterans and active military, so they don’t even try to market their homes to this large population. As a result, they are missing out on a huge consumer market.”

Here are 7 misconceptions home sellers may have about VA loans (VA-guaranteed financing):

  1. There’s too much paperwork involved with a VA loan. Those buying a home with a VA loan need to go through the same steps as someone applying for a conventional loan: 1) prequalification, 2) pre-approval, 3) search for a home in Brooklyn, 4) make offer and 5) process and close on your dream home in Brooklyn.
  2. VA loan appraisals are a nightmare. On average, VA loan appraisals are coming back in a little less than 10 days nationwide. The VA wants service members to purchase solid, move-in ready homes. VA loans are not designed to fund fixer-uppers. A home in good condition makes the VA loan appraisal a breeze.
  3. VA loans are slow to close.  According to AVREP, VA loans close as much as two days faster than conventional mortgages. Most VA loans close in 30-45 days.
  4. VA loans are difficult to qualify for. Qualifying for VA loans is easy for veterans, and when both buyers and sellers know the loans’ limits, the qualifying process flows more efficiently, according to Wanda Petty.
  5. VA loans require a perfect credit score (850 being a “perfect” score). The minimum credit score required by the VA varies by lender. Most VA lenders are looking for a 620 credit score. The average credit score is 525 which compares favorably with the 600 needed for most conventional loans.
  6. Our home may be out of their reach with a VA loan. Few neighborhoods are too expensive for VA loans.
  7. VA buyers are few and far between. Military families are everywhere. They are in your community.  According to the National Association of Realtors, nearly 12% of the 16.4 million active-duty service members and military veterans with a mortgage have a VA loan.

According to Inside Mortgage Finance, a trade publication, the increasingly important VA loan program is among the fastest-growing areas in the mortgage market. At last count, the VA owned nearly 25% of the primary insured-loan market, easily outperforming the Federal Housing Administration (the FHA). Sellers, don’t miss out on this opportunity to sell your home. Don’t overlook buyers with a VA loan!

As your Brooklyn real estate agent, I take my responsibility of service to you as a seller very seriously. If you are looking to sell your Brooklyn home, call me, Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate, at (718) 253-9600 ext 206 or email [email protected] today.

Resources:

http://www.latimes.com/business/realestate/la-fi-lew-20141228-story.html?track=rss

http://realtormag.realtor.org/daily-news/2014/12/29/are-vets-missing-out-home-ownership#sf6627801

http://www.veteransunited.com/valoans/note-to-home-sellers-leaving-out-va-borrowers-is-your-loss/

http://www.military.com/money/va-loans/5-va-loan-myths-dispelled.html

http://www.veteransunited.com/realestate/5-most-common-va-loan-myths-busted/

http://www.veteransunited.com/va-loans/

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