Can You Answer These Questions About VA Loans?
If you don’t specialize in VA Loans, it can be a little terrifying to think about trying to navigate one. This week’s challenge is designed to help you get over those fears. We have a mini pop quiz to gauge your knowledge and show you what you need to learn to make sure you’re ready for whatever loan option a client needs.
Test Your VA Loan Knowledge in Three Questions
- When do VA benefits expire? If you said next week, -bzzzz- you’re incorrect! Once a veteran earns their loan benefit, they have it for life. So even if it’s been twenty years since they last served, they could still qualify for a VA Loan.
- True or False: A VA loan can only be used once in a veteran’s lifetime, true or false? That would be a great big false! There is a misconception out there that a VA home loan is a one-time benefit. If a veteran has paid off another VA loan their entitlement can be fully restored and used for another home purchase.
- I’m a cadet in the US Coast Guard Academy, can I qualify? A cadet? In the Coast Guard? Qualify for a loan? That’s crazy…..because they can! The VA program allows for loans for service that is not necessarily in obvious military branches. Whether they are Reserves, National Guard or a widowed spouse of a veteran, have them check their eligibility. They just might qualify.
Sell More VA Loans With This One Simple Trick (Hint: It’s A Visit to the VA Website)
While these are few scenarios to be aware of when lending to veterans, there are obviously many more. So, hop on the US Department of Veteran’s Affairs website and read through a few of their articles on VA Loans to see what you can discover. Being knowledgeable enough to help veterans utilize their benefits, is a wonderful way to say thank you for your service.