Is it possible?

Is it possible?

Anyone looking to buy a home likely begins with this question. For some, the answer is a resounding yes especially if they have the money to buy a home without needing a mortgage. This represents about 30% of all sales. For the other 70% who need a mortgage, the questions are numerous to ascertain the possibility.

A few months ago, a real estate agent called me to discuss buyer prospects. They currently own a home in Florida with a VA mortgage and are looking to buy a home in Virginia with another VA mortgage. "Is it possible for them to buy the new home using the VA benefit again?" he asked. My response was I believe so and that I need to check on it.

The inquiry cooled over the holidays as most do for prospective buyers. Come January 1, they became seriously engaged and asked to be pre-approved for a mortgage. Mortgage rates have improved substantially over the last 60 days. Those on the sidelines to buy are now in the game. Rates may get better but at the expense of higher pricing. The "spring market" seems to kick into gear by mid-January.

The good news for these prospective buyers is that they are able to use the VA benefit again to buy the new home without selling their current home AND do so with $0 down payment. What began as an improbability is shaping into a distinct possibility! They are writing a contract to buy at the time of this writing.

Mortgage lenders today need to be mortgage advisors not just mortgage loan officers or mortgage brokers. It's imperative for all involved have a strong lender advocate in your corner. When someone asks me "Is it possible?", I'm going to get you the answer. Sometimes it may not be be the answer you want to hear. If it is, I'm here to make it work as I've done throughout my mortgage career.

Thought for the week and beyond: "The time is right to always do right" - Martin Luther King Jr.

It would be my pleasure to help those you know looking to purchase, refinance or build a home.

"Refinancing or Buying, Contact Chris Ryan!"


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