Don’t Overlook Buyers With a VA Loan in the DC Area
Home Sellers, are you overlooking buyers with a VA loan? 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 sellers may have about VA loans (VA-guaranteed financing):
There’s too much paperwork with a VA loan. You’ll need to go through the same steps as someone applying for a conventional loan: 1) prequalify, 2) get pre-approved, 3) get in touch with me and begin your home search, 4) make an offer and 5) process and close on your dream home.
VA loan appraisals are a nightmare. On average, VA loan appraisals are coming back in just under 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.
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.
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.
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.
Our home may be out of their reach with a VA loan. Few neighborhoods are too expensive for VA loans.
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 the opportunity to sell your home. Don’t overlook buyers with a VA loan!
We take our responsibility of service to you as a seller very seriously. If you are in the Virginia, Maryland or DC Area, and are looking to sell your home, please call us at (202) 243-7700 or contact us at Sheena@SaydamProperties.com today. We’d love to get your home on the market and sold!