Date post: | 21-Jan-2018 |
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New Niche Market for 2018
Neil Brooks, Samantha Reeves, Denise M. Jelinski-Hall
Helping Veterans Achieve Homeownership
Neil, Samantha & Denise
Neil Brooks is a REALTOR & Branch manager of HomeSmart International in Scottsdale, AZ.Samantha Reeves is the Agent Education Manager at Veterans United Home Loans.Denise M. Jelinski-Hall is the 3rd Senior Enlisted Advisor of the National Guard.
New Niche Market for 2018. Helping Veterans Achieve Homeownership.
Why VA Buyer’s can be your BEST CLIENTSVA Buyers are some of the most lucrative clients a Realtor can have. Ignoring this niche market is like throwing money away.
● The VAST MAJORITY of loans being written in the Arizona market are under $300,000 with the majority of those loans being VA or FHA – Sell to the masses, not to the classes. You’ll make a bundle (think Costco).
Why VA Buyer’s can be your BEST CLIENTS, cont.
● VA loans are the ONLY loan where a Buyer can get 100% financing.
● No Mortgage Insurance = More Choices
VA lending guidelines are much more forgiving:
● Credit Scores● Short Sales● Foreclosures
Why VA Clients can be your BEST clients - Continued
● VA Loans will GENERALLY allow the Buyer with a lower credit score, to qualify for an interest rate LOWER than a Buyer with the same credit who’s obtaining FHA/Conventional financing.
● Can use Seller Credit to pay down the Buyer’s debt (i.e., credit cards, car loans, student loans, etc.).
● VA offers “energy efficient” loans (EEMs)- Storm and thermal windows and doors- caulking and weather stripping- insulation- heat pumps- and more!
Tips on how to best serve this niche marketThe VA Buyer is disciplined, efficient, and open to advice. They are used to last minute changes, great at handling stress and a PLEASURE to work with.
● Meet your VA Buyer in your office for the first meeting.
● Provide a written “Game Plan”
● Explain the loan process to the Buyer so that there are no surprises.
● Re-Qualify the Buyer, to uncover any potential information that could prevent them from obtaining a VA loan – act as a “wing person” to the Lender.
● Many VA Buyers are purchasing their first home – be respectful, don’t patronize. Many of them are shy about asking questions.
● Ensure that the VA Buyer understands that they will have to have SOME upfront money for the HOME INSPECTION and APPRAISAL.
Ways to break into and maintain this niche market
● Educate yourself on the Military, military families and how best to serve their needs, not only by selling them a home.
● Explore specific Realtor certifications like “Did You Serve” Agent Certification.
● Build a mutually beneficial relationship with a VA Lender
Ways to break into and maintain this niche market, cont.
● Contact your VA Regional Loan Center - get involved in any educational opportunities.
● Become involved in local VA Organizations.
● Get involved with law enforcement groups – many of them have military backgrounds.
● Get to know the people in the “Transportation Office” of your local base.
IN SUMMARY
In my 18-years in the real estate industry, I derive the most satisfaction in serving those who have served us …
Not only does it make me feel good, but it’s extremely lucrative at the same time.
If you treat your Veterans the way they deserve to be treated, they will refer you to all of their friends, co-workers, family and neighbors … they are some of the MOST LOYAL clients you’ll ever get.
VA Loans 101
Samantha ReevesAgent Education Manager
Veterans United Home LoansVeteransUnited.com | 1-800-884-5560 | 1400 Veterans United Drive, Columbia, MO 65203
Veterans United Home Loans NMLS ID #1907 (www.nmlsconsumeraccess.org).A VA approved lender: Not endorsed or sponsored by the Dept. of Veterans Affairs or any
government agency. An Equal Opportunity Lender.
What is the VA Loan?•A mortgage loan available to current service members and Veterans who meet time in service requirements.
•Loan issued by private lenders and guaranteed by the Department of Veterans Affairs (VA)
•Purchase and refinance options
Number of Uses• Can use VA loan more than once• Can have more than one VA loan at a time• Primary residence requirement• Remaining entitlement or reinstate entitlement• Doesn’t expire
Unique Requirements•Guaranteed by the Dept. of Veterans Affairs
•Homes purchased need to be in move-in ready condition
•Minimum Property Requirements (MPRs)
•Safe•Structurally sound•Sanitary
•Want to ensure home is marketable
Property Type•Must intend for the home to be primary residence.
•Single family residence, condo, townhouse, up to a 4-plex, manufactured and modular
•Condos have to be approved by VA (currently)
•Manufactured homes – not all lenders offer financing
•Avoid unique properties
Busting Myths with Ellie Mae Origination Insight Reports
MYTH #1: VA loans have higher interest rates
MYTH #2: VA loans have more fallout.
% of Loan Applications in previous 90-day cycle that closed Sept. 2017
Busting Myths with Ellie Mae Origination Insight Reports
Recap – VA Loans 101•VA loans have amazing benefits, can increase purchasing power.
•VA loans require property be in move-in ready condition.
• Intent to occupy as primary residence.
•Can purchase or refi, can use multiple times.
•Streamline process work with a VA loan lender who is knowledgeable &
experienced.
•Many Veterans and service members are unaware of their VA loan benefits
– Educate all buyers on this loan program.
Why Veterans Are Deserving of Specialized Service During
Homebuying Journey
Denise M. Jelinski-Hall, CMSgt (Ret)3rd Senior Enlisted Advisor of the National Guard
Why Veterans are a Deserving Group
• Earned benefit
• Not all service looks the same:
- Active, Guard and Reserve
- Federal and State duty
Why Homeownership is Important to Veterans
• Stability• Connection to
community• Investment• Piece of American
Dream
How Agents Can Tailor Their Service to Better Serve Veterans
• Ask if they’ve served in the military.• Educate on VA home loan benefits.• Establish relationships with VA
home loan experts.• Assume all veterans do not know
about their VA home loan benefit.
My Homebuying Journey• 50 years military service
between the two of us• We’ve owned two homes• Lack of education kept us from
using benefits until recently