The Real Estate Show

Radio Show Notes 05/21/24 Tuesday:

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“Mission Possible: Helping Veterans Secure Their Dream Homes”

By Eric Willner, Host of The Real Estate Show, America’s longest running daily radio show about real estate.

Welcome to the Real Estate Show – South Florida’s #1 Real Estate Radio Show and America’s longest-running daily radio show about real estate. My name is Eric Willner, known as the Voice of Real Estate and the founder of America’s longest-running daily radio show about real estate. I’m also the creator of The Automatic Landlord System, a method for owning cash-flowing real estate profitably and hassle-free. In every episode, we transform the airwaves into a virtual real estate seminar, empowering our listeners with knowledge, strategies, and actionable insights.

This week and today’s theme is powerful: “Whatever it takes” to make homeownership a reality for our veterans. As we honor those who have served our country, let’s explore how we can pave the path to homeownership for our brave men and women in uniform. 

VA Loans: Are You Using This Valuable Benefit?

VA Loans are a type of mortgage guaranteed by the U.S. Department of Veterans Affairs (VA). They’re specifically designed for eligible active-duty military, veterans, and surviving spouses. Here’s what you need to know:

1. Eligibility:
   • Veterans, active-duty service members, and qualifying surviving spouses are eligible.
   • You’ll need a Certificate of Eligibility (COE) to apply.
2. Benefits:
   • No Down Payment: Unlike conventional loans, VA loans typically don’t require a down payment.
   • Competitive Interest Rates: VA loans offer competitive rates.
   • Limited Closing Costs: These costs are generally lower.
   • No Private Mortgage Insurance (PMI): You won’t need PMI.
3. Types of VA Loans:
   • Purchase Loans: Help you buy a home with favorable terms.
   • Cash-Out Refinance Loans: Use your home equity for debt payoff, education, or home improvements.
   • Interest Rate Reduction Refinance Loan (IRRRL): Refinance your existing VA loan for a lower interest rate.
   • Native American Direct Loan (NADL): For eligible Native American Veterans on Federal Trust Land.
   • Adapted Housing Grants: Assist Veterans with service-connected disabilities in buying or modifying homes.
4. Avoiding Foreclosure:
   • VA provides financial counseling to help Veterans avoid foreclosure during financial difficulties.

Remember, VA loans are a valuable benefit for those who qualify. If you’re eligible, explore your options and consider speaking with a VA-approved lender. For more details text “Bootcamp” to 561-861-2366.

For more details, visit the VA Home Loans website¹. Feel free to ask if you have any specific questions! 

QUALIFYING:

To qualify for a VA Loan, you must meet certain eligibility requirements set by the U.S. Department of Veterans Affairs (VA). Here’s what you need to know:

1. Service Requirements:
   • Service Members: If you’ve served for at least 90 continuous days (without a break in service), you meet the minimum active-duty service requirement.
   • Veterans: The minimum active-duty service requirements depend on when you served:
     • Gulf War Period to Present (August 2, 1990, and later):
       • At least 24 continuous months, or
       • The full period (at least 90 days) for which you were called or ordered to active duty, or
       • At least 90 days if you were discharged for a hardship or a service-connected disability.
     • Other Periods (e.g., Vietnam War, post-Vietnam War, etc.):
       • Vary based on specific dates and circumstances.
2. Certificate of Eligibility (COE):
   • You’ll need a valid COE to apply for a VA loan.
   • COE shows your lender that you qualify based on your service history and duty status.
3. Credit and Income Requirements:
   • While VA loans have no down payment requirements, lenders will assess your creditworthiness and income.

Remember, VA loans offer valuable benefits, including competitive interest rates and limited closing costs. If you’re eligible, explore your options and consider speaking with a VA-approved lender.  For more details, visit the VA Home Loans website¹. 

The Department of Veterans Affairs (VA) does not set a minimum credit score requirement for VA loans. However, most VA lenders typically require a FICO score of at least 620 to finance the mortgage. Keep in mind that credit score minimums can vary by lender, and other factors like income, employment history, and debt-to-income ratio also play a role in loan approval¹². If your credit isn’t quite there, don’t worry—VA loans offer flexible and forgiving credit guidelines, making homeownership more accessible for Veterans and service members. Ask us. 

10 Steps to Empower Our Veterans on Their Homeownership Journey

1. Educate and Empower: Knowledge is Key

Our first step on The Real Estate Show is to educate our veterans about the benefits of homeownership. Many may not realize that VA loans offer no down payment requirements, competitive interest rates, and limited closing costs. As real estate professionals, we must be their guides, explaining the process, dispelling myths, and empowering them with the knowledge they need to take action.

2. Simplify the VA Loan Process

Navigating the VA loan process can be daunting. Our duty is to simplify it. We break down the steps, help veterans obtain their Certificate of Eligibility (COE), and connect them with VA-approved lenders. By streamlining the paperwork, we make homeownership accessible.

3. Advocate for Fair Appraisals

Appraisals play a crucial role. We advocate for fair valuations, ensuring that veterans’ dream homes meet VA Minimum Property Requirements (MPRs). From heating systems to roofs, we ensure safety and quality.

4. Credit Counseling and Repair

Some veterans face credit challenges. We guide them toward credit counseling services and help them improve their credit scores. A few strategic steps can make a significant difference.

5. Explore Down Payment Assistance Programs

While VA loans don’t require down payments, additional assistance programs exist. We explore local, state, and federal options, maximizing affordability.

6. Connect with Veteran-Friendly Realtors

Veterans benefit from working with realtors who understand their unique needs. We build a network of veteran-friendly real estate professionals, ensuring a smooth home-buying experience.

7. Leverage Technology for Virtual Tours

Deploying technology, we offer virtual property tours. Veterans stationed overseas or across the country can explore homes remotely, making informed decisions.

8. Address Emotional Barriers

Some veterans hesitate due to emotional barriers—fear of commitment, uncertainty, or past experiences. We provide emotional support, emphasizing the pride and stability of homeownership.

9. Collaborate with Community Organizations

We partner with local VFW posts, American Legion chapters, and other community organizations. Together, we host workshops, seminars, and events to empower veterans.

10. Celebrate Their Victory

When a veteran becomes a homeowner, we celebrate! It’s more than a transaction; it’s a victory. We share success stories, inspire others, and continue our mission.

Remember, as real estate professionals, we have a duty to serve those who have served us. Let’s honor our veterans by making homeownership a reality—one home at a time.

And that wraps up today’s episode of The Real Estate Show! ? Tomorrow, join us for the Wednesday Midweek Mortgage and Market Report—your essential update on the real estate landscape. Stay informed, stay ahead!

To our listeners, thank you for being here. Remember, it’s not just about listening; it’s about taking action. Use our show as your launchpad into real estate investing. Tune in every weekday—we’re your virtual seminar, guiding you toward profitable and hassle-free real estate ownership.

And don’t forget to mark your calendars for our free online workshops. Until next time, this is Eric Willner, the Voice of Real Estate, signing off. 

Also, you can listen to the entire 30 minute broadcast of any day’s edition of The Real Estate Show by clicking on the audio link on that days summary post. You can also watch the Facebook Live video at www.facebook.com/TheRealEstateShow.

Want to know more? If you are serious about real estate and paying off debt, then find out more on today and every day’s episodes and learn more about Real Estate Investing and learn HOW TO by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 9 o’clock (EST) on Florida’s Money Talk Radio stations WWNN AM1470, FM 95.3 and FM 96.9. You can also hear us on the free apps: iHeart Radio and TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share this and our Facebook updates.

 Eric Willner is the Host and Founder of The Real Estate Show, an informative show about how to buy, own, and improve real estate the right way, on autopilot. - The Automatic Landlord way. (AutomaticLandlord.com) You can reach Eric Willner at Eric@Ericwillner.com or 888-595-7779.

 Also listen to the rebroadcasts on demand on Facebook.com/TheRealEstateShow 

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