VA Loans

[afrazorback]

Another shoutout to Amy @ NBKC. We purchased our first home last month and Amy was phenomenal through the whole process. VA loan 3.25%, almost $4K in lender credits, used a POA so my wife could sign while I was out of town and Amy was able to make sure everything was squared away and we had no issues at closing. Amy knows the process inside and out, obviously has military experience and can talk you through everything. This was our first home purchase and we were kinda shocked at how easy it was but then again I think we just had awesome realtor and lender. I'll definitely be going back to Amy for future purchases and re-fi. 

[PilotWife2]

On ‎11‎/‎11‎/‎2016 at 2:23 PM, Champ Kind said:

I can 100% vouch for Amy.  She took care of a re-fi for us several years ago.  She and the rest of the NBOKC are great.

 

On ‎11‎/‎13‎/‎2016 at 6:57 AM, afrazorback said:

Another shoutout to Amy @ NBKC. We purchased our first home last month and Amy was phenomenal through the whole process. VA loan 3.25%, almost $4K in lender credits, used a POA so my wife could sign while I was out of town and Amy was able to make sure everything was squared away and we had no issues at closing. Amy knows the process inside and out, obviously has military experience and can talk you through everything. This was our first home purchase and we were kinda shocked at how easy it was but then again I think we just had awesome realtor and lender. I'll definitely be going back to Amy for future purchases and re-fi. 

Thanks all!!  I really appreciate your business and vote of confidence!  I'm on standby for any future financing needs! 

[Marty - Trident Home Loans]

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.

 

 

Edited November 23, 2016 by Marty - Trident Home Loans
Added e-mail address and updated rate increase to .5%

[brabus]

Can't buy until mar-apr timeframe, based on expected market as well as minimizing rent/mortgage overlap...anything I can do to lock rates in prior to the Fed's increase or am I too far out and just have to take what I can get in mar timeframe?

[PilotWife2]

44 minutes ago, brabus said:

Can't buy until mar-apr timeframe, based on expected market as well as minimizing rent/mortgage overlap...anything I can do to lock rates in prior to the Fed's increase or am I too far out and just have to take what I can get in mar timeframe?

You need the terms of the purchase to lock in a rate; address, purchase price, closing date, etc.. Unfortunately you cannot lock and then shop.  I have been a mortgage loan officer for over 15 years and have ridden through many of these cycles.  Hang tight!  It tends to shake out ok in the end! 

 

 

 

[brabus]

Makes sense - thanks Amy!

[Marty - Trident Home Loans]

On 11/15/2016 at 5:14 PM, brabus said:

Can't buy until mar-apr timeframe, based on expected market as well as minimizing rent/mortgage overlap...anything I can do to lock rates in prior to the Fed's increase or am I too far out and just have to take what I can get in mar timeframe?

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

[KWings06j]

The person I worked with at NBKC for my last 3 loans (2x refi's & 1 new mortgage) apparently moved on since then. So I was connected with Dave Devine for my latest home purchase. From accepted offer to closing was only 13 business days. 3.25% w/ $2200 in lender credit. So if anyone's in a hurry to close like I was I can't recommend him highly enough!

[mule]

I recently refinanced a construction loan to a VA Jumbo with Trident.  I've dealt with NFCU, Wells Fargo, Ditech (awful experience!!!), Flagstar, CitiMortgage, and many others.  Marty and his team are the most responsive and competent group I've ever dealt with.  I couldn't be more pleased! 

We dealt with multiple issues (low appraisal, fireplace letters, well letters, septic certifications, messed up credit, builder warranties, etc.) throughout the process.  Whenever there was an issue, my loan officer was able to work through it with me quickly.  She was replying to my emails at all hours of the night.  Anytime I needed to ask a question, she would reply quickly.  She was always available via phone or email.

This was the best experience I've ever had in my 20+ years of buying and refinancing houses! 

 

[Marty - Trident Home Loans]

On ‎12‎/‎3‎/‎2016 at 8:06 PM, mule said:

I recently refinanced a construction loan to a VA Jumbo with Trident.  I've dealt with NFCU, Wells Fargo, Ditech (awful experience!!!), Flagstar, CitiMortgage, and many others.  Marty and his team are the most responsive and competent group I've ever dealt with.  I couldn't be more pleased! 

We dealt with multiple issues (low appraisal, fireplace letters, well letters, septic certifications, messed up credit, builder warranties, etc.) throughout the process.  Whenever there was an issue, my loan officer was able to work through it with me quickly.  She was replying to my emails at all hours of the night.  Anytime I needed to ask a question, she would reply quickly.  She was always available via phone or email.

This was the best experience I've ever had in my 20+ years of buying and refinancing houses! 

 

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

Edited December 6, 2016 by Marty - Trident Home Loans
Updated 2017 Loan Limits

[stract]

14 hours ago, Marty - Trident Home Loans said:

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

Marty,

Does this mean if I haven't fully used my VA entitlement, the remaining portion of it will be based on $424.1K (aka, 25% of $424.1K minus how much I've already used)?

[Marty - Trident Home Loans]

Marty,
Does this mean if I haven't fully used my VA entitlement, the remaining portion of it will be based on $424.1K (aka, 25% of $424.1K minus how much I've already used)?

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





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[Maestro]

I'd like to add another plug for Marty and his team at Trident. I've previously used USAA (awful), Penfed (average), and NBoKC (excellent) when closing home loans. Trident offerred best-in-class rates and lender credits, but it is their incredible customer service that will bring me back in the future.

We were in a far-from-ideal financial situation when we found a home we loved in September, and because of Trident we closed Friday and are unpacking boxes today. Marty and Lauren were very patient with us as we explored our purchasing options, and then handed us off Elena who did an outstanding job getting us to closing despite the typical last-minute "one more things" from the underwriter. The availability (I've gotten emails from Elena at times from 0615-2045) and competence (zero mistakes in paperwork and no duplicate document requests) of Marty's team truly stand out in their field.

If you are buying or refinancing a home, I would highly recommend that you talk to Marty, get an initial rate/lender credit quote from his team and compare that to your other options. Should you end up choosing them, then I hope that your experience is as great as the one I had.

[stract]

On 12/7/2016 at 6:24 AM, Marty - Trident Home Loans said:

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





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moot for me since my finding fee is waived (60% disability FTW).  But yes, I will be coming to the table with $$ for my next purchase in UT.

[Marty - Trident Home Loans]

On 12/8/2016 at 9:39 AM, Maestro said:

I'd like to add another plug for Marty and his team at Trident. I've previously used USAA (awful), Penfed (average), and NBoKC (excellent) when closing home loans. Trident offerred best-in-class rates and lender credits, but it is their incredible customer service that will bring me back in the future.

We were in a far-from-ideal financial situation when we found a home we loved in September, and because of Trident we closed Friday and are unpacking boxes today. Marty and Lauren were very patient with us as we explored our purchasing options, and then handed us off Elena who did an outstanding job getting us to closing despite the typical last-minute "one more things" from the underwriter. The availability (I've gotten emails from Elena at times from 0615-2045) and competence (zero mistakes in paperwork and no duplicate document requests) of Marty's team truly stand out in their field.

If you are buying or refinancing a home, I would highly recommend that you talk to Marty, get an initial rate/lender credit quote from his team and compare that to your other options. Should you end up choosing them, then I hope that your experience is as great as the one I had.

Thank you Maestro!  Elena and Lauren are awesome!  I'm always pushing the team to find solutions not problems.  Glad we found a good one for you.  We will get you a no cost VA refi next year to save you even more.  Let me know if you need anything.

Merry Christmas to everyone!  

Marty

marty@mythl.com

[Fud]

On 11/15/2016 at 2:15 PM, Marty - Trident Home Loans said:

Marty 
Owner, Trident Home Loans (marty@mythl.com)
Legacy airline pilot, Former EA-6B pilot, USNA Alumni

 

 

Started working with Trident to do a refinance from a 15 year (2.75% interest rate) to a 30 year while going through a divorce.  Appraiser was here yesterday and I have never seen any group work so fast.  This company divides and conquers in their roles and it is very impressive to see this happen.  I've worked with NKOBC in the past and was very satisfied.  Marty's customer service is second to none.  Both great companies.  

[ClearedHot]

Working with Marty myself to purchase our forever home, superb rates and service.

[Marty - Trident Home Loans]

1 hour ago, ClearedHot said:

Working with Marty myself to purchase our forever home, superb rates and service.

 

1 hour ago, Fud said:

Started working with Trident to do a refinance from a 15 year (2.75% interest rate) to a 30 year while going through a divorce.  Appraiser was here yesterday and I have never seen any group work so fast.  This company divides and conquers in their roles and it is very impressive to see this happen.  I've worked with NKOBC in the past and was very satisfied.  Marty's customer service is second to none.  Both great companies.  

Thank you Gents!  I think the AF calls the concept "centralized control, decentralized execution".  Not sure if it works well in the AF, but our team lives by it.  It's the only way two airline pilots could make this type of business run "nearly" seamless while we're flying trips.

Marty

[AMF_77]

Marty (or anyone with SA),

Is it possible/smart to use the remainder of VA loan eligibility (approx. 169K remaining eligibility from my first loan) to combine with a second VA loan and another traditional loan to purchase a home? 

[Marty - Trident Home Loans]

40 minutes ago, AMF_77 said:

Marty (or anyone with SA),

Is it possible/smart to use the remainder of VA loan eligibility (approx. 169K remaining eligibility from my first loan) to combine with a second VA loan and another traditional loan to purchase a home? 

If you want to buy a house that costs more than the entitlement you have remaining you'd need to put some money down to do a second VA.  The basic formula would be (purchase price - 169K) * .25 = down payment.  If the county you're looking to buy in has a higher VA loan limit you may have some extra entitlement left too which could lower the needed down payment.  Unfortunately, you can't combine a VA with a traditional loan though.  

A lot of people will also refinance out of their first VA to free up their full entitlement for a new purchase so they don't have to put money down.  I do a lot of these for people who are getting ready to PCS so it's done before they start house hunting.

There are also other options like doing an FHA or even a 5% down conventional as well.  

There is a solution to every problem...we just need to find what route would help you the most.  Shoot me an e-mail or give me a call if you'd like to chat in more detail.

Marty

marty@mythl.com

850-343-0400 ext 101

 

 

[Termy]

Question for the group:  I am retiring in one year so it's still a little far out to do all of the medical stuff.  I am certain I will have some VA disability as all these years of the Viper have me walking like I am 95.  Has anyone accelerated this process or done anything so they have documentation that can be used to get the zero funding fee on a VA loan due to disability?  I am not trying to game the system but certainly would like to utilize that benefit if it is indeed legitimate.

 

 

[PilotWife2]

22 minutes ago, Termy said:

Question for the group:  I am retiring in one year so it's still a little far out to do all of the medical stuff.  I am certain I will have some VA disability as all these years of the Viper have me walking like I am 95.  Has anyone accelerated this process or done anything so they have documentation that can be used to get the zero funding fee on a VA loan due to disability?  I am not trying to game the system but certainly would like to utilize that benefit if it is indeed legitimate.

 

 

Hello!   When are you hoping to buy and when is the earliest you could start the medical red tape?  A lender is required to close your VA loan with the VA funding fee if your Certificate of Eligibility does not show you are exempt.  Generally, if you have a pending disability claim at the time of closing, you typically are able to obtain a refund if the award comes in later.  You would send your lender a copy of your ratings letter who in turn submits the refund request to VA.  Your refund comes back to you either as cash if you paid the funding fee out of pocket at closing OR as a principal reduction if you financed it into your loan value.  Let me know if you have any other questions.  I have helped many borrowers in this exact situation! 

[Marty - Trident Home Loans]

Hello!   When are you hoping to buy and when is the earliest you could start the medical red tape?  A lender is required to close your VA loan with the VA funding fee if your Certificate of Eligibility does not show you are exempt.  Generally, if you have a pending disability claim at the time of closing, you typically are able to obtain a refund if the award comes in later.  You would send your lender a copy of your ratings letter who in turn submits the refund request to VA.  Your refund comes back to you either as cash if you paid the funding fee out of pocket at closing OR as a principal reduction if you financed it into your loan value.  Let me know if you have any other questions.  I have helped many borrowers in this exact situation! 

I echo Amy's comments. Here are a couple options:

1) At a minimum, file for disability and have your appts before you sign a purchase contract, pay the funding fee and then ask for a refund once it's awarded.

2) Start the process early and get awarded your disability while you're still on AD then buy. Your COE won't be updated but you can fill out a VA Form 26-8937 to document it.

I advise everyone to get everything in black and white and not just take people's word for things in this business. I've seen a lot of people lose thousands of dollars because their lender was either unethical or uneducated. Commission is big in this business so people say things to get your business then don't deliver but the borrower bites the bullet.

Here is the source document:
https://benefits.va.gov/WARMS/docs/admin26/handbook/ChapterLendersHanbookChapter8.pdf

Specifically see 8b, e and j.

I hope this helps others to get a refund or prepare for post retirement/separation life.

Happy New Year to all!

Marty


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[PilotWife2]

1 hour ago, Marty - Trident Home Loans said:

 

 

I echo Amy's comments. Here are a couple options:

1) At a minimum, file for disability and have your appts before you sign a purchase contract, pay the funding fee and then ask for a refund once it's awarded.

2) Start the process early and get awarded your disability while you're still on AD then buy. Your COE won't be updated but you can fill out a VA Form 26-8937 to document it.

I advise everyone to get everything in black and white and not just take people's word for things in this business. I've seen a lot of people lose thousands of dollars because their lender was either unethical or uneducated. Commission is big in this business so people say things to get your business then don't deliver but the borrower bites the bullet.

Here is the source document:
https://benefits.va.gov/WARMS/docs/admin26/handbook/ChapterLendersHanbookChapter8.pdf

Specifically see 8b, e and j.

I hope this helps others to get a refund or prepare for post retirement/separation life.

Happy New Year to all!

Marty


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Marty is correct!  If you start the claim process and we are able to verify your disability rating through filing the VA form 26-8937, your lender will not charge you the VA funding fee even if your Certificate of Eligibility has not caught up with your exempt status.  Bottom line, it would be advisable to start the medical process as soon as possible and to work with a lender familiar with this process!

[Fud]

5 hours ago, Termy said:

Question for the group:  I am retiring in one year so it's still a little far out to do all of the medical stuff.  I am certain I will have some VA disability as all these years of the Viper have me walking like I am 95.  Has anyone accelerated this process or done anything so they have documentation that can be used to get the zero funding fee on a VA loan due to disability?  I am not trying to game the system but certainly would like to utilize that benefit if it is indeed legitimate.

 

 

It's not too far out to do the medical stuff at all.  I would recommend doing a Benefits Delivery at Discharge (BDD) claim, and you will have your VA benefit in addition to your retirement.  It would enable you to know how much of your retirement would be taxable/non-taxable income.  I'd recommend talking to your local DAV rep who will hook you up.  Good luck.