VA Loans

[Cap-10]

Chalk up another win for Dave Devine! This was my second loan with NBKC and we just closed on a re-fi of my primary residence in a little over 30 days from start to finish. Dave always responded quickly to emails / phone calls and signing the paperwork electronically was very easy. New to me was the mobile notary that showed up at my house to sign all the closing documents...convenient to say the least!

Highly recommend Dave and NBKC!!


Sent from my iPad using Baseops Network Forums

[Chicken]

Are there any suggestions out there for getting past a difficult VA appraisal.  My wife and I are trying to build waterfront in Gulfbreeze and the process has been a nightmare so far.  The first appraisal was way low so we had to go back to the drawing board.  What are some things that appraisers look at?  We're trying to add things that might raise the appraised value considerably while keeping our cost down.  For example, we have a huge loft that we can close off give a closet and make it a bedroom.  We also noticed that while the area under the house was the EXACT SAME amount of space as a comp the appraiser used, the comp had 4 garage doors while ours had only 3 making our house worth $10,000 less.   Thanks!

[HossHarris]

To devils advocate a bit...the va appraisal is really there to protect YOU. Are you sure you aren't getting screwed by your builder?

[PilotWife2]

The VA is protective of their borrowers, and the appraiser is to be an advocate for both the buyer/borrower and the lender.  Having said that, there are the off times when the appraiser has not followed the proper steps as set by VA or considered comparable sales data that would help support value.

You can ask your lender to request a Reconsideration of Value directly with the VA Regional Loan Center (RLC).  The value estimate on an NOV (Notification of Value) may be changed if the change is clearly warranted and fully supported by real estate market or other valid information which would be considered adequate and reasonable by professional appraisal standards.

Any party of interest may request a change to a NOV. For documentation purposes, every such request must be in writing. Only one request will be completed. The change request must be submitted to the lender for them to submit to the RLC. 

The reconsideration of value can be based either on “Request based on different sales data" and/or "Request based on disagreement with appraisal analysis or data.”  If there are additional comparable sales to consider, your lender is to submit the homes sales on a grid format for the  RLC to review.   If the reconsideration is based on a disagreement with the appraisal analysis,  the lender should provide a narrative explaining the items of disagreement and the reasons for believing the information provided in the report are incorrect. Disagreement(s) with items such as grid adjustments, or subject square footage measurement should be explained and any documentation available to support these disagreement(s) should also be provided.

Hope this info helps and best of luck!

[YoungnDumb]

Getting ready to PCS and have a question regarding my VA loan.  I am considering holding onto my current home and using it as a rental when I PCS and then buying another house at my new location.  My question is this, I used the $0 benefit of my VA loan to purchase my current home (roughly $150k), and am wondering if I can still use the $0 down on my next home.  From what I have read the loan goes up to $430k before a % down is required.  Therefore $430k-150k=$280k remaining before I have to start putting money down.  Is this correct?

[Marty - Trident Home Loans]

14 minutes ago, YoungnDumb said:

Getting ready to PCS and have a question regarding my VA loan.  I am considering holding onto my current home and using it as a rental when I PCS and then buying another house at my new location.  My question is this, I used the $0 benefit of my VA loan to purchase my current home (roughly $150k), and am wondering if I can still use the $0 down on my next home.  From what I have read the loan goes up to $430k before a % down is required.  Therefore $430k-150k=$280k remaining before I have to start putting money down.  Is this correct?

You have 100% VA loan use up to 424,100. Since you used $150,000 you have $$274,100 remaining for 100% use and then you have to put 25% down after that.

This is for a county max of $424,100. If the county max is more, we would have to calculate the loan amount. For example, if Virginia county max is $650,000, then VA max to 100% would be higher than $274,100. 

You can email me directly or call to be specific to where you're buying. 850-346-0250 or marty@mythl.com

Thanks, Marty

this is

[YoungnDumb]

Thanks for the answer Marty!  Expect to hear from me as I get closer to PCSing!

[PilotWife2]

51 minutes ago, YoungnDumb said:

Getting ready to PCS and have a question regarding my VA loan.  I am considering holding onto my current home and using it as a rental when I PCS and then buying another house at my new location.  My question is this, I used the $0 benefit of my VA loan to purchase my current home (roughly $150k), and am wondering if I can still use the $0 down on my next home.  From what I have read the loan goes up to $430k before a % down is required.  Therefore $430k-150k=$280k remaining before I have to start putting money down.  Is this correct?

Hello!  Where will you be buying?  

[brickhistory]

Finally, a practical use of baseops.

A year ago, my wife and I found what we thought could be our forever home.

We took the many recommendations from here on NBKC and although the guy listed here had moved up in the bank, he sent us to Jackie R. who did a great job.

However, the very elderly sellers refused to even consider the offer because it was a VA loan.  Not to mention they were pretty proud of their offering and set a very unrealistic, uncompetitive price on it.

A collective WTF? from us and NBKC, but ok, if the color of our money is good enough, best of luck selling elsewhere.

Fast forward 11 months and the house is still on the market.

Funny how a year of nothing can change minds. 

The couple accepted our offer with no dickering.

We closed this past Monday.  Most painless closing I have ever experienced.

So, a well done/bravo zulu/sierra hotel to NBKC and Jackie R.

Texas hill country, here we come!

 

[Chicken]

On 2/21/2017 at 9:51 AM, PilotWife2 said:

The VA is protective of their borrowers, and the appraiser is to be an advocate for both the buyer/borrower and the lender.  Having said that, there are the off times when the appraiser has not followed the proper steps as set by VA or considered comparable sales data that would help support value.

You can ask your lender to request a Reconsideration of Value directly with the VA Regional Loan Center (RLC).  The value estimate on an NOV (Notification of Value) may be changed if the change is clearly warranted and fully supported by real estate market or other valid information which would be considered adequate and reasonable by professional appraisal standards.

Any party of interest may request a change to a NOV. For documentation purposes, every such request must be in writing. Only one request will be completed. The change request must be submitted to the lender for them to submit to the RLC. 

The reconsideration of value can be based either on “Request based on different sales data" and/or "Request based on disagreement with appraisal analysis or data.”  If there are additional comparable sales to consider, your lender is to submit the homes sales on a grid format for the  RLC to review.   If the reconsideration is based on a disagreement with the appraisal analysis,  the lender should provide a narrative explaining the items of disagreement and the reasons for believing the information provided in the report are incorrect. Disagreement(s) with items such as grid adjustments, or subject square footage measurement should be explained and any documentation available to support these disagreement(s) should also be provided.

Hope this info helps and best of luck!

I do understand this.. the the VA appraisal helped us see what we should be paying for this house.  However, some of their values they place on things are BS.  For example, we had 4 garage doors...2 in front of the house and 2 in back.  Because the 2 in back were not connected by a driveway (piling house), they called the garage area only a 2 car garage (even though it was 1500 sq feet of garage space) and deducted $10,000 from the value.  So basically... 2 more garage doors = $10000.  So we added to garage doors on the side to recoup that.  That's the question I was asking or trying to ask. 

[PilotWife2]

3 minutes ago, Chicken said:

I do understand this.. the the VA appraisal helped us see what we should be paying for this house.  However, some of their values they place on things are BS.  For example, we had 4 garage doors...2 in front of the house and 2 in back.  Because the 2 in back were not connected by a driveway (piling house), they called the garage area only a 2 car garage (even though it was 1500 sq feet of garage space) and deducted $10,000 from the value.  So basically... 2 more garage doors = $10000.  So we added to garage doors on the side to recoup that.  That's the question I was asking or trying to ask. 

Sorry you have had this issue!  Have you talked to your lender about the possibility of a reconsideration of value?  If you present a strong case, they will listen.  I just closed on a VA purchase with an appraisal that originally came in $80,000 (!!) too low....The Regional Loan Center (RLC) reviewed the data submitted and re-issued the Notification of Value with the $80K higher price.  16 years in the business, and I have never had an appraisal this far off or adjusted such a large amount.  Sometimes the appraisers make mistakes, and if your case is valid/strong the "RLC" will help. 

[Chicken]

On 3/13/2017 at 1:38 PM, PilotWife2 said:

Sorry you have had this issue!  Have you talked to your lender about the possibility of a reconsideration of value?  If you present a strong case, they will listen.  I just closed on a VA purchase with an appraisal that originally came in $80,000 (!!) too low....The Regional Loan Center (RLC) reviewed the data submitted and re-issued the Notification of Value with the $80K higher price.  16 years in the business, and I have never had an appraisal this far off or adjusted such a large amount.  Sometimes the appraisers make mistakes, and if your case is valid/strong the "RLC" will help. 

I did do a RoV.. they came back saying they supported the first appraisal.  However this helped us.  We looked at different builders and found one that would do it for a lot less...and we are building 3400 sq ft vs 2650.. We didn't even realize the builder was rolling their in house RA commissions into the cost.  So we did learn, and it did protect us, but there are still a few things that are funky about the VA appraisals.  For example.. we have a covered patio that spans the entire back of the house.  A comp the appraiser used had 2 covered patios on the back.  Less square footage, but because there was a break in the patio it counted as 2.. so if I cut out say.. 4 feet in the middle of our patio and made it 2 smaller instead of one long patio it would add $5000... see what I mean?  That's just dumb.

[PilotWife2]

4 minutes ago, Chicken said:

I did do a RoV.. they came back saying they supported the first appraisal.  However this helped us.  We looked at different builders and found one that would do it for a lot less...and we are building 3400 sq ft vs 2650.. We didn't even realize the builder was rolling their in house RA commissions into the cost.  So we did learn, and it did protect us, but there are still a few things that are funky about the VA appraisals.  For example.. we have a covered patio that spans the entire back of the house.  A comp the appraiser used had 2 covered patios on the back.  Less square footage, but because there was a break in the patio it counted as 2.. so if I cut out say.. 4 feet in the middle of our patio and made it 2 smaller instead of one long patio it would add $5000... see what I mean?  That's just dumb.

Glad to hear it worked out for you!  Unless you are buying a cookie cutter house in a subdivision with a ton of recent comparable/sales, obtaining an appraisal can be tough.....

[uhhello]

Anyone have any experience with purchasing foreclosed properties?  Mortgage wise and the like.

[PilotWife2]

1 minute ago, uhhello said:

Anyone have any experience with purchasing foreclosed properties?  Mortgage wise and the like.

I have helped many customers purchase foreclosed homes.  Condition is always the biggest factor when buying a foreclosure.  Typically the bank sells the home in "as is" condition, and will not do any repairs.  The home has to clear the appraisal inspection....If the home is stripped or in bad shape, that can be problematic.....

Did you have any specific questions?  Let me know if I can be of help! 

 

[uhhello]

1 minute ago, PilotWife2 said:

I have helped many customers purchase foreclosed homes.  Condition is always the biggest factor when buying a foreclosure.  Typically the bank sells the home in "as is" condition, and will not do any repairs.  The home has to clear the appraisal inspection....If the home is stripped or in bad shape, that can be problematic.....

Did you have any specific questions?  Let me know if I can be of help! 

 

So basically as long as the home is move in ready appraisal wise there aren't any show stoppers generally securing a VA mortgage with foreclosures?  We have refinanced with you guys in the past and will be pcs'ng this coming january back to the states.  

[PilotWife2]

6 minutes ago, uhhello said:

So basically as long as the home is move in ready appraisal wise there aren't any show stoppers generally securing a VA mortgage with foreclosures?  We have refinanced with you guys in the past and will be pcs'ng this coming january back to the states.  

The appraisal is the biggest hurdle in my experience.  If the home is in good shape, and there are no issues with the appraisal, that will help tremendously.   You may need to be flexible on your timing.  It can take the selling bank a while to approve the sale and if there are multiple lenders involved, that can take more time.  The only other issue to be aware of is the clearance of the title work.   Sometimes there are liens attached to homes that are in foreclosure...The listing agent representing the selling bank should be able to give some reassurance regarding the title search.  If you are good to go with the appraisal and title clearance is a go, things should progress easily! 

[Marty - Trident Home Loans]

16 minutes ago, uhhello said:

Anyone have any experience with purchasing foreclosed properties?  Mortgage wise and the like.

If the bank allows or has a WDO, it should pass. 7 years ago, no chance, but now we are seeing banks fix what they must to sell the home. At least locally.

we also have a 1% down loan if the VA WDO doesn't work. The rate is higher but worth it if you can get the property cheap. The listing agent will tell you if repairs are allowed. 

[FUSEPLUG]

2 hours ago, uhhello said:

Anyone have any experience with purchasing foreclosed properties?  Mortgage wise and the like.

I did this about 2 years ago.  It was a pretty miserable experience with a VA loan.  As mentioned above, the appraisal was the worst part.  The house was in decent shape, but little things like a toilet that didn't flush, sink faucets that were so gummed up with minerals they sprayed funny, a bad water heater, and uncovered ceiling fan junction boxes (I could go on and on) were no-go's to the appraiser.  I had every intention of fixing these issues myself once I owned the property, but that wasn't good enough.  I guess the idea is to protect the buyer to the max extent possible... even if the buyer doesn't care about a particular fault.

It was a constant back and forth with the selling agent and having their repair guy come out and do the work for a premium.  Fortunately after a while, the agent just gave up and gave me the code to the lock box and I took care of a bunch of stuff in order to pass appraisal.  I had to be careful, but it was worth it in the end. The stupidest one was the inop garage door opener that set us back a solid week.  I unplugged it/plugged it back and it has worked fine ever since.

All said and done, we closed about 3 weeks after our planned date.  Dave at NBKC was awesome throughout.  He even called me the morning of the closing to work out a couple of issues all while trying to feed his kids breakfast.  NBKC customer for life.

[Jon - Trident Home Loans]

6 hours ago, Marty - Trident Home Loans said:

If the bank allows or has a WDO, it should pass. 7 years ago, no chance, but now we are seeing banks fix what they must to sell the home. At least locally.

we also have a 1% down loan if the VA WDO doesn't work. The rate is higher but worth it if you can get the property cheap. The listing agent will tell you if repairs are allowed. 

I was able to get an awesome deal on a government foreclosure with the help of Marty and Trident.  The house didn't qualify for a VA loan because it needed a lot of repairs that came up in the appraisal.  Marty was able to coordinate an escrow holdback so I could still do a VA.  Basically, I got a quote from a contractor to fix the items that didn't pass the VA appraisal then had to put 150% of that amount into an escrow account at closing to ensure the repairs were completed.  I did the repairs after closing, had a reinspection done and then the money was released back to me.  They can also just release the money to the contractor if you don't want to pay out of pocket.  It worked perfectly as Marty described and I was able to get a steal of a deal.  There is no way I'd be in this house and have all the equity that I do without Marty's help.

BTW...Marty also set it up so he paid all the closing costs too ($7K) in exchange for me taking a .5% higher rate for 6 months.  I then did a free IRRRL refinance with him to lower my rate back down.  It was amazing!

[Marty - Trident Home Loans]

On ‎3‎/‎19‎/‎2017 at 9:13 PM, flyaf05 said:

I was able to get an awesome deal on a government foreclosure with the help of Marty and Trident.  The house didn't qualify for a VA loan because it needed a lot of repairs that came up in the appraisal.  Marty was able to coordinate an escrow holdback so I could still do a VA.  Basically, I got a quote from a contractor to fix the items that didn't pass the VA appraisal then had to put 150% of that amount into an escrow account at closing to ensure the repairs were completed.  I did the repairs after closing, had a reinspection done and then the money was released back to me.  They can also just release the money to the contractor if you don't want to pay out of pocket.  It worked perfectly as Marty described and I was able to get a steal of a deal.  There is no way I'd be in this house and have all the equity that I do without Marty's help.

BTW...Marty also set it up so he paid all the closing costs too ($7K) in exchange for me taking a .5% higher rate for 6 months.  I then did a free IRRRL refinance with him to lower my rate back down.  It was amazing!

Thanks Sir!  That deal worked out great!  The no cost IRRRLs are the way to go.

Right now I'm doing no cost IRRRL refi's for 680+ credit score guys in FL on 30yr fixed VAs at 3.75% (3.825% APR) and 3.5% (3.625% APR) on 15yr fixed VAs as long as the loan is for $424,100 or less. 

Rates have improved so anyone still sitting at 4% or higher would save some money and not have a refi breakeven period since my company would be paying your closing costs and VA funding fee.  It's also a great option for guys who have VA construction loans which typically run at higher interest rates and don't want to keep that for life.

I'm just highlighting FL but my company is licensed in 19 states so there is plenty of opportunity to jump on this good deal.  Shoot me an e-mail and I'll get you a quote from one of my licensed loan originators in your state.  

Marty

Edited March 22, 2017 by Marty - Trident Home Loans

[Marty - Trident Home Loans]

7 hours ago, Marty - Trident Home Loans said:

Thanks Sir!  That deal worked out great!  The no cost IRRRLs are the way to go.

Right now I'm doing no cost IRRRL refi's for 680+ credit score guys in FL on 30yr fixed VAs at 3.75% (3.825% APR) and 3.5% (3.625% APR) on 15yr fixed VAs as long as the loan is for $424,100 or less. 

Rates have improved so anyone still sitting at 4% or higher would save some money and not have a refi breakeven period since my company would be paying your closing costs and VA funding fee.  It's also a great option for guys who have VA construction loans which typically run at higher interest rates and don't want to keep that for life.

I'm just highlighting FL but my company is licensed in 19 states so there is plenty of opportunity to jump on this good deal.  Shoot me an e-mail and I'll get you a quote from one of my licensed loan originators in your state.  

Marty

I am currently in Panama City Beach with a couple of Veterans who are Realtors and they are  asking me how they can offer The military better deals on purchases!! If anyone is interesred around Tyndall, let me know. Nice people, Vietnam Vet father USAF KIa. Good people.  

[ryanw]

Wondering if anyone here has done a VA loan above the maximum limit and used pledged securities to minimize or eliminate the need for a down payment? If so, what companies did you work with?

Thanks,

-another C17 guy

[Marty - Trident Home Loans]

6 hours ago, ryanw said:

Wondering if anyone here has done a VA loan above the maximum limit and used pledged securities to minimize or eliminate the need for a down payment? If so, what companies did you work with?

Thanks,

-another C17 guy

The loan limit depends on the county max and the VA Loan will go to 100% of that amount. And above that amount less 25% down. 

You can borrow against your 401k or use a loan against your own assets to qualify for VA or conventional loans.

The key here is that the loan is from secured assets.

the debt does not count against you as it is your own money.

you will have to provide both the statement of secured assets as well as he deposit of these funds from the transfer or loan. 

Thanks Marty

marty@mythl.com

 

[Marty - Trident Home Loans]

On Friday April 7, I am doing a small sponsorship for some WW2 Vets at Hurlburt. Lt Col Dick Cole will be attending along with several other prominent Vets. This will likely be Lt Col Cole's last Visit but he has said that for the last 3 years! If you are in the area, be sure to attend.

https://www.emeraldcoastfl.com/things-to-do/upcoming-events/world-war-ii-75th-anniversary-remembrance-banquet/