VA Loans

[pilotguy]

Super newb question but if I get out after 12 years without ever using the VA loan on active duty, can I use it on my first home purchase as a civilian?

[OregonHerc]

1 hour ago, pilotguy said:

Super newb question but if I get out after 12 years without ever using the VA loan on active duty, can I use it on my first home purchase as a civilian?

Yes. 

[Jon - Trident Home Loans]

7 hours ago, pilotguy said:

Super newb question but if I get out after 12 years without ever using the VA loan on active duty, can I use it on my first home purchase as a civilian?

Ideally have your VA disability app in too and there is a good chance you won’t pay the VA funding fee.  The VA will expedite claims if you’ve been to your exam appts and are trying to do a mortgage.  We’ve saved guys tens of thousands in funding fees by requesting rushes through the VA regional loan centers
 

Jon

[PlanePhlyer]

Jon/Marty, 

We refinanced our old home with your company about 4 years ago and couldn’t have enjoyed the process more. Question I have now is with our new home in New Hampshire. We used a BA loan and put 25k down on a 385k loan. We have owned it for a year and did some work to it. Haven’t had it appraised yet, but it should be around 400k. We have a 4.125 rate and we recently contacted by our broker to see about a ref, possibly down to 3.5. I told her that I wanted to take some cash-out for some projects for the house and she told me that the VA Refinance loan can only carry up to to 90% of the homes value (including the cash out) because there is an issue with the secondary allowing a100% LTV.  She also said it was her company that was like that (CMG financial) and others may be different.  Thoughts?  Thanks 

 

We have only owned the house for 9 months if that helps. Thanks 

 

[Jon - Trident Home Loans]

3 minutes ago, PlanePhlyer said:

Jon/Marty, 

We refinanced our old home with your company about 4 years ago and couldn’t have enjoyed the process more. Question I have now is with our new home in New Hampshire. We used a BA loan and put 25k down on a 385k loan. We have owned it for a year and did some work to it. Haven’t had it appraised yet, but it should be around 400k. We have a 4.125 rate and we recently contacted by our broker to see about a ref, possibly down to 3.5. I told her that I wanted to take some cash-out for some projects for the house and she told me that the VA Refinance loan can only carry up to to 90% of the homes value (including the cash out) because there is an issue with the secondary allowing a100% LTV.  She also said it was her company that was like that (CMG financial) and others may be different.  Thoughts?  Thanks 

 

We have only owned the house for 9 months if that helps. Thanks 

 

Glad we were good to you!  Sorry we're not licensed up in NH yet but we're working on expanding to over 40 states by the end of this year. 

Your broker is "kind of right".  Ginnie Mae buys up all the VA loans and sets the secondary market rules.  The VA allows you to go up to 100% LTV on a cash out but Ginnie Mae puts a pricing penalty on over 90% LTV.  It's usually about .375-.5% worse rate wise, but it definitely can be done. 

Some lenders won't do the 90-100% LTV cash outs because they go into a different Ginnie Mae pool, but there are plenty of lenders like us that will.  I just caution guys that they aren't going to get as low of a rate.  That being said, rates are so low right now that even with the pricing penalty I'd imagine even a poorly priced lender should be able to get you a lower rate then what you currently have when they do the cash out at 100% LTV.  

Side note, if you don't have VA disability the cash out funding fee went up to 3.6% this year which is a tough pill to swallow.  I just had a guy looking to do a cash out call me and I recommended he apply for disability if he doesn't need the cash right this second because it'd save him $17K. 

Only having the loan for 9 months isn't an issue.  Loans are considered seasoned after 6 months/6 payments.

Hit me up if you can't find someone licensed in NH who can do it for you and I'll get you a referral through one of our investors who I know will be able to do it for you. 

Jon

850-377-1114

jk@mythl.com

[Marty - Trident Home Loans]

Very excited to let you guys know that we are rapidly expanding the states we are licensed in so we can better serve your needs.  Let Jon or myself know if we can do anything for you.  Thank you for the loyalty and trust you've placed in us!  It's truly an honor to serve such an amazing group of service members!

Marty 

[bfargin]

6 hours ago, Marty - Trident Home Loans said:

Very excited to let you guys know that we are rapidly expanding the states we are licensed in so we can better serve your needs.  Let Jon or myself know if we can do anything for you.  Thank you for the loyalty and trust you've placed in us!  It's truly an honor to serve such an amazing group of service members!

Marty 

I'm surprised y'all were able to get licensed in AL. I heard you had to have proof of marriage to a sister or first cousin to be licensed there.  

[Marty - Trident Home Loans]

4 minutes ago, bfargin said:

I'm surprised y'all were able to get licensed in AL. I heard you had to have proof of marriage to a sister or first cousin to be licensed there.  

 

Not an issue if your office is in the FL Panhandle...we have a few folks from lower Alabama working for us...problem naturally solved itself👫 

[aarp]

Great news on the AZ license, Marty! I'll be sure to refer some buds from D-M to you when they're ready to buy.

 

Have rates dropped to the point where a no-cost refinance makes sense for a 30yr at 3.875%?

[Marty - Trident Home Loans]

27 minutes ago, aarp said:

Great news on the AZ license, Marty! I'll be sure to refer some buds from D-M to you when they're ready to buy.

 

Have rates dropped to the point where a no-cost refinance makes sense for a 30yr at 3.875%?

Thank you!  We're excited to add AZ!  We've been working hard to get that license for a while.  AZ is a cheap refi state so I'd imagine we can do no cost even below 3.375% right now.  Put an app in on our website and put baseops in the referral source and we'll get you a quote.

Marty

[charlie141]

Adding further kudos here for Trident

- VA loan in Mar 2018

- Refi Apr 2019

- Refi Jan 2020

 

I get multiple IRRRL offers in the mail every week, and once the numbers started getting stupidly low, I called Jon and he locked me in that day.  Closed the same month and it was about 10 minutes of effort on my part.

 

Any low rate you see, give them a shot at it, a no brainer.

Thank you again to Jon, Marty and the whole team!

[Jon - Trident Home Loans]

23 minutes ago, charlie141 said:

I get multiple IRRRL offers in the mail every week, and once the numbers started getting stupidly low, I called Jon and he locked me in that day.  Closed the same month and it was about 10 minutes of effort on my part.

Any low rate you see, give them a shot at it, a no brainer.

 

You're welcome Sir!  It's been a pleasure working with you on all three of these!  Rates are definitely stupid low right now because the coronavirus is hitting the world economy hard.  Anyone who wants a quick sanity check on streamline VA refi rates just e-mail me:

1) Zip code

2) Current loan amount

3) Credit score

4) Current rate

5) When you closed on your last mortgage

6) VA disability or not

We always quote our rates with no discount points and no lender fees whatsoever.  Not saying we can't be beat but we're not seeing it happening either.

Jon

jk@mythl.com

850-377-1114

[Nuke77]

Today I get a letter from the VA saying I’ve fallen behind on my home mortgage, so naturally I investigate: NBKC apparently sold my loan to a company called Freedom Mortgage, and notified me with letter(not certified!), which I somehow missed due to being in another country all summer, early fall. I’ve gotten weekly, sometimes daily refinance offers from Freedom since I bought the house, so everything from them automatically goes in the circular file. Turns out that as of Oct they’ve been mortgage statements, and as an added bonus my auto-payment didn’t transfer, so I’m 5 months behind, hence the VA notice. Paid in full but so much for my stellar credit. Anybody been through this or have any advice? Recommend stay away from Freedom, btw; they’re notorious for VA Loan Churning. NBKC can pound sand too, seems like they’d make a bigger deal about the transfer than a single mailing.

 

 

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[uhhello]

2 hours ago, Nuke77 said:

Today I get a letter from the VA saying I’ve fallen behind on my home mortgage, so naturally I investigate: NBKC apparently sold my loan to a company called Freedom Mortgage, and notified me with letter(not certified!), which I somehow missed due to being in another country all summer, early fall. I’ve gotten weekly, sometimes daily refinance offers from Freedom since I bought the house, so everything from them automatically goes in the circular file. Turns out that as of Oct they’ve been mortgage statements, and as an added bonus my auto-payment didn’t transfer, so I’m 5 months behind, hence the VA notice. Paid in full but so much for my stellar credit. Anybody been through this or have any advice? Recommend stay away from Freedom, btw; they’re notorious for VA Loan Churning. NBKC can pound sand too, seems like they’d make a bigger deal about the transfer than a single mailing.

 

 

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Two mortgages now and one refinance.  First with USAA and then NBKC with the refi through NBKC as well.  All 3 were "sold" without notice from what I can remember.  I don't remember changing payment plans either which makes no sense.  

[Marty - Trident Home Loans]

2 hours ago, Nuke77 said:

Today I get a letter from the VA saying I’ve fallen behind on my home mortgage, so naturally I investigate: NBKC apparently sold my loan to a company called Freedom Mortgage, and notified me with letter(not certified!), which I somehow missed due to being in another country all summer, early fall. I’ve gotten weekly, sometimes daily refinance offers from Freedom since I bought the house, so everything from them automatically goes in the circular file. Turns out that as of Oct they’ve been mortgage statements, and as an added bonus my auto-payment didn’t transfer, so I’m 5 months behind, hence the VA notice. Paid in full but so much for my stellar credit. Anybody been through this or have any advice? Recommend stay away from Freedom, btw; they’re notorious for VA Loan Churning. NBKC can pound sand too, seems like they’d make a bigger deal about the transfer than a single mailing.

 

 

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I'd look through any and all documentation you received from both NBKC and Freedom or ask them to provide you copies of what they sent you.  There are legal rules set forth by the Consumer Financial Protection Bureau that cover mortgage servicing transfers.  If you didn't get the Notice of Servicing Transfer from both parties within the legal time frame then you can file a complaint through the CFPB and hopefully the credit bureaus will remove the hits as well.  Good luck...sorry you're having to deal with this.

https://www.consumerfinance.gov/policy-compliance/rulemaking/regulations/1024/33/#b-2-i-C

Marty

[FAIPmafia]

Pile-on kudos for Jon and the Trident team.  

I've used them for: Purchase Jul '18, Refinance Dec '19, Pending purchase this spring

We're moving to SLC area and due to home prices wanted to take advantage of the new VA rules this year for no max loan limit.  Therefore had to get out of both of my VA loans.  Jon helped me refinance my investment property in SC to a conventional and we're working through selling my current home and purchasing the new one.  All this in the couple months post transfer to the Reserves and start at Delta, which I feared would made the income piece trickier.  Jon and the team made it no issue.  As stated in multiple posts, can't beat their rates and the process has been seamless as usual.  Won't go anywhere else for my mortgage needs! 

[stract]

On 2/10/2020 at 4:28 PM, Nuke77 said:

Today I get a letter from the VA saying I’ve fallen behind on my home mortgage, so naturally I investigate: NBKC apparently sold my loan to a company called Freedom Mortgage, and notified me with letter(not certified!), which I somehow missed due to being in another country all summer, early fall. I’ve gotten weekly, sometimes daily refinance offers from Freedom since I bought the house, so everything from them automatically goes in the circular file. Turns out that as of Oct they’ve been mortgage statements, and as an added bonus my auto-payment didn’t transfer, so I’m 5 months behind, hence the VA notice. Paid in full but so much for my stellar credit. Anybody been through this or have any advice? Recommend stay away from Freedom, btw; they’re notorious for VA Loan Churning. NBKC can pound sand too, seems like they’d make a bigger deal about the transfer than a single mailing.

 

 

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I got the letters (same deal, NBKC sold my mortgage to Freedom), and also found it odd that my auto payments didn't transfer.  Was a bit of a pain to get it set up with Freedom and make sure it was working correctly within the 2 month grace period.  Freedom seemed a bit shady, so I pinged @Jon - Trident Home Loans and got a refi done through Trident.  Shaved 2 years and half a percent.  Trident sold my loan to Caliber Mortgage about a week after closing on the refi (which was expected, clearly stated in the paperwork they won't be the loan servicer).  So far so good...

[Duck]

I got the letters (same deal, NBKC sold my mortgage to Freedom), and also found it odd that my auto payments didn't transfer.  Was a bit of a pain to get it set up with Freedom and make sure it was working correctly within the 2 month grace period.  Freedom seemed a bit shady, so I pinged [mention=611]Jon - Trident Home Loans[/mention] and got a refi done through Trident.  Shaved 2 years and half a percent.  Trident sold my loan to Caliber Mortgage about a week after closing on the refi (which was expected, clearly stated in the paperwork they won't be the loan servicer).  So far so good...

I used Caliber for a loan before in Florida and had no issues with them (builder incentive to cover closing costs etc). Next time I’m using Trident though.


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[Marty - Trident Home Loans]

On 2/17/2020 at 1:53 AM, stract said:

I got the letters (same deal, NBKC sold my mortgage to Freedom), and also found it odd that my auto payments didn't transfer.  Was a bit of a pain to get it set up with Freedom and make sure it was working correctly within the 2 month grace period.  Freedom seemed a bit shady, so I pinged @Jon - Trident Home Loans and got a refi done through Trident.  Shaved 2 years and half a percent.  Trident sold my loan to Caliber Mortgage about a week after closing on the refi (which was expected, clearly stated in the paperwork they won't be the loan servicer).  So far so good...

Caliber is a good servicer.  We mostly do our servicing through United Wholesale Mortgage, Caliber, and Home Point Financial.  Haven't ever heard any issues with any of them.  We have account executives with all of them that we can reach out and touch if any of our clients are having any issues even after we transfer the servicing rights.  They want our business so that gives us leverage.  We don't service any of our loans...too small of a company for that.

 

Marty

Edited February 18, 2020 by Marty - Trident Home Loans

[BFM this]

On 2/10/2020 at 6:28 PM, Nuke77 said:

Today I get a letter from the VA saying I’ve fallen behind on my home mortgage, so naturally I investigate: NBKC apparently sold my loan to a company called Freedom Mortgage, and notified me with letter(not certified!), which I somehow missed due to being in another country all summer, early fall. I’ve gotten weekly, sometimes daily refinance offers from Freedom since I bought the house, so everything from them automatically goes in the circular file. Turns out that as of Oct they’ve been mortgage statements, and as an added bonus my auto-payment didn’t transfer, so I’m 5 months behind, hence the VA notice. Paid in full but so much for my stellar credit. Anybody been through this or have any advice? Recommend stay away from Freedom, btw; they’re notorious for VA Loan Churning. NBKC can pound sand too, seems like they’d make a bigger deal about the transfer than a single mailing.

Yeah, Freedom Mortgage can go get bent.  I noticed immediately that my payment didn't go through, antennae went up.  Called my servicer (Dovenmeuhle), who said that the transfer was in progress, but that federal law prohibited any penalty or adverse action for 60 days due to the transfer.

I even went the extra step and reached out to Freedom; same answer.  60 days.  Got it.

So, about the 45 day mark, I reach out again to Freedom to make my payment and set up auto pay; lo and behold, there's a $25 "VA Inspection Fee".  According to them, it's not a penalty, but a VA required fee since I was so far behind in my payments.  They seemed to give a shit that it was their timing (triggering the transfer right at my payment date, therefore I start out 30 days since my last payment) and that I was talking to them to pay within days of the transfer.  

Moving this summer.  Going to do all I can to ensure that sketch outfit doesn't end up servicing any future notes if I can.

[AlphaMikeFoxtrot]

Yeah, Freedom Mortgage can go get bent.  I noticed immediately that my payment didn't go through, antennae went up.  Called my servicer (Dovenmeuhle), who said that the transfer was in progress, but that federal law prohibited any penalty or adverse action for 60 days due to the transfer.
I even went the extra step and reached out to Freedom; same answer.  60 days.  Got it.
So, about the 45 day mark, I reach out again to Freedom to make my payment and set up auto pay; lo and behold, there's a $25 "VA Inspection Fee".  According to them, it's not a penalty, but a VA required fee since I was so far behind in my payments.  They seemed to give a shit that it was their timing (triggering the transfer right at my payment date, therefore I start out 30 days since my last payment) and that I was talking to them to pay within days of the transfer.  
Moving this summer.  Going to do all I can to ensure that sketch outfit doesn't end up servicing any future notes if I can.

Also watch on Freedom, when they purchased our loan they switched it from a fixed to 5 year fixed. I screamed up and down, they swear it’s “just a technicality” and that after 5 years the rate will remain fixed. I do not believe them. Luckily we are putting the place on the market soon so I will hopefully not have to press to test. Freedom Mortgage is pretty terrible if you ask me.

[stract]

10 hours ago, Duck said:

I used Caliber for a loan before in Florida and had no issues with them (builder incentive to cover closing costs etc). Next time I’m using Trident though.


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Trident doesn't service their own loans.  See Marty's response there.  Caliber is one of their servicers.

[af15eflyguy]

Another vote for Jon and Trident. I worked with them in my original loan but because my builder had a preferred lender, no one could match the closing credits. However I just closed a partial cost refi with them at 3.125% and they picked up my FL closing costs (~1.5%) and I picked up the funding fee. The process was painless and the Trident team were all awesome. I Wouldn’t hesitate to use them again In the future. 

[Jon - Trident Home Loans]

6 hours ago, stract said:

Trident doesn't service their own loans.  See Marty's response there.  Caliber is one of their servicers.

Caliber has a retail side and a wholesale side...we work with them on the wholesale side which is how our pricing is so much better than their retail operation.  Same company servicing the loan but you get two different experiences and pricing.  Quicken is the same way.  We used to work with Quicken but they are terrible.

52 minutes ago, af15eflyguy said:

Another vote for Jon and Trident. I worked with them in my original loan but because my builder had a preferred lender, no one could match the closing credits. However I just closed a partial cost refi with them at 3.125% and they picked up my FL closing costs (~1.5%) and I picked up the funding fee. The process was painless and the Trident team were all awesome. I Wouldn’t hesitate to use them again In the future. 

Thank you!  Glad we finally got to work together.  I'm always to first to tell people to use the preferred lender with new construction if the closing cost incentives are tied to using them and we can't match them.  It's a crappy game builders and preferred lenders play but money is money.  

Jon

 

[Jon - Trident Home Loans]

Let me know if anyone has a spouse/significant other/friend in our local area (Fort Walton, Navarre, Pensacola area) who is looking for a good job.  We hire for attitude and train for skill.  Looking for a motivated person who is organized and a self-starter with thick skin to process loans.  Experience would be amazing but we can train from scratch if they have the right personal qualities. 

Limitless earning potential if they get their license and start doing their own loans to add commission to their salary.  Working remotely is also viable once they are spun up.  We do mostly VA loans and work with aviators so anyone recommended by you guys would likely be a great fit.

Fire me an e-mail or call for more details...jk@mythl.com or 850-377-1114.  Needs to be local for months of training unless they are already in the industry.

Jon