Memorial Day is approaching, and while this signals the official start of summer for many, it is also a day to remember all of those who courageously lost their lives fighting for our country. We at Wemlo would also like to acknowledge those veterans who have served and are now in the process of buying a home.
The U.S. Department of Veterans Affairs (VA) has tremendous resources to assist those who have bravely served our country. One of the programs they have is the VA Home Loan where veterans can purchase with 0% down. VA loan benefits are some of the best available in the mortgage market.
It’s a tremendous way of telling our heroes that they have support. And as MLOs, we all want to ensure we provide these veterans with the best loan origination experience possible.
VA loan benefits overview
VA home loans aren’t made available to everyone who has served. There are specific requirements and you’ll need to know them prior to offering a former servicemember the option. These requirements vary by state and a breakdown by each state can be found here.
One of the most common preliminary questions asked is regarding servicemember eligibility. The following will be required in order to receive VA loan benefits in most states:
- Servicemember must have served 90 consecutive days of Active Duty service during wartime (or 181 consecutive days in peacetime)
- Reservists must have served a minimum of 6 years in Select Reserves
- Active Duty time while in training (such as Basic Combat Training) do not count towards any Active Duty time for either Reservists or Active Duty members
While state-specific limitations are set and others requirements may apply, all states share one of their main VA loan benefits: the 0% down mortgage.
The importance of MLO knowledge
As a mortgage broker, you certainly pride yourself on being educated and dedicated to your industry. This is what will gain you referrals and the ability to land repeat customers.
Being up to date on VA loan benefits in your state will allow you to serve those who have served our country, and their gratitude will not go unnoticed.
However, if you mismanage the loan of a veteran, the result could be the forfeiture of their opportunity for a 0% down loan.
Serve your veterans with ease
MLOs have the unique ability to work for themselves and for their customers. While owning and operating a mortgage brokerage means you work for yourself, you really are working for your client. And satisfying that client is one of the greatest feelings you can gain as an MLO.
Are you closing loans well before the anticipated closing date? Think of the smile you can put on a veteran’s face if you call with an approval out of the blue. This is possible when you process with a purpose, using Wemlo’s automated network to eliminate tedious, back-end tasks.
Give it a try today and see how much simpler your workday becomes. Adopting an automated solution is a no-brainer for MLOs.