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They has been a lot of talk on the show about the military and how close the new office is to the base, and that Andrew, himself, has military background in his family. He says that he saw an article where it says a lot of veterans do not know about the VA loan. They either don't pay attention or forget they have the access.
David finds the news shocking that they don't know about the VA loan but stresses that they need to know. They need to know what they are eligible for and the incentives like the no money down loan, 100% financing, they can finance their closing cost to name a few.
From a credit perspective, the VA loan is pretty light in terms of conditions. It's a less stringent underwriting credit qualification process.
David explains that though there are varying regulations in each loan type, getting a VA loan is not more difficult than getting any other type of loan because it basically goes through the same channels and they usually look for almost the same things.
Some people think that you need to have an amazing credit and income to qualify but in reality, getting a VA loan is less stringent on credit.
People sometimes forget that it is not only for people in active duty. It's for anybody who has an eligibility certificate - someone who has served in the military. One might have used it in the past but if the person has sold the property, he can use the VA loan again. There are even instances that a person can have 2 VA loans depending what the price points are. A perfect example of this is Andrew's younger brother who needed to relocate and because of the parameters and the numbers, he was granted 2 vA loans.
People need to understand that as long as you have served or are currently serving in the military, and as long as you have not done anything to lose your eligibility (i.e. having a VA foreclosure) you can qualify for a VA loan.
For more Tampa Bay Real Estate news and advice, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.
*The Duncan Duo and RE/MAX Dynamic has moved. As of 10/11/2014, our new address is 6320 S Dale Mabry Hwy, Tampa, FL 33611
*The Duncan Duo and RE/MAX Dynamic has moved. As of 10/11/2014, our new address is 6320 S Dale Mabry Hwy, Tampa, FL 33611
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