You need someone with experience
In all likelihood, a house purchase isn’t something you’ll undertake that often, maybe only a couple of times in your life (although, obviously, some people move around a lot more than others). It doesn’t matter if it’s your first or your fiftieth real estate deal, it is absolutely essential that you undertake it in partnership with a person who has a true understanding of VA loans. VA loans are very specific products, and the majority of mortgage companies and realtors don’t work with them that often.
If a mortgage company or a realtor tries to dissuade you from considering the VA loans on offer, be careful. Frequently they’ll be doing this because they are just not familiar with the product. VA loans aren’t any more complex or hard to obtain than other financial products; they are simply different. As a buyer, knowing what those differences are and how to negotiate them can be the difference between a successful purchase and disappointment.
The same questions are just as pertinent when taking on a VA loan, be it from Good To Go Mortgage or any other lender:
Are you experts in VA loans?
When a lender has been through the VA loan program before and has an awareness of the specific requirements of servicemen and women, they can give you expert guidance to help you use the program to your best advantage. If loan officers don’t have much experience with the program, they might not understand everything that’s required, all the restrictions that are in place, and what elements are excepted or exempted. Those loan officers who have expertise in VA loans will ensure you get your full entitlement in the way that suits you best. You want a lender who can give you a clear and precise explanation of your VA loan entitlements, explain to you how your application will be appraised, and show you how it matches up against other loan alternatives.
What military documentation will I be expected to show?
An experienced loan company and its officers will be able to explain all required documentation, such as a Member 4 copy of the DD-214, a statement proving you have been on active military service, or proof that you are eligible for VA disability benefits. You don’t want your house purchase to be delayed or even derailed by basic documentation problems.
Further reading: Information regarding the Certificate of Service.
Do I need to procure the Certificate of Eligibility myself?
You can obtain the Certificate of Eligibility for yourself if you wish, but you’ll find that many VA loan companies can get it for you through the VA’s online services; this can often be done in just a few minutes and can be a great timesaver. Bear in mind that the CoE doesn’t have to be present to initiate your application.
Do you know a realtor who is familiar with VA loans?
There will be a further discussion concerning why you need a realtor who is familiar with VA loans later on in this course. Having a realtor who really understands VA loans may be crucial for servicemen and women and veterans who want to buy a home. Ask your lender to hook you up with a realtor in your area who knows how to deal with veterans. This can lead to important time and money savings.
Can I work with a personalized loan team?
A large number of loan companies treat their borrowers as if they are on a factory assembly line. At each stage of the loan approval journey, you may find yourself passed on to a different agent, possibly never talking to the same person from one phone call to the next. This means lots of unnecessary stress and time wasting as you explain your requirements through a fresh agent. If the loan company can allocate a dedicated team who are experts in VA loans to your case, the whole process becomes smoother and simpler.