This week on the Messy in The Middle podcast, Ed and Jefi talk about Veteran Affairs loans and why they are underutilized. They highlight that VA loans have a lower interest rate and no private mortgage insurance. However, they caution that VA loans can be difficult to assume and that sellers and agents should fully understand the loan's terms before marketing it as assumable. Jefi and Ed stress the importance of having an advocate who understands VA loans and can convey the buyer's strength to the seller. They share why it is important to get fully underwritten and how you can provide proof of funds to demonstrate financial stability.

QUOTES

• "One of the biggest things that I have a hurdle with is my sellers when they are receiving a VA loan. They automatically think that the buyer does not have money. That is completely not true. Just because you see a loan come in with zero down doesn't mean the seller has no money. It just means they're exercising that option for this loan.”  -Jefi Moultrie [03:13]

• "They're not going to be your advocate on that to the seller because they don't understand it. And what is not understood is feared. So agents that are working with VAs need to educate the other side so that they know what's going on." -Ed Billings [10:27]

TIMESTAMPS

[00:30] VA loans 

[06:11] VA loans offer lower interest rates and no PMI 

[09:46] Lack of understanding of VA loans by sellers and agents 

[11:52]  Requirements for a property to be eligible for a VA loan 

[13:02]  VA appraisers evaluate the physical conditions of the property. 

[14:19]  Tips for VA offers in multiple offer situations. 

[16:22]  Talk to your lender for details. 

RESOURCES

• Never Split the Difference
• The Five Dysfunctions of a Team
• The Peak Experience
• The U.S. Housing Market Has Peaked
• Why Rising Mortgage Rates Push Buyers off the Fence
• The One Thing Every Homeowner Needs To Know About a Recession

CONTACT

Messy in the Middle: messyinthemiddlepodcast.com

Ed Billings: edbillings.com