I was talking with a group of loan officers and real estate agents about the Veterans Administration mortgage guarantee program’s lending rules. They told me that they only do a couple of loans to veterans every year.
The reason? Because they said there are not that many veterans who live in their state.
Well, guess what? The Veterans Administration keeps track of stats like these, and I think you’d be surprised at the number of them residing in your state.
Here’s the link with the info: http://www.va.gov/vetdata/Veteran_Population.asp.
Just “mouse” over the states you want to check–and it’s broken down by “conflicts” they have participated in. The little state of Massachusetts has 388,000 vets. California has 1.8 million.
With all the mortgage rule changes, the Veterans Administration is the only government agency that has NOT made huge underwriting rule changes for several years now. In fact, very little has changed because their whole goal is to provide housing for those who have served.
How do you find them? Just ask one simple question to your clients: Are you a veteran?
If you are not asking each and every potential buyer (or seller) if he or she is a veteran, you are missing a huge opportunity to get them into a home with very little hassle.
For more information on how to market to veterans, check out www.LoanOfficerMagazine.com.