When a seller is presented with an offer on a home that involves a government-backed loan, such as a VA loan, they can sometimes be hesitant. Truthfully, most people don’t know much about VA loans and believe that it’s harder to close. At one point in time, this may have been true, but it’s so far from the truth now. However, these beliefs still exist out there.
That’s why, as a VA buyer, you need to make sure your offer is as strong as possible in order to be accepted. Here are some EZ tips to ensure your VA home loan offer gets accepted.
Build the right team
Make sure you find a realtor and a loan officer (click here on How to Find the Right VA Home Loan Officer) that are proficient in working with Veterans and VA loans. Working with a team that’s familiar with VA loans will help ensure that you craft the strongest offer possible and without delays.
Make sure you send in all your documents to your lender
If you already have all your documents with your lender prior to you making an offer on a home, the second it’s accepted, it’s a quick race to the finish line. The documents you need are:
- 2 Months Paystubs
- 2 Months Bank Statements
- 2 Years Tax Returns
- 2 Years W2s
- Statement of Service (if active duty)
- VA Disability (if Veteran)
- DD214 (if Veteran)
Include a pre-approval letter with your offer
A pre-approval letter shows that you already have an approval from the bank and will have no issue securing a loan. This will make the seller feel more comfortable that your offer is less likely to fall out of escrow.
Write a heartfelt letter to the seller
Using a personal and heartfelt letter to increase the strength of your offer isn’t unique to VA loans, but it’s a great practice to follow. Tell the seller how you feel about their home and what it could mean to you and your family. Tell your story as a veteran or an active-duty member. The personal touch makes a difference.
Make sure to utilize a realtor that knows VA’s minimum property requirements
The VA has guidelines about the condition a home has to be in before they will provide a loan. The VA just wants to make sure that the property is a safe and secure investment. Your realtor should help find properties for you that satisfy these requirements to ensure the process is smooth and quick.
Have your loan officer call the listing agent
Your loan officer can alleviate some of the seller’s concerns with a simple phone call to go over the Buyer Executive Summary. This covers your story, credit, income, and assets. Your loan officer should be able to explain that this will be a smooth VA transaction and how smooth the communication will be.
VA loans are a benefit that you earned by dedicating your life to serving our country. It is only right that you utilize this benefit to achieve the American dream of home ownership. By following the above tips, you can create a strong, winning, offer, and purchase the home you’ve always wanted.
If you have questions, or want to speak to someone, our licensed and trusted advisors are here to make it EZ on you.