November 10, 2005 • ISSUE 41 / VOLUME 1

Honoring veterans through VA Loan program

Home ownership is within reach

VA loans provide up to 100 percent for home financing.

By Edward Smith

As we reflect on the current events in Iraq, Afghanistan and most recently in the Gulf Coast of America, we are thankful for the men and women who serve in the military.

How blessed we are to be living in paradise, beautiful Hawaii.

Often, the question many of us ask ourselves in the business community is “how can we help Hawaii’s military”?

Edward Smith

As an experienced mortgage banker I have turned to the Veteran Administra-tion Loan Program many times and have found it to be a very effective way of making dreams come true through home ownership for both active duty and retired veterans and their families.

New VA loan guidelines now provide a greater share of the mortgage pie for veterans in Hawaii with higher loan limits of up to $539,475 and up to 100 percent financing for qualified veterans.

A VA loan also provides veterans with reduced closing expenses, flexible underwriting guidelines and competitive interest rates.

Unfortunately, the VA loan is sometimes avoided by lenders and Realtors due to a lack of education and experience.

In fact, I was once a mortgage banker who avoided VA loans.

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Everyone told me sellers and Realtors avoided VA loans because sellers had to pay a portion of the buyer’s closing fees, VA appraisals were conservative and VA loans were difficult and slow to process.

After consulting the local VA office and speaking to Realtors I determined the reasons for not using the VA loan were not accurate.

With education and all parties to the sales transaction working together, the VA loan can be a great way to help our veterans.

To date, I have originated and closed almost $8 million in VA loans and have helped 20 veterans make their dreams of home ownership come true.

I urge everyone in the real estate and mortgage industry to take a serious look at the potential of the VA loan program.

Honoring our veterans can be one sale away.

If you have additional questions regarding the VA Loan program, please call my office at 255-7498 or send an email me to: ed@mortgage2u.com.

Ed Smith is a branch manager for Meridian Mortgage Mililani and has 15 years of experience in Hawaii’s lending industry.