Stupid Reasons Veterans Are Being Denied their VA Loan Benefit

Happy VA Wednesdays. So today we're going to be talking about a ridiculous reason that veterans are being denied for VA loans when they should be approved. So if you're new to this channel, if you're not, say it with me. I'm a mortgage lender licensed in 48 states. I am currently ranked the number one VA loan officer in the world. I was told to say that. It's America, but no one else does them. So in the world, Mrs. Worldwide. Anyways, here's the deal, guys. So when you're getting pre-approved for a mortgage, there's different types of credit, credit reports. There's a soft pull, which is a credit report that the lender pulls where, you know, it gives like an idea of the numbers, but it's not what we use to actually close a loan. And there's a hard credit pull, okay? That's what we need to close a loan. A lot of times people go, well, I just want the soft because I don't want the inquiry, not with VA. Like with VA, I'm telling you right now, this is a mistake. And that's the thing that I'm seeing right now is there's a lot of lenders that don't know what I'm about to tell you. So if this is happening to you, A, just ditch your lender and call me because you're wasting time with them. But if it's a friend that you're working with, right? You may want to tell them about this. So here's what we found. If we're doing a pre-qual or a pre-approval and we have a soft credit pull and we run it through the system, because that's what happens. Like lenders are always running it through DU or LP. So with a soft credit pull, DU doesn't even recognize it. So it's just like, nope. And then with LP, that's the other underwriting system, you know, you might get an approve, but you might get a decline. What we found is that with many of these same buyers, when we did a hard credit pull and we ran it through the system, we got an approve. Uh-huh, yeah, that's right. So it's like, look, so many lenders hate hard credit pulls. And I'm gonna tell you why, two reasons. Number one, home buyers, consumers, right? There's been all this stuff by the credit bureaus telling us, protect your score, you know, pay us for credit monitoring. Your score went up two points, your score went down two points. Like there's so much hype around credit scores. And a hard credit pull does put an inquiry. Now, is it gonna lower your credit a ton? No, like if you have a different lender pull your credit every month, yeah, it totally will. But if you're just talking to a couple lenders, you have them run it within a two-week window just to be safe, no, it's not gonna mess up your credit. Okay, but all the material out there is like, you don't wanna do that hard credit pull. You do if you're a VA, okay? Soft credit pulls, oh wait, excuse me, I'm gonna go back. The other reason lenders hate hard credit pulls is because when we pull your credit, the credit bureaus sell your information to other lenders. That's right. And if you're a client of mine, drop it in the comments. You can always weigh in how many calls you got. So the credit bureaus sell your information without your permission, without your consent, without my permission, without my consent to other lenders that know nothing about your situation except that you applied for a loan and what the loan amount is. Yeah, and those lenders can pick the loan amounts that they buy leads for. You're the lead. Gross, right? So lenders hate doing hard credit pulls because we know that you guys are gonna get called by every single, what's a nice word? Bottom feeder, scum, dirt bag, I don't know. Pick one out in the country, right? Because like, look, that's the real deal. Like a lender that has to pay to call you when you didn't ask for it and pretend like divine intervention gave them your number. It's not a lender that people are willingly go to. It's like they get their business by tricking people. And I say this because I've had so many clients where they're like, oh yeah, I got the call. They said they were the VA and they found me a lower rate. The VA does not rate shop for you, okay? You know, we've had other people where they're like, yeah, I'm on Jennifer's team. Sure, yeah, we just saw your application, didn't make it, so we have to redo it in the system. They're not on my team. We actually send out and meet the team now so that people know who's on the team. That's how bad it is, okay? So that's why lenders hate it. The soft pull, they don't do that on. So the bureaus don't sell your information on a soft pull. You know, it doesn't do a hard inquiry, but the problem is the system, you can't, it doesn't read it the same. So you can end up in a position where lenders declined you or they're saying you need to do a manual underwrite, which I've got videos on. I love a manual underwrite, they're my favorite. But at the same point, I don't wanna do one for fun and I don't wanna put you through it for fun. A manual underwrite is more documentation. It's more hoops to jump through. It is a great solution if there's no other way to do the loan, but it's not a good idea just because the lender doesn't know that it's triggering this because of the credit type report they ordered, uh-huh. Okay, and you're like, oh, this is too much again, Jen. I know, I mean, here's the thing. Sometimes I've gotta get in the weeds with you. And the reason I'm doing this is because there's so many things that make me angry now that I think about it. Like I hate it when veterans get ripped off, right? We talk about that in other videos, but I also don't like it. Like, even if you're not a veteran, I don't want anyone in America being declined their opportunity to buy a home when they qualify, okay? No, and that is what this video is about. This is a red flag, everybody. If you're working with a lender and they're saying, hey, you've gotta do a manual underwrite or we can't do your loan, the next question is, hey, did you do a soft or a hard inquiry? And if they say to you, oh, well, we just did a soft pull, you're gonna say, thank you very much for the information. You're gonna hang up and you're gonna call me, 786-933-2077, everywhere but Rhode Island and Utah. And you may be like, well, Jen, why don't I just tell them to pull the hard? I don't know, are you gonna tell them how to do their job the whole time? Like, is that the best use of your time? Like having to watch my videos and then tell this other lender how to do their job? Or is it better just to call us and let us help you, right? But this is what I'm seeing right now. So I wanted to bring it to all of your attention and look, if you have friends, family, who are struggling in the process and this is unique to government loans, conventional soft pulls work, VA, FHA, not as accurate guys, not as accurate. So I hope it was video, I hope it was video, Jesus. I hope this was helpful and I hope this video made sense up until that last sentence. But yeah, this is something I'm seeing and it is a cause for alarm. And I wanna make sure that none of you are being declined when you should be approved. Thanks for watching.