Marty - Trident Home Loans

Correct, another way to look at it is 424.1 - 1st VA loan amount (original balance, not what you owe) = 2nd VA loan amount available with 0% down. You can spend more but you'll have to put a little down. I recommend anyone doing a second VA that has 5% to put down to do it because it drops your VA funding fee from 3.3% to 1.5% saving you a significant amount. Marty Sent from my iPhone using Tapatalk

Thanks Mule! You were great to work with too! We are very thankful to have such a wonderful team of loan officers like Aspen! Nothing is more important to us than being prompt and available to our clients because we know home buying/refinancing isn't just an 8-4 mon-fri business. Rates dipped a little yesterday and look like they are stabilizing. I'm always happy to help/chat. Marty Owner, Airline Pilot, Navy Vet marty@mythl.com Update: Just got the official word that the base line loan limits will increase from $417K to $424,100 effective 1 Jan. Some high cost of living areas will be higher. If you're curious you can find your new county limit at https://www.fhfa.gov/DataTools/Downloads/Documents/Conforming-Loan-Limits/FullCountyLoanLimitList2017_HERA-BASED_FINAL.PDF

With rates rising, we can lock you 60 days out from your expected closing date at the current market rates while you shop around for a house (Our "Lock and Shop" program). Once you go under contract we will give you the better of the original "lock and shop" rate or the going market rate. It's a great way to hedge your position without it costing you anything. Happy Thanksgiving to everyone! Marty

Welcome to the forum, Amy! Glad to have another loan officer on here that understands the unique needs of the military and aviators. Our brotherhood is built on a foundation of trust, respect and always looking out for your buddy. I want to see each of you get the best deal possible and always recommend that you shop around to get the best combination of product and service. Rates have moved up .5% since the election and are likely to continue with the predicted Fed rate hike coming up in Dec. If you're thinking about buying or doing a no cost VA refi I'd highly recommend you start putting out your feelers since no one knows if we might see these low mortgage rates again for a while. Marty Owner, Trident Home Loans (marty@mythl.com)Legacy airline pilot, Former EA-6B pilot, USNA Alumni While you're at it I'd recommend checking out: www.annualcreditreport.com – It’s the one website where you get an actual free credit report… always a smart thing to monitor. You get a free report from each of the three agencies so I'd recommend you just pull one at a time and do this every 4 months. · www.optoutprescreen.com – Great website to opt out of junk mail and solicitation phone calls… Is there anyone out there that actually likes getting solicitation phone calls or sifting through junk mail daily??? I don’t and I can tell you for a fact that every "do you have a VA loan over 1.75%" or "Is your VA rate above 2.75%" is junk.

Thank you bluedevil! It was a pleasure working with you. Happy Veterans Day to everyone! Marty Sent from my iPhone using Tapatalk

There is what is called pre-underwriting prior to finding a house but that wouldn't buy you anything since they'd want your most current LES once you found the house. You're fine though as long as you already have full time employment lined up with a job offer in writing. You can have a DOS but will just have to provide a copy of the job offer. Reserve pay can be tricky since it varies month to month, but we're used to it. Same goes for "hourly" airline pay which some underwriters can't wrap their brains around, but we do it so frequently that we have cracked the code. We can qualify someone for a VA loan up to 55% debt to income so a lot of time we can just drop the reserve pay off your application and still make the numbers work. If we do have to use it we have you get a letter from your commander documenting your projected annual reserve income and back that up with your LES and bank statements. Rarely have we run into an issue where we couldn't get the underwriter to understand it. If we do then I just call the VP and as the owner of Trident can push it through. Sent from my iPhone using Tapatalk

You got it! As long as the most recent LES you submit has an Indef separation date you're good. You could also setup the closing to be 60 days after the contract ratification date. If you do that you could get close to not making your first payment until 120 days from signing the contract which is when you could be on terminal leave and potentially already have a job offer too. I'm basing this timeline on you applying to separate 6 months prior to your ADSC being up which I believe is pretty typical. Cheers! Marty Sent from my iPhone using Tapatalk

A verification of employment and continued employment has to be done for both civilian and military alike. As long as you don't show your cards too early an underwriter has no grounds to deny the loan even if you quit your job the day after closing. The problem is if they know you are quitting which is where establishing a DOS can hurt you. Having a DOS won't kill you if it's greater than 12 months out from the closing date, you have a verifiable job offer from an airline or you show intent to extend out your DOS. You run into a problem if you have a DOS and haven't got a job offer from an airline yet or you separate prior to getting hired. Getting a mortgage is like passing a flight physical. As long as the paperwork looks good during the 30-45 day closing window no one is going to care what you do after you close as long as you're making your payments. Hope that helps answer your question! Marty Sent from my iPhone using Tapatalk

Every lender is going to be different and some are better than others with these situations. The two options we give guys who are separating and going to the airlines are: 1) Buy before you establish a separation date if possible 2) Buy once you start getting your airline training pay. Option 1 is easy and there won't be any questions asked or larger down payment required because an officer has an indefinite DOS until your separation package is approved. Option 2 is something we do all the time. It won't require a larger down payment assuming you're doing a VA. The break in employment isn't an issue because you've been in the same line of work (pilot) for more than 2 years regardless of who you fly for. Training pay is typically around $5K which usually allows us to qualify someone like you for around a $2.8K mortgage payment once you start training. Shoot me an email at marty@mythl.com or PM if you want to talk specifics or have more questions. Hope that helps! Marty Sent from my iPhone using Tapatalk

Thank you Sir! I just shared your feedback with my team of 25 employees. I am very proud of each of them and delighted that we earned your trust! We love serving the military and will always do anything we can to help. Marty Sent from my iPhone using Tapatalk

Chicken, Shoot me an email or call with your income, monthly debt obligations, and credit score. I'll run your numbers and let you know what you'd be pre-approved for based on the information you provide. I can't do an actual pre-approval without running your credit but if you give me solid info then I can get you to the 99% solution now. Marty Owner, Trident Home Loans Legacy airline pilot USNA Alumni Former EA-6B pilot Sent from my iPhone using Tapatalk

It all depends on how much money you need to complete the upgrades. There is not a specific VA rehab loan but there are options. 1) Do a no cost IRRRL and roll in the escrow amount into the loan. You'd skip one mortgage payment plus get to keep your escrow refund. This is the cheapest option but will only get you 5-10k in cash. 2) Do a VA cash out refi where you can take out up to 100% of the appraised value of your house. There is a 3.3% VA funding fee (unless you have a VA disability) to do this plus closing costs and escrow fees. I can pay 3% of your funding fee and you can pay the rest out of the cash out. This is going to cost you more money but will get you the maximum amount of cash to do the upgrades. 3) Assuming you have the equity, do a no cost Home Equity Loan or Line of Credit. These typically allow you to take out up to 90% of the appraised value and run around 4%. Hope I answered your question. Take care Marty Sent from my iPhone using Tapatalk

Wish we could do it but we're not licensed in NM. We can do: AL, CA, CO, DE, FL, GA, IN, LA, MD, MI, MN, MS, OK, OR, TN, TX, VA, WA Marty Sent from my iPhone using Tapatalk

Sorry we're not licensed in NC but I can find you another lender who is if you'd like. Email or PM me what you're looking to do and I'll match you up. 3.375 is a good rate. Depending on the state, loan amount, any VA disability and credit score you could potentially get it down a little lower using a no cost IRRRL. If you want a free quote just shoot me an email with those details at marty@mythl.com. You can also PM me and I'll give you my cell #. A 5min call can save a lot of emailing back and forth. Thanks! Marty Sent from my iPhone using Tapatalk

Thanks for the nice words! Glad we could help! Rates are back down to previous lows and should stay down through the next potential Fed rate hike in Dec. It's a good time to lock in a no cost refi if it's on your radar. Marty Sent from my iPhone using Tapatalk

Hmmm, sorry about that. Not sure what is going on with the link. E-mail me directly at marty@mythl.com and I'll make sure you get all the info you need. Thanks! Marty Sent from my iPhone using Tapatalk

We can do a VA IRRRL after a borrower has had the loan for 3 months. As a company policy, we wait to lock the loan until 4 months after the it closes and then close it after 6 months. This prevents any issues with the current lender having to pay back loan revenues and is ethical in my opinion. It also complies with VA Guidelines in all cases. Since we do the VA iRRRL under no cost terms, the borrower does pay the funding fee but has our credit to reimburse it at closing. Thus, there is no fee and costs for our method of doing it. The one thing I can say is to examine a fee sheet and know what your costs are and terms. Education with this loan program is essential and we legally put it in a rate quote from a licensed loan originator so you can see the cost along with the credit. No cost can mean no lender fee, no out of pocket cost but as a Naval Academy Math Major, I define no cost as all costs paid, but not escrows for taxes and insurance as well as interest due. Interest is paid regardless of the refi and so are escrows. Sent from my iPhone using Tapatalk

ARAMP1, here are some formula examples. You fit example 4 and 7. Like ThreeHoler said you can go above 417K in many counties. We're doing one for a Virginia guy right now that has a 625K max. Run the formula using your county limit which you can find at https://www.benefits.va.gov/HOMELOANS/purchaseco_loan_limits.asp That'll give you a good idea of what you'll need to put down. A VA jumbo is going to be a much better rate than a conventional jumbo plus we can go up to 50% debt to income to qualify on a VA jumbo. Your credit score has to be above a 680. Shoot me a PM or email me at marty@mythl.com if you want to chat. Marty VA guaranty_calculation_examples.pdf

Thanks Duck! I sent a PM and will do my best to help him out. As shown on our website, Trident can do VAs/IRRRLs below 3.25% but you'd have to either pay closing costs or roll them in. Rates are starting to trend upwards. Just give me a call or email. BBB is not a government organization and lender/broker feedback is legally done through the NMLS. You can see if there are any complaints on a lender through the website below. https://www.nmlsconsumeraccess.org/

Found you a licensed Kansas lender similar to us. They should be able to help you out. Sorry it took me a little bit to get it to you. Gemini Funding Brian Harrold 620-251-7705 Brian@geminifunding.net Sent from my iPhone using Tapatalk

Thanks Duck! I've been getting a lot of people wanting rate quotes. First and easiest, go on our website and our rates to include the no cost VA IRRRL refinance are on the front page. www.tridenthomeloans.com Second, If you want a quick more detailed quote simply e-mail me at marty@mythl.com or PM me with: 1) The loan amount 2) Address 3) Credit score 4) If you're living in it, second home or you're renting it out 5) If you have a VA disability on record Third, If you want a detailed quote than go on www.tridenthomeloans.com, click the application and just fill it out with your name, address, SSN, and DOB. You can skip the rest. We'll run you an exact fee sheet that way because we can be more accurate with your credit score. If you dislike computers than just call/pm me and I can give you some thoughts in 5mins.

Sorry I'm not licensed in Kansas but Iet me see if I can find you another broker who will do the same deal for you in Kansas. The VA cash out is probably gonna be your best option NMLS #65716

Hi from Marty, The problem in our business is that the person you talk to may or may not know what other lenders are doing as is the case here. I employ 13 processors and have 5 brokers as well. We DO give a lender credit for the VA funding fee as well as all costs. You need a 640 or better credit score to do an IRRRL. I simply add up the costs and then set the lender credit to equal the costs PLUS the funding fee. Lenders do NOT want to offer these credits because they risk having to repay them if you sell or refinance within 6 months. See our website or contact us so we can set you up with a licensed loan originator in your state to give you a legal quote.

Duck, you can have 2 VA Loans so long as they add up to 417,000. Or you can refi into a conventional.

Hello all from the Owner of Trident Home Loans. I want all of you to be careful and make sure you get a fee sheet from any lender before you do anything. Most lenders state no cost, but they mean no lender fees, or no out of pocket costs. And most certainly do not include the VA funding fee into the equation. Trident pays the .5% funding fee on an IRRRL as well as ALL costs for taxes and title. We do not pay prepaids, but those can be rolled in. Other companies might not be able to do no cost IRRRLs but I'm the owner. We employ military both USN and USAF spouses and support military events in Pensacola, Hurlburt and now the AF-Navy Game in Colorado Springs. NO COST MEANS NO COST. Choose who you trust carefully. I've based my business and my reputation on it for 15 years. See our website or contact us so we can set you up with a licensed loan originator in your state to give you a legal quote. Marty Medve, EA6B Pilot USN 80'-94' Commercial Airline Pilot 19 years. Owner, Trident Home Loans, Gulf Breeze/Pensacola Florida along with Tim Moor, fellow VT-7 Instructor and CFO and friend of 26 years.