Today, Paula Christine is joined by Michael Fischer of Ross Mortgage. Michael is an expert in the field of VA loans. Often, veterans don’t take advantages of these opportunities because either a) they don’t know about them or b) they’ve received bad information.
A VA loan can often mean a zero down payment for recipients, provided they meet the requirements of using the home as a primary residence, as well as various criteria for their time served in the military. And this can easily be shown with what the VA calls an entitlement certificate.
Not only can a VA loan involve zero money down, it can also avoid PMI, or mortgage insurance, thereby lowering the rate.
Michael also dispels the myth that VA loans are harder to get or process. There is no difference in loan approval rates between VA and traditional loans. The fact is that many realtors and loan officers are not educated in the VA space, this can cause them to pass bad information on to our veterans! This is why Michael created the Veteran Mortgage Advisor program, in order to educate mortgage brokers,and realtors about the benefits available to our military members.
VA loans are not harder to close, they don’t take longer to close, and the inspection process is not harder. Michael explains where some of these myths come from and how he’s trying to get the word out. He also has a class called “Present a VA offer. The seller will accept.” This educates buying agents on how to explain the VA loan process to selling agents – focusing more on the bottom line for the seller.
Finally, a VA loan can actually be used as a way for our servicemen and women to build wealth. While a VA loan must be used on a primary residence, if you relocate to a different primary residence, you can rent out the first and buy a new one, provided you are under the lending cap. Michael explains the eligibility requirements and how this can be used as a wealth building vehicle for our military.
Want to learn more? Find a veteran mortgage advisor at https://www.findavma.com/
Or email Michael directly at MFischer@RossMortgage.com
Learn more about Paula and her work at PaulaChristine.com or send her an email: paula@paulachristine.com
Have questions? I would love to know what you are looking to have answered and your question may be answered on a future episode of Beyond the Paycheck. Send questions to paula@paulachristine.com