The top reasons why real estate professionals succeed:
- They understand their market
- They maximize productivity from each market lead source
1) To understand the vast number of eligible military and Veteran homebuyers in the U.S.; 2) the unique and lucrative opportunity this presents to you as a Veteran Real Estate Specialist; and, 3) the first step to prepare for capturing and nurturing these leads.
Part 1: Veteran & Military Market Facts
Did you know that 87% of the total 1.43 million active duty service members are serving in the continental United States.
Additionally, there are over 1.5 million Reservists and National Guard members in the U.S.
And, there are nearly 23 million Veterans in the U.S., and each year over 200,000 active military members transition to Veteran status.
When surveyed, 75% of these military service members say owning a home is one of the most important things upon returning to civilian life; and consistently, 79% of Veterans own a home compared with 63% of non-veterans.
In all, this market makes up over 1/6th of the U.S. homebuyer population, and who can more easily purchase a home through the VA Guaranty Home Loan benefit.
Yet, due to lack of knowledge and confusion, only 10% of this huge pool of potential homebuyers have used the VA Home Loan.
Thus, there exists a huge pool of potential military and Veterans who are eager to purchase a residence, and can do so more easily than their civilian counterparts because of the VA Guaranty Home Loan program.
Part 2: The First Step
All VA buyers must ascertain they are ELIGIBLE to participate in the VA Home Loan program by virtue of their time spent on active duty AND their character of service, relative to the period of time they served our country, and you can assist in this process.
This is accomplished by first ensuring that they have or obtain their DD-214 (Department of Defense Form) which will verify this data.
You can take the Veteran to this online link to request his or her discharge paperwork if they do not already have certified copy: www.archives.gov/veterans/military-service-records/.
Then, after the Veteran has procured the required discharge paperwork, the next step is securing what is called a Certificate of Eligibility (COE). The COE substantiates that the Veteran is deemed eligible for the VA Home Loan Guaranty, and the lender will require this certification.
You can help the Veteran apply online* for a COE or by mail using VA Form 26-1880* “Request for Certificate of Eligibility”. Most lenders can also obtain COE’s for Veterans online.
*(These links are permanently available to you by clicking the “Resource Library” button located on the bottom of the Boot Camp For Success homepage)
Lastly, once the Veteran has confirmed their military service, and while awaiting the Certificate of Eligibility, you may begin selecting a lender that will complete an application and work with you to determine the amount of loan for which the Veteran qualifies.
After obtaining the mortgage pre-qualification or pre-approval, you can begin showing homes within that price range. It is that easy!
The lender will then order an appraisal of the property, and help the Veteran clear the final conditions required to close on the new home.
Boot Camp Tip #1: It is important to include in the Veteran’s sales contract a provision making it void if the client is unable to obtain VA Guaranty financing.
Take your time to absorb this information in this and the upcoming Modules. When ready feel free to move on VA Loans For Bigger Commissions.
Heroes News Network encourages agents to adhere to Fair Housing guidelines in your location as limited areas may interpret military status as a protected class. Agents in Massachusetts should not inquire about military status, instead should allow clients to self-identify. We may share customer information with our trusted partners. Heroes News Network is not affiliated with any government agencies, including the VA. We may share customer information with our trusted affiliates to assist you with your home search. Heroes News Network fully supports the principles of the Fair Housing Act and the Equal Opportunity Act | 7400 N. Oracle Road, Suite 310, Tucson, Arizona 85704