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Realtor asked for Good Faith estimate and Pre-qualification letter. VA loan specialist says not required?
What is going on? Tomorrow my husband and I are looking at homes. She mentioned we need a pre-qualification letter (which we have), and a Good Faith Estimate. She expressed that we needed this before we close on a home. Anyway, I messed the VA specialist about this, and this is what he wrote: "I don't send out Good Faiths. You don't need a Good Faith along side a Prequal letter. The Good Faith states estimated cost to do a loan. You cannot put much weight into a GFE especially when you are not looking to buy until 90 days from now. Nothing on the GFE will matter. Rates, fees, change. " Who is correct? What is going on? Do I need a Good Faith estimate? Why would my Realtor ask for me, and the loan specialist say it's not important? Please help...Thanks...
5 months ago - 3 answers
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Chosen by Asker
The VA specialist is correct, you don't NEED the GFE to find a house but they DO have to give you one if you are doing a loan with them. However, I think the realtor is doing this for your benefit. The Good Faith is just an ESTIMATE of the charges you may incur. This is so you can keep in mind what your potential closing costs will be, so you can be prepared. It's not important to the specialist because those fees will change and vary based on your rate and loan amount and other factors like homeowner's insurance and taxes. Your realtor just wants you to have a REAL picture of how much money you need to have to close. It doesn't take much to do a GFE so I would be cautious if your VA specialist is too lazy to hit print. As long as you understand that the fees WILL change, tell him to give you one anyway! Best of Luck!
by FFStrategies
5 months ago
Asker's Rating: 
Other Answers
a; make SURE your licensee [realtor] is a buyer's agent. NEVER ever accept the services of a dual agent. if she is, get back to me and I will tell you why a dual agent is HARMFUL to every buyer. b; it is --naive-silly--too look at houses today without some idea for the seller's agents........[who the inevitable purchase contract will get to] of YOUR [buyer] qualification to buy a home. IF you have a pre-qual letter, that is enough.
by kemperk- 5 months ago
The pre-qualification letter just lets the agent know that you are in a position to buy. So many want us to run them all over looking at houses, they never write a contract, or they may have issues where they cannot get a loan. Since we only get paid if we sell a house, most of us are asking for a pre-qualification letter. It is a mechanism to indicate we are not wasting our time or the sellers. I have never heard of an agent wanting a GFE or a lender unwilling to produce one.
by godged- 5 months ago