With 100% all but gone with the exception of USDA and VA loans, and with FHA being heavily promoted by many lenders as well as wholesale lenders the big question is any one specifically trying to market to the veteran who is looking to purchase or refinance a home? The VA offers a great mortgage product with no monthly MI on 100% financing, and up to a 90% LTV for cash-out refinance transactions.
I think the VA loan will grow slowly but steadily behind the FHA loan. We are looking at staring up an informational website on VA loans at my branch and I was trying to come up with some ancillary marketing ideas, including preparing a presentation. One idea someone had suggested was making a monthly newsletter to deliver to local armories.
Does anyone have any other marketing success stories for VA loan marketing?
Thanks
Michael Byrne
Michael Byrne
Mortgage Specialist
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"A referral is the greatest compliment I can receive"
Michael,
You can't really market VA loans to just anyone. It would have to be target or micro marketing. I can tell you this, when a loan inquiry comes into my office, the first question I ask is " Are you a Vet "?
VA loans can't be beat. Just got one approved today 2 years out of a BK with a 52% back ratio. Great payments on all accounts since the Bk. Mortgage payment will be lower than her rent. Benefit to the borrower big time!
The VA loan is a great loan, but like Lewis pointed out, you need to narrow the market so that you are not spending lots of money with little to no return. Here in Texas we have the Texas Veterans Land Board and Housing Assistance Program. It allows a Vet to secure a loan with a lower rate, etc. As well I was able to ask for a marketing list of all registered Vets in certain counties. See if your state offers something similar to this.
The idea of the Armories is great as well do not forget about any bases that you have. Get in touch with the MWR(Moral Welfare and Recreation) Cordinator and they can give you some ideas of how to the get the information out.
Hope this helps out.
Thanks for the input Lewis and Jason. I agree, only eligible veterans can use a VA loan and not just anybody.
Michael, VA is a majority of my company's business. Of course, we are outside Ft. Campbell. I do believe you could create a niche in the VA market. Blog about it ormaybe offer a VA awareness seminar. However, most military person over the last 20 years used their VA at least once during their time in the service. So, the are aware of the availability of the program. But a seminar to local agent sales meeting on the subject might work. It will get the Realtors thinking to ask is their clients were previously military. Hopefully, they will send business to you the local VA expert.
Michael,
The most effective marketing I've done for VA loans has been referrals. Veterans know other vets and as long as you do right by them, they will make sure their friends know. That said, the opposite is true as well!
If you have a base close by you could certainly target them much better. Sponsoring fund raisers or NCO club events comes to mind.
Gerry Suarez, Jr.
Your HUD Loan Pro!
Great input guys, keep them coming! I appreciate it and will let you know what we do.
Hi Mike, I've been reading some blogs from realtors in other parts of the country about servicing the vets as they return. Florida seems to be one hot area. Are you authorized to write loans in other states? There must be some way to tap into this market here in NJ. I'll give it some thought.
Bonnie
Thanks, for the note Bonnie! Yes we do loans in over 40 states, so we can service returning vets across the country.
Michael,
I have spent some time doing extra research (training) with VA loans and working with Veterans and Active Duty borrowers in the hope that it will increase my VA referrals.
Thanks Chris- we are doing some training as well and I went on the VA site: becoming known as an "expert" is the best way to go.
Hi
Im a Disabled Vet and interested in finding a realtor who is FLUENT in VA Loans and licensed to sell in NY state [specifically Lower Westchester County], plus Im a Life Member of the DAV so i can help in some ways with your mission