VA Loan Guaranty Service (LGY) Appraiser and Realtor Surveys

VA-LGY Real Estate Professional Survey

A. About your Career

1. How long have you been a realtor/real estate professional?

• 5 years or less

• 6-10 years

• 11-20 years

• More than 20 years

2. To which type of realty agency are you affiliated?

• National

• Regional franchise

• Independent

3. Are you a member of the National Association of Realtors?

• Yes

• No

4. During the past 12 months, how many hours a week, on average, did you work as a realtor?

• Less than 30 hours

• 31-45 hours

• 46-50 hours

• 51-55 hours

• 56-60 hours

• More than 60 hours

5. During the past 12 months, approximately how many closings have you completed?

• Less than 10 closings

• 10-19 closings

• 20-29 closings

• 30-39 closings

• 40 or more closings

6. On average, what was the sales price of the homes you sold in the past 12 months?

• $100,000 or less

• $100,001-$150,000

• $150,001-$200,000

• $200,001-$250,000

• $250,001-$350,000

• $350,001-$400,000

• $400,001-$500,000

• $500,001 or above

7. Using your best estimate, approximately what percentage of your closings in the past 12 months involved a VA guaranteed home loan?

• <Leave open-ended with pull down (not free text) options.

Programming Note: If response is 0% in Q7:

1. Skip Q28 and Q29

2. Auto-populate Q9, response #1 with 0%.

8. Using your best estimate, approximately what percentage of your home sales in the past 12 months involved veterans, but DID NOT involve a VA guaranteed home loan?

• <Leave open-ended with pull down (not free text) options.

9. Using your best estimate, approximately what percentage of your closings were:

• VA

• FHA

• Conventional

Programming Note: If response is 0%in Q7, auto-populate Q9, response #1 with 0%.

10. Are you a veteran?

• Yes

• No (Skip to Q12)

11. Have you personally used the VA home loan program?

• Yes

• No

B. Familiarity with VA Home Loan Guaranty Program

12. From which source have you learned the most about the VA home loan guaranty program? (Choose one)

• Loan officers

• Personal experience as a veteran or from veterans

• Fellow realtors

• Realty classes or on-the-job training

• Department of Veterans Affairs website

• Department of Veterans Affairs training/outreach

• Department of Veterans Affairs handbooks/pamphlets

• Veterans Service Organization

• Don’t know or not sure

13. In the past 12 months, have you sought out information about the VA home loan guaranty program?

• Yes

• No (Skip to Q15)

14. Where did you most recently obtain information about the VA home loan guaranty program?

• Loan officers

• Personal experience as veterans or from veterans

• Fellow realtors

• Realty classes or on-the-job training

• Department of Veterans Affairs website

• Department of Veterans Affairs training/outreach

• Department of Veterans Affairs handbooks/pamphlets

• Don’t know or not sure

C. Working with Veterans

15. Do you ask prospective buyers if they are a veteran or active duty service member?

• Yes (Skip to Q18)

• No

16. If you don’t ask your prospective buyers, how do you usually learn if they are a veteran or active duty service member?

• A prospective buyer usually self-identifies as a veteran (Skip to Q18)

• I do not usually know whether a prospective buyer is a veteran

• Don’t know or not sure

17. Why do you choose not to find out your prospective buyer’s veteran status?

• I don’t have knowledge about the VA home loan guaranty program

• I have not had positive experiences with the VA home loan guaranty program

• I do not get involved with my clients’ financing decisions

• My clients already have financing pre-approved before seeking my services

• Don’t know or not sure

• Other:___________________________

18. For veteran buyers, what is the most important reason veterans choose to get a VA guaranteed home loan? (Mark only one.)

• The VA home loan guaranty program is offered only to U.S. veterans

• No down payment required

• Convenience

• No mortgage insurance

• VA’s assistance with avoiding foreclosure

• Previous experience with the VA home loan guaranty program

19. For a typical home sale, do you have a preference for a loan program?

• Yes

• No (Skip to Q21)

20. How strong is your preference for each of the following loan programs?

	No preference	Slight preference	Moderate preference	Strong preference
Conventional
VA
FHA

On a scale from 0 to 10, with 0=no experience and 10= expert, how knowledgeable are you with:

21. …conventional loan programs?

0 10

22. …VA home loan programs?

0 10

23. …FHA loan programs?

0 10

D. Experience with the VA Home Loan Guaranty Program

24. Are there any factors that deter you from promoting the use of VA guaranteed home loans for eligible clients?

• Yes

• No (Skip to Q26)

25. We would like to learn more about the factors that deter you from using our program. Please tell us to what extent the following factors deter you from promoting the use of the VA home loan program.

	Does not at all deter me from using the VA Home Loan Program	Slightly deters me from using the VA Home Loan Program	Moderately deters me from using the VA Home Loan Program	Strongly deters me from using the VA Home Loan Program
VA’s rotational assignment of appraisers
VA’s repair requirements
VA’s paperwork
VA’s funding fee charged to veterans
VA’s use of residual income for underwriting
Other: Please specify___________

26. Have you had any need to contact the local VA office in your community concerning a home sale in the past 12 months?

• Yes

• No (Skip to Q28)

27. How satisfied were you with the interaction?

• Very satisfied

• Satisfied

• Neither satisfied nor dissatisfied

• Dissatisfied

• Very dissatisfied

28. The statements below are misperceptions of the VA home loan guaranty program. Please indicate the misperceptions that you or your colleagues have encountered. (Mark All That Apply).

 The program has a higher interest rate than conventional products

 The program has too much paperwork/red tape

 The applicant must have served in wartime to be eligible for the program

 The program is only useful for first-time home purchases

 The applicant can use the home loan guaranty program only once in their lifetime

 There is a low cap on the loan amount

 The applicant must be married to be eligible for the program

 The applicant must have a service-connected disability to be eligible for the program

 The loan cannot be used for condominium or cooperative purchase

 The applicant must be a discharged from active duty status (veteran only) to be eligible for the program

 The applicant can have bad credit and still get a VA guaranteed home loan

[Ask all respondents except those responding “0%” in Q7]

29. How satisfied are you with the timeliness of the VA guaranteed home loan process?

• Very satisfied

• Satisfied

• Neither satisfied nor dissatisfied

• Dissatisfied

• Very dissatisfied

• Don’t know or not sure

[Ask all respondents except those responding “0%” in Q7]

30. How satisfied are you with the responsiveness of the VA staff?

• Very satisfied

• Satisfied

• Neither satisfied nor dissatisfied

• Dissatisfied

• Very dissatisfied

• Don’t know or not sure

31. In your opinion, is a VA guaranteed home loan beneficial for veterans?

• Yes

• No (Skip to Q33)

32. In your opinion, how is the VA Home Loan Guaranty Program beneficial for veterans? (Choose up to three)

• No down payment

• No PMI

• No prepayment penalty

• Offers supplemental servicing

• Other (specify) ____________________________________

33. What can VA do to help promote the program? Encourage participation of veteran home buyers? Assist realtors?

• <Open Ended>

Thank you for your feedback.

6

VA-LGY Real Estate Professional Survey

November 2008