Many veterans of our United States Military (as well as active duty military personnel) should take advantage of VA Loan Programs. I am amazed at the number of people who think that there is a time limit or age limit to use their such benefits. One of the first questions that I ask when I am attempting to prequalify a borrower for a purchase (or a refinance) is, “Are you a veteran of the U S military?” If the answer is “no”; that is fine. However, if the answer is “yes”, I immediately offer to assist the borrower in locating their DD-214 and their “VA Certificate of Eligibility”.
I recall one couple that came to my office a number of years ago. He was in his 60′s, received a small pension and worked a part-time job. She was also employed on a part-time basis. They had very little debt and only “acceptable” credit. They had always wanted to purchase a nice, brand new house. She complained to me that he was never able to buy her a nice house.
They went for a Sunday drive and saw some properties being built. They called my office and asked for an appointment.
During the initial consultation I asked them to bring the standard, “30 days worth of paystubs, 2 months bank statements, and 2 years of W-2 forms”. They showed little money for a down payment, so I asked, “Are you a veteran?” His answer was almost as if he was unsure. He said, “Well, I was in the National Guard Reserve during the war.” I asked, “Do you get VA benefits?” He said, “I don’t know; I never thought about it. I have never used them before”. I asked if I could have his permission to call the Veterans Administration regarding his eligibility. He agreed. The Veterans Administration was very helpful in locating his old miltary records and granting this veteran a “VA Certificate of Eligibility”.
Two months later they closed on the first “brand new” house that they had ever owned. A few days after the closing, they came back into my office and personally thanked me for working so diligently with them so that they could buy this property with “no money down”. The wife actually cried as she thanked me. I reminded her that it wasn’t me that made this possible. This was all made possible by the years of military service that her husband gave to these United States.
As they walked out of my office that day; I could see a new gleam in her eye as she looked at him. He seemed to walk a little prouder and with a little more dignity. I just smiled and as always said, “Thank you for your service”.
