VA Loans

[hispeed7721]

When you say $0, does that mean that the fees were just rolled into the new loan?  Or that it was a no-shit $0 closing cost/fees loan?

We paid no sh!t $0. The balance from our previous loan was the exact amount of the new loan, just a different interest rate. we used USAA, and they covered 100% of any associated costs

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[BADFNZ]

So I just got off the phone with USAA.  They said the only way they could offer $0 closing costs would be if my original mortgage was through USAA.  If my mortgage is currently with someone else, then there would be normal closing fees.

[danielstevens]

Hey guys,  we have been doing a lot of $0 cost VA IRRRL loans for people with where rates are right now at NBKC.  And quite a few conventional refinances as well where we cover the actual costs (not rolling in the fees or anything like that).  So it's definitely possible to find out there.

You are all talking about the right things,  there is a big difference between rolling in all the costs into a larger new loan where a lender says "no out of pocket costs" and actually having the lender cover all of your costs which is the true "no cost loan".

[BADFNZ]

I just got off the phone with my current lender and they assured me there's no such thing as a no-shit no-cost refi, and that mortgage companies are probably just giving enough of a credit to cover the costs.  This makes sense.  They quoted me a 3.375% rate with a $500 credit, or a 3.75% with a $3000 credit.  They said any VA IRRL loan is going to have a 0.5% VA funding fee plus any title costs which differs by state.  So I'm guessing the answer is "it depends" when it comes to whether or not you'll incur any costs with an IRRL.

[hispeed7721]

That makes sense. I don't know where the credits vs costs came into play in my situation, but the realized cost at the end of the day to me was $0, and FWIW I went from a non-USAA lender original loan to a USAA refi

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[Mark1]

I guess it's true: there really is no such thing as a no-shit free lunch.

[Jon - Trident Home Loans]

1 hour ago, BADFNZ said:

I just got off the phone with my current lender and they assured me there's no such thing as a no-shit no-cost refi, and that mortgage companies are probably just giving enough of a credit to cover the costs.  This makes sense.  They quoted me a 3.375% rate with a $500 credit, or a 3.75% with a $3000 credit.  They said any VA IRRL loan is going to have a 0.5% VA funding fee plus any title costs which differs by state.  So I'm guessing the answer is "it depends" when it comes to whether or not you'll incur any costs with an IRRL.

Like you said, it costs money but the lender pays it for you by increasing the rate.  Trident's fixed 30yr VA is 3.0.  They increase it to 3.25 and use the credit to pay all your closing costs including the IRRRL funding fee making it free to you.  Any lender can do it and they are lying to you if they say it has to be them only.

[Duck]

Question for the masses. Getting ready to PCS and want to free-up my VA loan eligibility which is tied up in a house that is being rented. With appraisal I have 20%+ equity. Can I refi that VA loan into a conventional with no pmi and then use my va for another house?

[danielstevens]

5 minutes ago, Duck said:

Question for the masses. Getting ready to PCS and want to free-up my VA loan eligibility which is tied up in a house that is being rented. With appraisal I have 20%+ equity. Can I refi that VA loan into a conventional with no pmi and then use my va for another house?

Hello - yes you can do what you are asking.  But it may ultimately not be your best option.  Quite often people have more eligibility than they realize and can have two VA loans at the same time.  Each situation is different, as it depends on the size of the original loan, and the potential size of the new loan at your new house.  But it's definitely worth looking into before you decide whether to refinance your old house or not.

[Jon - Trident Home Loans]

28 minutes ago, Duck said:

Question for the masses. Getting ready to PCS and want to free-up my VA loan eligibility which is tied up in a house that is being rented. With appraisal I have 20%+ equity. Can I refi that VA loan into a conventional with no pmi and then use my va for another house?

I did what you're thinking about doing but then found out that you can only restore your entitlement once if you hold onto the original property.  Now I'd have to sell both properties if I wanted to restore it. Doing the 2 VAs under the same entitlement seems preferable if you have enough entitlement left to do it.

"One-Time Restoration. If you have paid off your VA loan, but still own the home purchased with that loan, you may apply for a one-time only restoration of your entitlement in order to purchase another home that will be your primary residence. Once you have used your one-time restoration, you must sell all homes before any other entitlement can be restored. "

https://www.vba.va.gov/pubs/forms/VBA-26-1880-ARE.pdf

 

[Marty - Trident Home Loans]

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.

Edited July 14, 2016 by Marty - Trident Home Loans

[Marty - Trident Home Loans]

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

[Marty - Trident Home Loans]

On July 5, 2016 at 3:59 PM, BADFNZ said:

I just got off the phone with my current lender and they assured me there's no such thing as a no-shit no-cost refi, and that mortgage companies are probably just giving enough of a credit to cover the costs.  This makes sense.  They quoted me a 3.375% rate with a $500 credit, or a 3.75% with a $3000 credit.  They said any VA IRRL loan is going to have a 0.5% VA funding fee plus any title costs which differs by state.  So I'm guessing the answer is "it depends" when it comes to whether or not you'll incur any costs with an IRRL.

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.

Edited July 14, 2016 by Marty - Trident Home Loans

[BADFNZ]

45 minutes ago, Marty - Trident Home Loans said:

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 at a 3.25% rate. You need a 640 or better credit score for this rate. 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. Having loyal followers, fellow pilots, local military, I don't risk much because they know I've invested in them so they can get a no cost loan. Banks don't do this but I can't speak for all of them. And your lender can't speak for me.

Marty, thanks for the explanation.  I will give you guys a call this week.

[RASH]

Marty--what's your current rate for a 15yr VA refi? Same deal with the lender credit?

[Vertigo]

I will need to refi my mortgage once my divorce is finalized. Right now I have a conventional mortgage. Would changing to a VA for the refi be worth the VA funding fee or should I just stick with a conventional? I also want to explore the option of a cash out refi to remodel the kitchen.

Anyone recommend some good lenders to work with for this? USAA's ratings on their website make me very leery to use them.

[hispeed7721]

USAA's ratings on their website make me very leery to use them.

I was really nervous to use USAA for my refi as I have had friends where it took 3+ months to get things accomplished. But mine took about 10 days (we weren't in a hurry and were not pushing at all) and was relatively painless. If they've got the rates you're looking for I think it's worth talking to them

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[Vertigo]

50 minutes ago, Marty - Trident Home Loans said:

A VA will get you a lower rate versus a conventional. You can also do a cash out VA up to 100% of the appraised value. What state are you in? If it's in one of my 20 states I'll pay your funding fee at a 3.375-3.5 30yr VA fixed.

A conventional 30 is gonna be a little north of that for a cash out and I can only go up to 80% of the appraised value.

I just did one of these same situations for an AF CSO who got divorced and needed the cash to pay off his ex.

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Kansas.

I haven't had it appraised, but my current mortgage is at about 82% of the purchase price 10 years ago.

[Marty - Trident Home Loans]

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

Edited July 7, 2016 by Marty - Trident Home Loans

[Duck]

Hey Marty, I called Around today about refinancing my VA into a 30 year conventional. With excellent credit I am getting quoted at 4.5% (no points) and about $2300 in fees. Are you in the conventional business too or just VAs? Does that sound reasonable to you?

[Duck]

Shout out to Marty and Trident. Call them, seriously, even if you think they can't help you out. As a product of the public school system of the south, I always get confused talking to financial types. Marty spent about 15 mins on the phone with me giving me some solid financial advice that even I could understand. It was very obvious he wanted what was best for me and my family. I will be doing business with them as soon as I get my pcs location nailed down.

[F15E154]

Closed with NBKC this week:  3.25% 30 YR VA, $4200 in lenders credit (covered funding fee).  Smooth process...few quirks with the company - but highly recommend.

Also used USAA Home Buying Service to help us with a realtor in new city - great process - wish I'd used it years ago.

Good luck.

[Marty - Trident Home Loans]

On July 8, 2016 at 11:26 PM, Duck said:

Shout out to Marty and Trident. Call them, seriously, even if you think they can't help you out. As a product of the public school system of the south, I always get confused talking to financial types. Marty spent about 15 mins on the phone with me giving me some solid financial advice that even I could understand. It was very obvious he wanted what was best for me and my family. I will be doing business with them as soon as I get my pcs location nailed down.

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. 

Edited July 14, 2016 by Marty - Trident Home Loans
Dropped our rates on the website

[Marty - Trident Home Loans]

Kansas.

I haven't had it appraised, but my current mortgage is at about 82% of the purchase price 10 years ago.

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

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[KWings06j]

Anyone here able to recommend someone other than NBKC? My current loan is thru them and i'm trying to refi back to 30 years to drop the monthly payment. Problem is i'm already at 3.25% and they can't do the VA IRRRL since the rate wouldn't change. This leaves me either sticking with my current mortgage or going to a different lender. I see Trident in this thread but didn't see any longtime members commenting on using them and no BBB rating or reviews.