VA Loans

[Marty - Trident Home Loans]

Excited to share that Trident has partnered with an amazing aviation relocation service to make your move/purchase go even smoother.  You now have free access to a vetted network of real estate agents across the country who are pilots, pilots' wives, and military spouses.  The Realtors we've worked with so far have been top notch!  The owner (Tracy) is an American Airlines pilot's wife who shares our goal of making the home buying process as stress free as possible.  Let me or Jon know if you'd like help finding a Realtor in the area you're going to.  

Marty 

850-346-0250 marty@mythl.com

Jon

850-377-1114 jk@mythl.com

Edited August 26, 2018 by Marty - Trident Home Loans
spelling

[epacman]

Just wanted to pile on with another endorsement for the Trident team.  I’m a long time troll, but actually had to get a new account to post since it’s been so long since I logged in. 

 

My experience working with Marty Medve, Michael Aguado, and Kayla Sargent was great.  I started with quotes from a local lender, USAA, and Trident.  Right away they came in with a quote 3/8ths of a percentage point below the other two.  Every time I had a question or change, Michael and Kayla were prompt and courteous with their responses.  In general USAA came across like they were trying to scare me into a loan before their rates went up, while the Trident team was looking out for my best interests. 

 

As we got closer to the PCS date, my home sale for the house I was leaving fell apart and put my new home purchase in jeopardy, but Michael quickly reworked everything for my purchase as a VA Second-Tier entitlement letting me continue with the purchase, while still renting out my first home.  It was a stressful move, but Trident helped get rid of a lot of the stress. 

 

You have to give them a call if you’re looking into a loan in a state they service. 

[Marty - Trident Home Loans]

Just wanted to pile on with another endorsement for the Trident team. 

Thank you Sir and also thank you for making the effort to get back on baseops to post this! I’ll definitely make sure to recognize Michael and Kayla! They saved the day not me.

I’m at a Navy carrier pilot convention/reunion in Reno right now with my team and the USAA rep told me he doesn’t even do his mortgages with USAA. Please shop around

Marty



Sent from my iPhone using Tapatalk

[Marty - Trident Home Loans]

Starting today Trident will give you a free AVM (automated valuation method) appraisal to help you determine what your house is worth or what a good offer range is on a place you're looking to buy.  Physical appraisals are the best but cost $450-750.  An AVM can get you to the 90% solution.  They can even be accepted in lieu of a physical appraisal on some streamline refinances.  AVMs are based on comparable sales or houses on the market in your area which is what an appraiser runs their numbers off.  I think this will really help you guys out get top dollar when you sell and not get ripped off when you buy.  It'll also help you to determine if you can do a cash-out refinance to pull some equity out or get your mortgage insurance removed.  Happy to do this for you guys!  You guys have been awesome to Trident and I always reward loyalty!

Marty

E-mail Jon (jk@mythl.com) with the property address and he'll shoot the AVM your way.

I attached a sample AVM for you to check out.  They're awesome!

Sample AVM.pdf

 

[MooseClub]

New guy with random question

 

Previously had a VA loan. Sold the home a few years ago.

I know there are restrictions on how many active VA loans you can have at one time but are there any restrictions on receiving a new loan (second iteration in my case) after you’ve sold a previous home on a VA loan. I assume not but haven’t found a solid answer yet. Anyone with experience? 

[Jon - Trident Home Loans]

On 9/16/2018 at 3:30 PM, MooseClub said:

New guy with random question

 

Previously had a VA loan. Sold the home a few years ago.

I know there are restrictions on how many active VA loans you can have at one time but are there any restrictions on receiving a new loan (second iteration in my case) after you’ve sold a previous home on a VA loan. I assume not but haven’t found a solid answer yet. Anyone with experience? 

No restriction on total number of VA loans you can have at once.  Instead you have a maximum amount of entitlement, typically $453,100 (can be higher in high cost areas).  You can keep getting VA loans until the sum of your original loan amounts wipes out the max entitlement.  If you have some entitlement left but not enough then you just have to give a down payment.  Once you're out of entitlement you can get it back by either selling a previous house that you had a VA loan on or refinancing out of a VA to a conventional loan.  I'm over simplifying this so if you want the nerd version let me know, but this explanation works for now.

I can restore it for you through the VA's system if you'd like.  Just need name, SSN, DOB, address, phone and a copy of your closing disclosure from the house you sold.  Usually takes a day or two after I submit it in their system.  Just email or call (jk@mythl.com or 850-377-1114)

Jon

The solid answer can be found at the bottom of this webpage: https://www.benefits.va.gov/homeloans/purchaseco_eligibility.asp

Restoration of Entitlement

Veterans can have previously-used entitlement "restored" to purchase another home with a VA loan if:

• The property purchased with the prior VA loan has been sold and the loan paid in full, or
• A qualified Veteran-transferee (buyer) agrees to assume the VA loan and substitute his or her entitlement for the same amount of entitlement originally used by the Veteran seller. The entitlement may also be restored one time only if the Veteran has repaid the prior VA loan in full, but has not disposed of the property purchased with the prior VA loan. Remaining entitlement and restoration of entitlement can be requested through the VA Eligibility Center by completing VA Form 26-1880. 

[MooseClub]

^thanks for the info!

[xaarman]

Can any of yall experts speak to this?

https://money.cnn.com/2018/09/26/news/economy/federal-reserve-interest-rates-hike/index.html

Another rate hike, and according to the article, expect maybe 3 more in 2019.

I'm looking to buy my forever home (finally) in 1-2 years... any commentary on if the rate hikes are so small they're irrelevant vs "buy buy buy before the rates are too high!" ? 

Edited September 26, 2018 by xaarman

[PilotWife2]

 I have been a mortgage loan officer for 17 years, and every single year we hear the sky is falling and rates are going up… I would not let Federal Reserve rate fluctuations impact when I purchase a home. If you find the right house, by all means go for it… If the rate wasn’t what you hoped for, keep tracking them and do a refinance in the future. Particularly VA has a very kind (low fees, no appraisal requirement, etc) streamlined refinance program if and when rates go back down. You can make yourself crazy trying to time the market with rates. Buy when the timing is right for you and you find your right forever home at the right price… Good luck! 

Edited September 26, 2018 by PilotWife2

[MilitaryToFinance]

What really matters is inflation expectations. The Fed controls short term interest rates and mortgages rates are really determined by long bonds (since your mortgage will be 15 or 30 years). The two are related and the Fed raising rates has moved up the 10 year Treasury yields and mortgage rates but it is important to remember that the Fed Funds Rate only indirectly moves those longer dated bonds. If people continue to believe that the Fed can handle inflation and keep it at or near their 2% target then long term bonds will have a natural cap.

To put it into numbers, at the lows in 2016 for the year the average 30 year mortgage was 3.65% interest, last year was 3.99%, and right now is running ~4.55%. In 2011 the average rate was 4.45% and everybody thought they were getting the deal of a lifetime, mortgage rates were higher than today every year in history prior to 2011. So yes, compared to the absolute nadir of interest rates in history we are more expensive today. But in larger terms, rates are still pretty damn low. If you have a $500,000 mortgage the increase from 3.65% to 4.55% is a $261/month more in payment, not nothing but not huge either.

[Marty - Trident Home Loans]

What really matters is inflation expectations. The Fed controls short term interest rates and mortgages rates are really determined by long bonds (since your mortgage will be 15 or 30 years). The two are related and the Fed raising rates has moved up the 10 year Treasury yields and mortgage rates but it is important to remember that the Fed Funds Rate only indirectly moves those longer dated bonds.

Couldn’t have said it better myself! Nice job! Keep an eye on the 10yr treasury bond. It’s been hitting 3.10% and this time last year it was 2.1%ish. A month ago at Trident I was doing 3.875% 30yr VAs and the bond was about 2.82%. Today I’m doing 4.25% and the bond is about 3.10%. Hope that gives you some insider info. Rates are still low from a historic perspective.

Marty



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[FourFans]

My turn to jump on for a Trident Loan debrief.  

I was matched up with Jon and his teammate Lisa.  They are rockstars.  My bride and I had the pleasure of making this purchase while PCSing from Eastern Europe to the Florida panhandle...during hurricane season.  On top of that, my bride and kids got here about two weeks ahead of me.  Before I hit CONUS, we went through the entire loan approval, house selection, rate lock, and initiated closing. 

Team Trident got us a fantastic rate (better than some other major banking/loan companies by .5% in our specific case), and were up front and completely transparent with the entire process.  Jon and Lisa were apparently on the job 24/7 because I was getting updates as soon as they were available.  As mentioned before, the housing market regulations now require a metric ton of paperwork.  Thankfully Lisa is a level 74 ninja master at that stuff, and we were able to digitally sign everything.  

Taking it a step further, Marty, Jon, and Lisa made it clear that they understand the unique situation of pilots going through the transition to the airlines.  In fact, some on their team are doing exactly that right now.  They understand our earning potential, and reassured us that the temporary drop in paycheck due to the job change would not jeopardize our financial status for the loan.

All told, team trident is populated with honest, extremely hardworking individuals who are diligent in making the home loan process as transparent and painless as possible.  On top of that, Jon and Lisa went out of their way to answer any questions we had in language we could understand, and made sure that our family got settle into the local areas as smoothly as possible.  These are some great friendships that we've started.

Trident is fantastic and we'll definitely be bring them any business we have in the future.

Outstanding work Team Trident! 

With our sincerest gratitude,

FourFans and family.

[Jon - Trident Home Loans]

3 hours ago, FourFans130 said:

My turn to jump on for a Trident Loan debrief.  

On top of that, Jon and Lisa went out of their way to answer any questions we had in language we could understand, and made sure that our family got settle into the local areas as smoothly as possible.  These are some great friendships that we've started.

Trident is fantastic and we'll definitely be bring them any business we have in the future.

Outstanding work Team Trident! 

With our sincerest gratitude,

FourFans and family.

Thank you FourFans!  It was a pleasure to get to get to know you and your family and meet you in person at the closing!  Lisa did all the heavy lifting.  The paperwork sucks...no getting around that, but once it's in we do try to make it as easy as possible.  Glad we were able accomplish that for you!  Happy to help you anytime in the future.

To our future clients, Marty gave me a team to handle our AF loans and I look forward to helping you guys.  I'll be your POC with my goal to make sure each of you gets a great rate and service with no breakdown in comms.  Nothing is perfect, but at a minimum we sure will give you better service than AFPC or the MPF (don't want to set the bar too high).

Jon

jk@mythl.com

Cell: 850-377-1114

[jrizzell]

I just closed on my new house at my impending PCS location using the team from Trident loans. This was an incredibly smooth process! My lead was John with assist by Lisa. They were both incredibly quick with communication and information they needed to complete the process. There were some minor hiccups; but I attribute that to the underwriters being diligent and doing their piece of the puzzle. Big thumbs up for this team!

[Marty - Trident Home Loans]

21 hours ago, jrizzell said:

Big thumbs up for this team!-

Thank you Sir!  Glad we could help get you setup for your PCS!  Jon (jk@mythl.com or 850-377-1114) is handling all our Air Force loans with the help of Lisa, Bri and Elena so everyone should get great service!

Off topic: Jon just wrote a great article for Aero Crew News on pilot lending that I'm attaching.  If you haven't checked out Aero Crew News and you're thinking about making the jump to the airlines it's a great read.  It's geared towards regional hiring, but the contract comparison section covers both the majors and regionals.  Understanding pilot contracts will make you a lot of money and get you better QOL.  

Here is the PDF link to the full magazine:

https://www.aerocrewnews.com/acn/2018/10-ACN-Oct-2018.pdf

Cheers!

Marty

Aero Crew News.pdf

[Lord Ratner]

Marty,

A few pages back you mentioned your experience with custom houses. We now know we're moving to Dallas in a year and looking to build. Your advice on the process would be greatly appreciated. Thanks

Seth

[Marty - Trident Home Loans]

32 minutes ago, Lord Ratner said:

Marty,

A few pages back you mentioned your experience with custom houses. We now know we're moving to Dallas in a year and looking to build. Your advice on the process would be greatly appreciated. Thanks

Seth

Hi Seth,

 Here are some general thoughts...call me if you want to talk specifics 850-346-0250.  I'm actually in the process of building a custom home for myself in the FL Panhandle.

Customer versus builder financed:

Customer:  You get a bank loan to buy the lot and do the construction.  Most banks will try to sell you on a construction to perm loan.  They will say they are easier because there is only one closing.  The problem is they'll give you a crappy rate or offer you an ARM.  You'd do better to just do a construction loan with them and the perm with us.  It'll save you tens of thousands over the life of the loan.  I can do construction to perms and I don't even recommend my own product to guys because I can see how much they'd save doing it the other way.  Nice thing if you finance is you can try to have the builder let you buys the materials and then he just charges for labor an maybe a 10% fee on top of materials.  You can shop around for sales and deals that a builder won't waste their time with.  Also if you're planning on doing a construction to perm VA loan make sure the builder is VA financed.  Lastly, make sure you write into the contract cost and time over run penalties.  I've seen customer financed homes go over schedule by months and by tens of thousands of dollars.  You don't want to get stuck paying more in interest because they took their sweet time.

Builder financed: Nice because there are less loans and paperwork.  You design the house and they build it.  Then you get a normal mortgage with us as they near completion.  Builders are also more careful with time/cost because they are footing the bill until closing.  You probably won't be able to shop around for your own materials.  Also you don't have to worry if they are VA certified or not.  Downside is it'd be a custom home but probably based on some set of plans that has been built before so not totally unique.  Just depends on what you're going for.

Texas:

You're probably tracking but Texas and the Dallas area specifically has some very high property taxes which you'll want to factor into what you can afford on a monthly payment.  If you do a conventional loan with 10% we can waive your escrows for free which will lower your monthly payment and your prepaid costs at closing.  You're then responsible for paying your own taxes and insurance.   

Hope this helps!  Call me if you want to chat more!

Cheers!

Marty

[Hopefulflyer389]

On 9/12/2018 at 11:46 AM, Marty - Trident Home Loans said:

Starting today Trident will give you a free AVM (automated valuation method) appraisal to help you determine what your house is worth or what a good offer range is on a place you're looking to buy.  Physical appraisals are the best but cost $450-750.  An AVM can get you to the 90% solution.  They can even be accepted in lieu of a physical appraisal on some streamline refinances.  AVMs are based on comparable sales or houses on the market in your area which is what an appraiser runs their numbers off.  I think this will really help you guys out get top dollar when you sell and not get ripped off when you buy.  It'll also help you to determine if you can do a cash-out refinance to pull some equity out or get your mortgage insurance removed.  Happy to do this for you guys!  You guys have been awesome to Trident and I always reward loyalty!

Marty

E-mail Jon (jk@mythl.com) with the property address and he'll shoot the AVM your way.

I attached a sample AVM for you to check out.  They're awesome!

Sample AVM.pdf

 

Marty, is this opportunity still available? Looking to sell my house in the next few months. Thank you. 

[Marty - Trident Home Loans]

Marty, is this opportunity still available? Looking to sell my house in the next few months. Thank you. 

Absolutely! Shoot Jon an email with the address (jk@mythl.com) and we’ll get it to you. Also ask a realtor for a CMA (comparative market analysis). It’s a similar product but on the realtor end of things. Between those two you should have a good idea of what to list your place for. Let me know if you need anything else.

Marty


Sent from my iPhone using Tapatalk

[Hopefulflyer389]

9 hours ago, Marty - Trident Home Loans said:

Absolutely! Shoot Jon an email with the address (jk@mythl.com) and we’ll get it to you. Also ask a realtor for a CMA (comparative market analysis). It’s a similar product but on the realtor end of things. Between those two you should have a good idea of what to list your place for. Let me know if you need anything else.

Marty


Sent from my iPhone using Tapatalk

Thank you sir. I’ll email him right now.

[Ziplip]

Just want to give a shout out to Jon and the team at Trident. They gave me a great interest rate and their service was top notch. Unfortunately, the closing was canceled because of shenanigans and not being forthcoming with information on the seller's side, but Jon offered to cover the cost of the appraisal so I would not have to pony up more cash on the failed endeavor. If you have an opportunity to work with the Trident team give them a call and they'll treat you like a bro.

[Jon - Trident Home Loans]

19 minutes ago, Ziplip said:

Just want to give a shout out to Jon and the team at Trident. They gave me a great interest rate and their service was top notch. Unfortunately, the closing was canceled because of shenanigans and not being forthcoming with information on the seller's side, but Jon offered to cover the cost of the appraisal so I would not have to pony up more cash on the failed endeavor. If you have an opportunity to work with the Trident team give them a call and they'll treat you like a bro.

Thanks man!  Sorry the deal fell through but you made a smart call to walk away from those jokers.  Happy to cover your appraisal fee...I do that for any dude who ends up getting a bum deal and not closing.  Just a Trident standard along with no junk lender fees.  Have a good deployment and we'll reattack whenever you're ready.  

Jon

850-377-1114

jk@mythl.com

 

[vfr]

Long time lurker, first time poster.  I recently closed on a house in Northwest Florida and wanted to give my experience with Trident.  First off, Trident and Jon were great from start to finish.  When I first called letting them know that I was in the market for a house, they immediately set me up with Jon and he was alway there to answer my questions.  As a first time homebuyer, I had no idea what the process entailed and Jon did a great job explaining all of the dumb questions I had (I had a lot).  It didn't matter if I called/texted during the day or at night, Jon was really good at responding quickly which made it seem like I was working with a long time friend and not some random person.  Jon gave me a great rate and even when we ended up having some shenanigans with the closing date and the rate lock, Jon offered to pay a 1 day extension on my rate lock at no cost to me.  They also sweetened the deal by paying the appraisal fee and gave me some great advice in order to lower my closing costs.  

To be honest, I didn't do much research on other lenders since Trident had received so many positive reviews on this forum and I felt that I'd probably be in good hands going with them.  My expectations were completely validated and I will absolutely go back to Trident whenever we end up buying again.  Although I mainly worked with Jon, Lisa and Bri were also great to work with and I'm sure that would apply to everyone else on the Trident team.  With that being said, Jon also recommended Serena (retired Air Force and forum member) as a realtor and she was amazing.  If you are ever thinking of buying a house in Hurby/Eglin area, you should definitely reach out to Serena.  This was our first time working with a realtor so I have nothing else to compare her by but she far exceeded all of our expectations.  Just like Jon, she worked day and night to ensure that everything went smoothly and gave us great advice throughout the entire process.  Jon, the Trident team, and Serena, we can't thank you guys enough for all of the hard work you put in to make this process go about as smoothly as we could have hoped for.  Thanks for everything!

 

[youdontknowthis]

Hey everyone! I also want to briefly share how great of an experience it was to deal with Trident! I don't spend a lot of time on these forums but I did get into this thread just prior to looking at houses for my new assignment and decided to give them a call.  I got in touch with Jon and honestly it was all smooth skies from there.  I talked to Jon just a few days before we decided to go house hunting and we hadn't planned on necessarily putting any offers on houses but we found one that we didn't want to wait on.  Jon got a pre approval letter done in minutes.  The process was painless.  They locked me into an interest rate that was far lower than anything I had previously found and probably anything I could have found.  Far lower than the bigger banks thats for sure.  The closing process, again. absolutely flawless.  I am currently out of the state where we purchased and they helped facilitate the closing at a local title company due to me not being able to be present.  I cannot share enough good words about this company and the mortgage process.  Absolutely fantastic and definitely would use them again and again if the professionalism and service remain anywhere close to what I received this time. 

If you are looking to buy a house and need a lender.  Give them a call.  You won't regret it.

[Jon - Trident Home Loans]

12 hours ago, youdontknowthis said:

If you are looking to buy a house and need a lender.  Give them a call.  You won't regret it.

Thank you Sir!  Definitely enjoyed working with you and Elena did a great job as usual!  She's amazing!  We have three processors dedicated to processing all our loans for AF guys.  Having a great team dedicated to you guys definitely makes for a much smoother loan process.  Let me know if you need anything in the future!

Jon