Do you only offer VA loans?

I am a full service mortgage broker. Although VA is the majority of what I do, I also have other mortgages like FHA, Conventional, USDA and Non QM.

Do you only service the Dayton and Cincinnati markets?

Dayton and Cincinnati are the majority of my business. However, I'm authorized to offer mortgage loans in 40 states. For loans outside of these areas, I can refer them to friends in the business.

Who Are You Listening to For Mortgage Advice?

When navigating the VA home loan program, the guidance you receive can significantly impact your borrowing experience. It’s crucial to choose the right professionals to help you. Recently, I encountered a complex case involving intermittent occupancy—a situation where the buyer lives in a different city from the property being purchased—which highlighted the importance of verifying the credibility of sources for information.

Key Takeaways

Verify Credentials: Ensure that your advisor has relevant experience and a deep understanding of VA loan processes, especially in complex situations.
Distinguish Between VA Rules and Lender Overlays: Know the difference between official VA guidelines and additional rules your lender may impose.
Ask the Right Questions: Inquire about their consultations with underwriters and seek proof from the VA handbook to validate their advice.

Take the 30 second mortgage quiz to see if you qualify

Understanding the Situation

In this instance, I had an account executive tell me that they could accommodate my needs. However, as I probed deeper, it became clear that they were merely telling me what I wanted to hear without fully understanding the particulars of my case. Their intention seemed to be more about closing the deal rather than providing accurate, reliable information. This is particularly concerning because once a buyer invests earnest money and enters into a contract, any misinformation could jeopardize the loan closing.

Red Flags to Consider

Here are several red flags to watch for when seeking guidance on VA home loans:

Are They Just Telling You What You Want to Hear?
- Be wary if the professional seems overly eager to agree with you or simply wants to finalize a sale. Make sure their advice is well-informed and based on a solid understanding of the VA home loan process, not just a wish to get a deal done.
What Experience Do They Have?
- It’s important to inquire about their experience with similar scenarios. If the advisor can cite their past successes and reassure you with concrete examples, then they might be a trustworthy source. However, if they lack relevant experience or are making educated guesses, it’s time to look elsewhere.
Have They Consulted with an Underwriter?
- Another significant concern is whether they have discussed your situation with an underwriter. If they haven’t sought guidance from the underwriting team or don’t seem to have any concrete backup for what they’re saying, it’s a clear indication that they may not have the expertise needed to help you.
Is This a VA Rule or a Lender Overlay?
- Understand the difference between actual VA rules and lender overlays—these are additional requirements and restrictions imposed by individual lenders. For example, some lenders might claim that a 600 credit score is necessary, which is incorrect according to VA guidelines. Ask for references from the VA handbook to confirm any claims being made.
What Percentage of Their Loans Are VA Loans?
- Investigate how specialized the advisor is in VA loans. Ideally, you want someone who handles a significant volume of VA loans (ideally over 80% of their business) to ensure they understand the nuances of the program. Be cautious of advisors who primarily deal in conventional loans and may not fully grasp the intricacies of VA loan requirements.

Take the 30 second mortgage quiz to see if you qualify

Final Thoughts

In conclusion, securing a VA home loan doesn’t have to be confusing, provided you work with knowledgeable and credible professionals. Always verify their experience, ask the right questions, and distinguish between what’s dictated by the VA and what’s additional lender rules. This approach will not only save you time and frustration but also help ensure you’re making informed decisions about your home financing options.

Have questions about VA home loans? Click here to contact me.

Licensing Info

I can originate VA mortgage loans anywhere that I’m licensed. I’m licensed in Alabama, Arkansas, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, and Wisconsin. Additionally, our team can originate mortgages in several additional states through our corporate referral program.

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Carlos Scarpero

Carlos Scarpero is the founder of Scarpero.com and a mortgage loan officer focusing on VA and Non QM mortgage loans. He is also the author of VA Loans Made Easy.