Accept offers from Wounded Warrior homebuyers

Jim Porter

Solano Real Estate Scene: Jim Porter

Article By: Jim Porter – June 7, 2024

Veterans with a service-connected disability rating from zero to 100% has grown dramatically since 2000. Thirty percent of our Gulf War vets and 40% of our post-911 warriors have some level of VA disability.

In 2022, the VA cost for disabled vet benefits was $125 billion, which is four times the amount it was in the year 2000. More than five million veterans have a service-connected disability rating from zero percent to 100%, and an interesting fact is that 700,000 disabled veterans are women.

A zero-percent rating doesn’t give any income to the veteran; however, the VA is acknowledging a minor service-connected disability that makes the vet eligible for some VA benefits including a VA funding fee waiver for a VA home loan.VA home loans are a big deal in markets like Solano County because of Travis Air Force Base and David Grant Medical Center.

Solano County now has a veteran services office that can be reached by phone at 707-784-6590. Over the past seven or eight years, the VA has prioritized helping our disabled veterans. I remember my VA clients complaining over the years about how long it took to obtain a service-connected disability rating.

If you or someone you know served and now has a hearing problem from the sounds of jet engines or artillery fire, encourage them to call VA, because any service-connected rating can save the veteran and their family a lot of money in VA funding fees on a home loan which is a fee paid to the VA like PMI on a conventional or MIP on an FHA insured mortgage.

One final message to home sellers and listing agents in the higher priced markets in the Bay Area that are starting to see offers from veterans. Do not be afraid of accepting an offer from a veteran.

A few years ago, a listing agent in San Bruno flat out refused to entertain a VA offer because of pure ignorance. The semi-retired real estate agent had 40 years of experience and treated me, the veteran and the buyer’s agent like crap because he hadn’t dealt with a VA loan in 35 years and thought a VA LOAN and the appraisal would be much more complicated than a conventional home loan.

The one and only difference between a conventional and a VA loan is the veteran must obtain a termite report and clearance for the VA loan. Yes, this can be a problem if there is a ton of dry rot and termites walking around, but for heaven’s sake, if a wounded warrior has her VA loan approved and she is willing to pay for the $1,500 worth of visible dry rot under the sink, and pay what you want for the house, do the right thing and accept the VA offer from the people that have served and sacrificed for our kids and grandkids.

Jim Porter, NMLS No. 276412, is the branch manager of Solano Mortgage, NMLS No. 1515497, a division of American Pacific Mortgage Corporation, NMLS No. 1850, licensed in California by the Department of Financial Protection and Innovation under the CRMLA / Equal Housing Opportunity. Jim can be reached at 707-449-4777.

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