VA Mortgages Have Lowest Rate of Default

Over the years there has been a lot of misinformation as it relates to VA Mortgages. A stigma that has managed to attach itself to Veterans and VA Mortgages is that the borrower (the Veteran or Active Duty Service Member) is somehow less qualified because they are using their VA Home Loan Benefit. The reality is that this could not be further from the truth. According to a Press Release published by the Office of Public and Intergovernmental Affairs “Home loans guaranteed by the Department of Veterans Affairs continue to have the lowest serious delinquency and foreclosure rates in the mortgage industry. Veterans have also taken advantage of their home loan benefit in record numbers, as VA loan originations reached their highest total in eight years.”

The Press Release goes on to state that “According to the Mortgage Bankers Association National Delinquency Survey, VA’s foreclosure rate for the last 14 quarters and serious delinquency rate for the last 11 quarters have been the lowest of all measured loan types, even prime loans.”

Thats some pretty powerful information wouldn’t you say? VA Mortgages have performed, meaning VA borrowers by enlarge continue to make their monthly VA Mortgage payments on time more than any other type of home loan on the market today be it Conventional or FHA. My personal feeling is that this is a direct reflection of the integrity of our great men and women who serve and have served our country.

then-now

Having said said, it’s important to understand that your VA Mortgage is one of the best product options available to our nations finest who have so honorably defended this great nation. So if you are in the market to purchase a home and have not considered using your VA Home Loan, it’s time to reconsider. The VA Mortgage has been, and will continue to be one of the very best home loan options available on the market.

If you have questions about your VA Home Loan and VA Mortgages in general, feel free to give us a call at 480-538-4980 or email me at jimmy@primelending.com

Thank you and may God bless you for your service to our great country.

Semper Fidelis,
Jimmy Vercellino

Press Release Cited Below

http://www.va.gov/opa/pressrel/pressrelease.cfm?id=2255


Arizona VA Streamline Refinance

Hey Everybody,

All but 2 months ago here in Arizona we thought the VA Streamline Refinance was gone forever, a victim to the ever increasing interest rate climate over the last few months . But the funny part about the mortgage industry is that just when we think we have it figured out it throws us another curve ball. I say this because over the past couple of weeks we have seen a large decrease in VA Streamline Refinance rates putting Arizona Veterans and Active Duty Military homeowners back into play who may have missed out on the last refinance boom affording them the opportunity to possibly save hundreds of dollars a month and even thousands of dollars over the life of the loan.

The VA Streamline Refinance is probably one of the most unique loans that are available for Veterans and Active Duty Military. With no appraisal needed (saving you $450), along with no income documents (Pay Stubs, W-2’s, Tax Returns), or even bank statements required, this loan is a walk in the park. Here is how I explain the VA Streamline Refinance process to my Veteran and Active Duty Military clients here in Arizona… “We simply shuffle some paperwork and roughly 20 days later close your loan with zero out of pocket expenses.” Okay, so there is more to it than that, but you get the point right? However what I mentioned was true. The VA Streamline Refinance allows you to roll all of the costs into the home loan essentially allowing you to close escrow and not bring one dollar to the closing table.

If your current VA interest rate is at 5% or higher, the VA Streamline Refinance may be right for you. For a free VA Streamline Refinance quote and analysis feel free to give us a call directly at 480-538-4980.

Please know that we are here to serve you with all of your VA Streamline Refinance needs.

Thank you and may God bless you for your service to our great country!

Semper Fidelis,
Jimmy Vercellino


4 Ways to get your VA Loan Offer Accepted

Sometimes people encounter difficulty when shopping for a new home and using a VA Loan. However please understand that is does not have to be. The video below is something that I put together for Veterans, Active Duty and Real Estate Agents that designed to increase the likelihood that there next VA Loan Offer is accepted on the home of their dreams.

4 Ways to get a VA Loan Offer Accepted

Hi Everybody!

I wanted to take a moment to share with you 4 things that you can do to increase the chances that your next VA Loan offer gets accepted when you are writing an offer on a home.

#1 Make sure that you are working with a VA Loan Specialist.

#2 Make sure your VA Loan Specialist contacts the listing agent to introduce themselves, brag about you (the buyer) and of course speak intelligently about the VA Home Loan process.

#3 Make sure that your VA Loan specialist provides a copy of the DU or LP findings showing that you have an automated approval. This will make you stand out in a crowd. Attention to detail.

#4 Write a cover letter. Introduce yourself, tell them about your service. Tug at their heartstrings a little bit. Veterans should get preferential treatment.

Doing these 4 things on any offer, not just VA Loans can really increase the chances that your next offer is accepted on your property.

Semper Fidelis,
Jimmy Vercellino


VA Appraisal Process-Is it Really That Bad???

The VA Appraisal process is takes too long!

The VA Appraisers are more conservative than other conventional appraisers!

The VA will nit-pick the condition of the property!

These Claims are NOT True!

Throughout the last 8 years serving Veterans and Active Duty Military with all of their VA Home Financing needs I continue to encounter one reoccurring claim within the real estate community that still lingers and has a real impact on Veterans and Active Duty Military. That claim is that the VA Appraisal process is terrible.

Claims such as those listed above are what I hear pretty much on a daily basis, often times proving to have detrimental impact on the Veteran or Service Members and their families, who may ultimately be passed up by a seller afraid to accepting their offer.

Here are the Facts

Please, please, please, understand that if claims such as these were true I would probably be out of a job due to the fact that the overwhelming majority of my clients I serve are Veterans and Active Duty Military!

The VA Appraisal process takes no more than 7-10 business days and sometimes sooner.

The VA Appraisal Process uses the exact same market comparable properties just as any other appraiser would.

VA Appraisers ensure that the property is safe, and that no real safety hazards exist.

Having said that, my experience has been that those that make such claims do not fully understand the VA Appraisal process and what it is designed to do.

What the VA Loan Process is DESIGNED TO DO

First off, the VA Appraisal process is designed to protect the Veteran, ensuring that they do not overpay for a property, and in the event that they are, give them an opportunity to legally withdraw of the transaction with no recourse (sounds like a good deal to me).
va-loan-advantage
The VA Appraisal process is unlike any other appraisal process that exists which makes it (in my opinion) extremely advantageous for the Veteran and Active Duty Service Members.

Let’s take a look at how it works.

  1. First off, understand that the VA Appraiser that goes out to inspect the home does not work for the VA. The VA Appraiser is an independent contractor, licensed by the Department of Veterans Affairs, who will perform the task of appraising the property to ensure that the home meets the contracted sales price, as well as confirm that the property is safe, sanitary, and secure.
  2. Once the VA Appraiser has inspected the property he or she will then upload that VA Appraisal to the VA Website commonly referred to as the VA Portal. Once this takes place your lender will then be able to go in and retrieve a copy of your VA Appraisal once the Senior Appraisal Reviewer (SAR) issues what is called the Notice of Value (NOV). If you have made it this far that means your property has appraised with no value issues.
  3. Let’s take it a step further… Let’s say the VA Appraiser goes out to inspect the property and is having trouble meeting the contracted sales price. The VA Appraiser will then issue what is called a Tidewater Notice. The Tidewater Notice is designed to notify all parties involved in the transaction that they are having difficulty coming up with the contracted value on the home from their research.From here the Veteran or Service Member has options.

— If they feel the property should meet the agreed upon purchase price they can notify their Realtor to provide additional comparable properties that justify the value of the home.

— Or, if they choose, they can also tell their Agent to instruct the VA Appraiser to issue the appraisal at the value VA Appraiser had before reviewing the additional comps.

Here is What I Like About the VA Appraisal Process

The Veteran has options on the VA Appraisal process. In the competitive market that we are in today it’s not uncommon for sellers to aggressively price their homes. Sellers should understand that the VA Appraisal process is the only type of appraisal that will allow them to make a case for the value of their property. FHA and Conventional home loans simply issue value, and more often than not call it a day.

Bringing us home (pardon the pun), I am sure that there has been some bad apple appraisers out there in the past that have brought some negative PR to the VA Appraisal process. But honestly, it is not anywhere near as bad as many paint it out to be. The reality is that the majority of Veterans and Service Members that buy their home with a VA Home Loan have no issues at all.

Dare I say that if I were a seller I would encourage a VA Home Loan for the reasons listed above? Not to mention, the VA Appraisal process does not make you order 2 appraisals like FHA loans when purchasing a property that as been owned less than 90 days by the seller.

If you feel like you are not being explained the VA Appraisal process like you should…That’s what we are here for, to serve YOU!

Please call us at 480-351-5904 or email me at jimmy@valoansforvets.com for all of your VA Appraisal process questions.

Most of all, thank you for your service to our great country.

Semper Fidelis,
Jimmy Vercellino

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