VA Loans

[BADFNZ]

59 minutes ago, Marty - Trident Home Loans said:

Hey, absolutely happy to help!  We also enjoyed working with you last time around.  Drop Jon an e-mail or call when you have some time with.  Just need to know what the plan is for your current home, what airline you're going to and their training pay, when you start class, when you expect all the background checks done,  when you finish terminal, if you're doing the reserves, if so how much you're thinking you'll make, credit score, monthly debt obligations, and cash available.  Don't need to pull credit or anything at this point unless you want us to.

We do a lot of loans for folks who are transitioning and we can come up with a good plan for you.  It's smart that you're thinking about this now.

Jon's info is 850-377-1114 or jk@mythl.com.  

Cheers!
Marty

Thanks Marty.  I'll give Jon a call tomorrow morning.

[PilotWife2]

21 hours ago, BADFNZ said:

Is there such thing as a mortgage pre-approval just to see what amount I could be approved for?  I don't have a specific house in mind, but I do have a dollar amount that I'd like to shoot for.  I'm an AD Major that's separating soon with an airline CJO and hoping to move in the near future.

@Marty - Trident Home Loans, I used you guys for my last refinance and had a great experience.

Where are you looking to buy?  I lend in all 50 states. My husband is retired A/F and flies for Delta.  Can't count the # of pilots I have helped in your exact situation.  My team understands how pilots!  I can give you an idea where you stand without running credit.  Formal underwriting pre-approval will require a hard credit pull.  Let me know if I can be of help!  Amy NBKC Bank 

[PilotWife2]

On 7/27/2019 at 4:43 PM, Cork said:

I have a question that I figure would tie in with this. Has anyone out there been approved for a mortgage while only being a partime ANG officer?

I've been in for a few years now, prior E now a pilot, and basically all my income has been the classic feast/famine of ANG orders. Even as a pilot (I'm still in training) I don't expect full-time when I get done.

I believe between my wife and I we will comfortably afford the mortgage but how would the bank look at this? When I bought a car I just showed them my last few LES's and bingo got approved but I know this sort of thing won't work like that. Or will it?

Sorry for the long winded question but basically, has any true partimers navigated this sort of thing? 

Thanks!

Definitely doable depending on the overall credit profile of the loan and projected new purchase price.  PM me to start the pre-approval process.  Look forward to helping out!  Amy nbck bank 

[Cliff Clavin]

I'll pile on to the numerous positive reviews of Trident.  

I gave Jon a call based solely on the reviews here, and that turned out to be a great decision.  We did a VA IRRRL that brought our rate down from 4.25 to 3.25.  Total savings about $150 a month, or 90K over the life of the loan.  From first call to closing was less than 30 days and much simpler than the initial purchase.  Paperwork required was minimal and minus a few phone calls here and there, the process was pretty hands off for me.  Jon is a total bro, he'll give you the honest answer and not try to sell you on a loan you don't need.  Above all, he gives a hoot about giving you the best deal because he's one of us.  Bri worked the paperwork and numbers, and she's got some of the best customer service I've seen anywhere.  She worked diligently at getting the title company to get their ducks in a row, including evenings and weekends.    

Make Jon and Trident your first call for a home loan.  I know I will from here on out.  

 

[Jon - Trident Home Loans]

12 hours ago, Cliff Clavin said:

Jon is a total bro, he'll give you the honest answer and not try to sell you on a loan you don't need.  Above all, he gives a hoot about giving you the best deal because he's one of us.  Bri worked the paperwork and numbers, and she's got some of the best customer service I've seen anywhere.  

Make Jon and Trident your first call for a home loan.  I know I will from here on out.  

Thanks, man!  That's the best compliment you could give me.  We honestly want to help everyone save money and get the best deal.  If what we have is not for your best interest I'll be the first to tell you.  We don't buy mailing lists and spam people with trash advertising like all these other companies.  We make money by saving you guys money.  Marty, Tim and I were all military pilots and are all airline pilots now.  We can help you guys better than anyone else that calls us because we all have the same background.

 

Refi's are big right now because rates have come down so much.  Some states are better than others to do a refinance...most of the cost for a VA IRRRL comes from the new title work and state taxes/fees.  In the cheaper states, we can typically pay for all these costs for you so the refi can basically be "no cost" (not talking about rolling anything in, just our company paying it for you).  The bigger the loan, the easier it is for us to cover your costs because there is more wiggle room.  The other cost is the VA funding fee, but if you have VA disability you don't pay that.  Again, depending on the size of the loan and in a cheap refi state we can even pay the funding fee in many cases.  If you're sitting above 3.75% you should really take a look at doing a refi especially if we can cut most of the cost out.  No reason not to be at or around 3.25% and skip a mortgage payment in the process if it doesn't cost you much of anything.  We've even been doing VA jumbos at 3.25%.

 

Here is a list of the 26 states we're licensed in order from cheapest to most expensive refi states based on new title work and state taxes/fees (based on a $300K refi).  We can quickly figure if it's a smart move for you if you provide the following:

1) A copy of your last mortgage statement

2) Whether you have VA disability

3) Credit score   

No need for paperwork, sales pitch, or credit pull to run a rough estimate/assessment.  If you like the numbers, then we'll do the formal stuff.  If not, no harm or wasted time for you.

 

Cheers!
Jon

jk@mythl.com

850-377-1114

[Blue]

I live in glorious Cook County IL, and have always kicked around the idea of buying a multi-unit property.  Live in one, rent out the rest, that sort of thing.

Poking around the net, I see conflicting info on the max amount that can be lent using a VA loan for a multi-unit property, either 484k or 931k.

Advice or thoughts from those who know this stuff?

[Jon - Trident Home Loans]

On 8/3/2019 at 9:43 AM, Blue said:

I live in glorious Cook County IL, and have always kicked around the idea of buying a multi-unit property.  Live in one, rent out the rest, that sort of thing.

Poking around the net, I see conflicting info on the max amount that can be lent using a VA loan for a multi-unit property, either 484k or 931k.

Advice or thoughts from those who know this stuff?

484,350.  Gotta live in one of them to call it a primary residence and use the VA on it.  That's just what the VA will "insurance",  you can go above those limits and you just have to put 25% down of the difference between the purchase price and the limit.  New rules on limits coming in 2020 which should be in your benefit so worth a relook once that guidance comes out.

 

Jon

Edited August 6, 2019 by Jon - Trident Home Loans
corrected

[Hermey]

23 hours ago, Cliff Clavin said:

I'll pile on to the numerous positive reviews of Trident.  

I gave Jon a call based solely on the reviews here, and that turned out to be a great decision.  We did a VA IRRRL that brought our rate down from 4.25 to 3.25.  Total savings about $150 a month, or 90K over the life of the loan.  From first call to closing was less than 30 days and much simpler than the initial purchase.  Paperwork required was minimal and minus a few phone calls here and there, the process was pretty hands off for me.  Jon is a total bro, he'll give you the honest answer and not try to sell you on a loan you don't need.  Above all, he gives a hoot about giving you the best deal because he's one of us.  Bri worked the paperwork and numbers, and she's got some of the best customer service I've seen anywhere.  She worked diligently at getting the title company to get their ducks in a row, including evenings and weekends.    

Make Jon and Trident your first call for a home loan.  I know I will from here on out.  

 

Another big +1 for Jon and his team at Trident. I essentially had the same experience recently twice. I was close to closing on a house with Trident and my orders changed last minute. We got out of the deal with no money lost. I then had them help me again at my new assignment in a different location. Both times in the process I received positive feedback from the real estate agents, title companies, and insurance companies that they were impressed with Trident’s responsiveness and knowledge. My impression is that usually when buying a home the lender (big bank) slows the process down, but with Jon and Trident this was not true. They know their stuff and will guide you with integrity and get you a completive rate and quickly answer any questions you have along the way. I put them to the test soliciting a bid from a local lender and Trident came in 0.5% lower on the interest rate. Do yourself a favor and call Trident up for a quote on your next home purchase.

[Jon - Trident Home Loans]

14 hours ago, Hermey said:

They know their stuff and will guide you with integrity and get you a completive rate and quickly answer any questions you have along the way. I put them to the test soliciting a bid from a local lender and Trident came in 0.5% lower on the interest rate. Do yourself a favor and call Trident up for a quote on your next home purchase.

Thanks!  We were glad to help you flex between the two assignments...always a stressful time.  We never charge you guys upfront for the appraisal like other lenders do.  If you end up walking away or it doesn't close you don't pay for it.  Just another Trident perk.

Jon

jk@mythl.com

850-377-1114

[isshinwhat]

+whatever high number we’re at now for Jon, Bri, and everyone at Trident. Just finished a VAIRRRL that dropped my rate more than a percent, and working with them was a breeze despite some medical issues that came up on my end and slowed me down. From beginning to end they were professional and informative. I cannot recommend Jon and Trident highly enough. 

[Jon - Trident Home Loans]

11 hours ago, isshinwhat said:

Just finished a VAIRRRL that dropped my rate more than a percent, and working with them was a breeze despite some medical issues that came up on my end and slowed me down. 

Thanks for promoting us!  You were definitely smart to do the IRRRL...saved you a nice chuck of change.  We're flexible and IRRRLs are super easy on the borrower part anyway.  Nothing like getting the original loan paperwork wise.  We enjoyed working with you too!

For anyone else interested...read my post from a couple days ago and if you want to explore it without any paperwork or commitment just send me (jk@mythl.com):

1) A copy of your last mortgage statement

2) Whether you have VA disability

3) Credit score   

 

Cheers!
Jon

8503771114

 

[brabus]

Anyone know if I can use the remaining amount of my available (unused) VA loan to finance a garage/shop build on my property? I currently have a VA loan for my house. I’m also failing at google this morning.

Edit: For clarity, I used $424K in 2017 (Max at the time), but looks like the new limit is $484K...so does that mean I can use the difference to pay for the garage? Also, would I pay another VA funding fee?

Edited August 5, 2019 by brabus

[PilotWife2]

On 8/3/2019 at 9:53 AM, Jon - Trident Home Loans said:

484,350 for a one unit, 620,200 for a two unit, 749,650 for a three unit, and 931,600 for a four unit.  Gotta live in one of them to call it a primary residence and use the VA on it.  That's just what the VA will "insurance",  you can go above those limits and you just have to put 25% down of the difference between the purchase price and the limit.  New rules on limits coming in 2020 which should be in your benefit so worth a relook once that guidance comes out.

 

Jon

Quick correction to Jon's post.  VA is required to use the single family limit even for multi-unit properties.  This means the 100% financing cap with VA is $484,350 in Cook County.  You can borrow more than $484,350, but are required to put down 25% of the difference between the purchase price and $484,350 limit.  These are the current rules, but as Jon noted, it is expected to change in 2020.   Let me know if there is anything else I can do to help!  Amy nbkc bank 

[Marty - Trident Home Loans]

Quick correction to Jon's post.  VA is required to use the single family limit even for multi-unit properties.  

Amy is correct. Sorry for the confusion. Lots of difference guidelines on programs out there and Jon is tracking where he went wrong. Agree that the best thing is to wait on the new guidance to be released.

Marty


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[Nineline]

Yet another shout out to Jon, Bri, and Lisa on the Trident team.  Just closed on a new house in Colorado Springs at 3.5% with $6K back for closing costs on a VA loan.  Trident was a pleasure to deal with the whole way, and when the builder’s “preferred lender” tried to undercut Jon when the rates dropped, he beat the other bank by a significant margin even with the builder throwing in $2K to try to sway me to their lender.

Seriously, if you’re in the market for a mortgage and you don’t give Jon a call, you’re doing yourself a disservice and you’ll most likely end up paying more.  You won’t regret it.

-9-

[Jon - Trident Home Loans]

On 8/5/2019 at 9:56 PM, Nineline said:

Seriously, if you’re in the market for a mortgage and you don’t give Jon a call, you’re doing yourself a disservice and you’ll most likely end up paying more.  You won’t regret it.

-9-

Thanks 9! It was a pleasure working with you too!  Glad we could improve the deal for you! 

Rates/pricing changes daily and sometimes multiple times during the day so always do a final check before you lock with someone.  There can be a huge difference even in just one day.  It's just like buying a stock on the market...Wall Street changes our pricing too.  We will always give you the best deal we can when we go to do the lock and float you down for free if rates get better.

Jon

850-377-1114

jk@mythl.com

[PilotWife2]

Released on August 9th was the first official roll out from VA regarding the removal of loan limits for loans closing after Jan 1, 2020.  

For those interested:  https://www.benefits.va.gov/homeloans/documents/circulars/26_19_23.pdf

Note the section regarding the cost of the VA funding fee which is going up.  Also the cost will be the same for Regular Military, Reserves, and National Guard. Previously Regular Military paid a lower Funding Fee.

Purchases with NO money down have a 2.3% Funding Fee for 1st time users and 3.6% for subsequent users. 

Purchases with 5% but less than 10% down pay a  1.65% Funding Fee, and with 10% or more down pay 1.4% for a 1st time OR subsequent user. 

Interest Rate Reduction Refinance Loans (IRRRL) are remaining at .50%.  

 

 

Edited August 12, 2019 by PilotWife2

[isuguy1234]

So does that do away with the jumbo loan or whatever it is called now if u go over the $475000 or whatever it is?  Meaning, u could take out a $650,000 loan and not have to put the 25% down of the overage?

[PilotWife2]

That is correct.  For VA loans closing after Jan 1, 2020, you no longer have to put down 25% of the difference between the purchase price and $484,350 county limit (some high cost areas currently have higher county limits).  For a $650K purchase price, you could purchase with NO money down!  

[isuguy1234]

Well that’s pretty cool. I don’t want the mortgage payment to go along with the no money down, but good news nonetheless.

 

im tryin to make sense of what it’s talking about if I’ve used some entitlement that hasn’t been restored. How’s it work if I’m tryin to buy a house when I’m still trying to sell my old house? No limit there either?

[PilotWife2]

Assuming you sell your current home financed by VA prior to buying the new home, automatically your entitlement can be fully reinstated.  I have asked for clarification what happens if using what is called 2nd tier entitlement; meaning obtaining a 2nd VA loan before selling a home currently financed with VA.  Standby for updates as they are rolled out!  Lots of questions still at this point!  

[Jon - Trident Home Loans]

28 minutes ago, isuguy1234 said:

m tryin to make sense of what it’s talking about if I’ve used some entitlement that hasn’t been restored. How’s it work if I’m tryin to buy a house when I’m still trying to sell my old house? No limit there either?

It's somewhat addressed in the circular Amy linked to, but I agree it's not 100% clear yet.  Basically the county limits that everything is currently based off will come back into play under the new rules if you're trying to do a 2nd VA will still having your 1st VA hanging out there.  They also don't address in their examples if you can plus up the entitlement you have remaining by doing:

(purchase price - entitlement remaining) x 25% down on the 2nd VA loan while still keeping your first VA.  Hope that'll still be the case. 

Regardless if you sell and restore the entitlement you'll be back to the no max loan limit again, but the funding fee will go up to 3.6%.  I'd definitely recommend trying to save for at least the 5% down payment option for any subsequent use purchases unless you have VA disability (then you're exempt).  Cutting the funding fee down to 1.65% or 1.4% is a huge savings.

Thanks Amy for getting this circular posted!

Jon

[xaarman]

I see a note in there about zero funding fee if awarded a Purple Heart - any idea on what future guidance will be on funding fees and normal a VA disability rating? Specifically 40%?

[Duck]

I see a note in there about zero funding fee if awarded a Purple Heart - any idea on what future guidance will be on funding fees and normal a VA disability rating? Specifically 40%?

Unless things change I think 10% and above means no funding fee. Someone correct me if I’m wrong!


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[Jon - Trident Home Loans]

35 minutes ago, xaarman said:

I see a note in there about zero funding fee if awarded a Purple Heart - any idea on what future guidance will be on funding fees and normal a VA disability rating? Specifically 40%?

Anyone with at least 10% will still be exempt from the funding fee.  Your exemption is in the top right corner of you certificate of eligibility.  If it's not up there you can put in a application on e-benefits or we can do it through the VA portal.  Normally it's updated when you are awarded.  If you need to do the app all you need is a copy of the VA award letter.

Cheers!
Jon

Edited August 14, 2019 by Jon - Trident Home Loans
grammer