VA Q&A With Andrew Paul: Top Tips for Getting a VA Loan Approved

Top Tips for Getting a VA Loan Approved

Have you ever been told it’s harder to get a VA offer accepted? Or that sellers may consider a conventional loan instead of a VA loan with offers on their house?

I have been told that. It’s insulting to be as a veteran, and frustrating to me as a lender. The idea that we would treat veterans and VA Loans as second class citizens to a conventional offer is very frustrating to me. Although, that prejudice does exist for some people. Some of it comes from the way VA loans were done years ago. They used to take a long time to close, and even today, there are a lot of lenders who don’t do VA loans very well. They end up delaying closing, closing late, not doing preapprovals properly, or other things which may cause the deal to fall out of escrow because the lender doesn’t know what they were doing.  All that combined has in some cases built this prejudice that VA loans don’t close on time, or may not even close at all.

 

How can you as a veteran write an offer and have the best shot at getting your offer accepted?

 

Get Pre-Approved with a Reputable Lender

Someone who has a reputation of doing an accurate pre-approval & a history of closing on time

 

Work with a lender who is good at communicating

Your lender must communicate with the seller and listing agent.

For example, if you are working with me, once you have been preapproved and ready to write an offer or when you start writing offers, call me so my team and I with the name of the listing agent and their phone number so I can personally make a phone call to the agent and let them know how well qualified you are, and the fact that we can close on time or early.

This communicates a few things to the seller:

a) Your lender is an active communicator. There are a lot of moving parts when doing a loan and closing/buying a house. They like to know that whoever you are working with is going to be there when issues arise.

b) It communicates out competence as a lender. You have been properly pre-approved and this loan has a very small chance (if any at all) of falling out of escrow.

 

Write the offer in a clean way.

A lot of times you need to get a seller contribution when using a VA loan. It’s not always required but a lot of times you want to get a credit from the seller. When you do this, you need to write it so the seller understands what their risk is.

For example: Don’t write an offer and ask the seller to pay 3% or a percentage of the closing cost. Make it simple. Don’t make them do math. When you are going back and forth with the purchase price and they’re having to calculate a percentage of a purchase price of what they are going to have to credit back to you for closing costs- that’s just too hard. Keep it at a simple dollar amount.

 

We are happy to answer any questions and see that your offer gets accepted when using your VA Loan.

 

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