VA Loans

[Jon - Trident Home Loans]

4 minutes ago, soupafly06 said:

Jon,

Is there any chance you and the Trident team will be able to service loans in Nevada soon (within the next month or so)?

No sorry...NV has a lot of requirements for a non-bank lender to get licensed.  We’re working on it but don’t see it happening anytime soon.

Jon

[Future_Herc_Driver]

Jon,

 

Can you provide some clarification on some conflicting info I'm getting from my buddies vs. my broker (who is not a VA loan specialist)? My guard unit provided a DD214 and I have a NGB22 as well. However, when I contacted the VA for a letter of eligibility, they are requesting additional documentation. I was a non-prior service member who is just finishing pilot initial qualification. I just pinned on 1LT, but all of my title 10 days have been training (OTS, IFT, UPT, SERE and PIQ). The VA rep told me on the phone that training does provide eligibility for VA loan, which would make sense if all you did was OTS/BMT, but does 2 years of the pilot training pipeline not count for VA eligibility?!? That seems nuts to me. My other buddies who are going through the same process (also non-prior service) have been told by their brokers that they are squared away with VA eligibility and our path to this point has been identical. For what it's worth, I'm also about to start 180 days of seasoning (Title 10) back at my home unit. Thanks in advance!

Edited June 14, 2020 by Future_Herc_Driver

[Jon - Trident Home Loans]

9 minutes ago, Future_Herc_Driver said:

Can you provide some clarification on some conflicting info I'm getting from my buddies vs. my broker (who is not a VA loan specialist)? 

Good question...

The source document for getting VA entitlement is found in Chapter 2 of the VA lender handbook.

https://benefits.va.gov/warms/pam26_7.asp

If your Guard or Reserve it's 6yrs of service or 90 days of active duty service.  The VA doesn't count being active duty for training (UPT, Basic Training, Tech School, etc).  Lenders have no role on determining if someone is good to go for a VA loan, so if they are telling them they will be fine then they are out of their lane.  Only the VA can make the call on if someone qualifies or not. 

I had a Lt reservist not too long ago who was told by another lender that they were preapproved for a VA loan.  My first question was did the other lender pull your certificate of eligibility (COE) ( I suspected they didn't and that he didn't qualify yet because all he'd done was training).  He didn't know so he called them back and turns out they hadn't pulled it (shocker), yet they preapproved him for the loan.  He applied for his certificate of eligibility and the VA denied him because all he'd done was training.

Good news is once you do 90 days of seasoning orders you'll be good.  You can apply for your COE after the 90 days at:

https://www.ebenefits.va.gov/ebenefits/about/feature?feature=cert-of-eligibility-home-loan

Hope that helps!  Let me know if you need anything else

Jon

850-377-1114

jk@mythl.com

[DFRESH]

@Jon - Trident Home Loans - bummer to hear about NV not being a state you guys can service yet! I sent my buyer for our FSBO in NM your way, his original pre-approval looked like some place that was going to roll him on the rate. Sounds like you guys are hooking him up much better. After hearing that we were certain to use you in our next home purchase, but it'll be in NV. Reach out if you think that'll change soon.

[Jon - Trident Home Loans]

36 minutes ago, DFRESH said:

 Sounds like you guys are hooking him up much better. After hearing that we were certain to use you in our next home purchase, but it'll be in NV. Reach out if you think that'll change soon.

Thanks for spreading the word about us to him.   Glad we were able to save him from the bad deal he was getting before.  It's hard to believe what other lenders think they can get away with, but people keep using them so unlikely they'll ever change.  Problem with NV is we'd have to maintain a physical office in the state and also have a loan officer/branch manager with 2yrs of experience who lives in NV too.  Not saying it's never going to happen, but I wouldn't plan on it soon.  If we found the right person then absolutely.

Jon

[stract]

On 6/14/2020 at 6:02 AM, DFRESH said:

@Jon - Trident Home Loans - bummer to hear about NV not being a state you guys can service yet! I sent my buyer for our FSBO in NM your way, his original pre-approval looked like some place that was going to roll him on the rate. Sounds like you guys are hooking him up much better. After hearing that we were certain to use you in our next home purchase, but it'll be in NV. Reach out if you think that'll change soon.

reach out to @PilotWife2, I'm pretty sure NBKC services NV.

[PilotWife2]

Thanks for the shout out.  We lend in all 50 states. NV is a big state for me - a lot of my SWA pilots live there and have a lot of borrowers w/orders to Nellis.  Let me know if I can be of help! 

[bronxbomber252]

PCSing to Kirtland AFB (Albuquerque NM) in September. Looking to buy, this will be a second VA (first one was about $140,000 and is now a rental property). That one was done by NBKC (later sold to wells fargo). I see that NBKC is still popular and that now Trident is as well. Looking in the $275,000-$325,000 range. Thoughts on the pros and cons of these two lenders?

[Jon - Trident Home Loans]

42 minutes ago, bronxbomber252 said:

 Thoughts on the pros and cons of these two lenders?

I just shop us both around.  Don’t think you’re going to go wrong with either NBKC or Trident based on both’s proven track record.
 

Jon

 

[DFRESH]

3 hours ago, PilotWife2 said:

Thanks for the shout out.  We lend in all 50 states. NV is a big state for me - a lot of my SWA pilots live there and have a lot of borrowers w/orders to Nellis.  Let me know if I can be of help! 

My last two loans were through NBKC. While they were both executed smoothly, the most recent one had a higher rate than I expected. Rather than shop around I just accepted it. Not happening twice. 

[stract]

On 6/15/2020 at 10:56 AM, bronxbomber252 said:

PCSing to Kirtland AFB (Albuquerque NM) in September. Looking to buy, this will be a second VA (first one was about $140,000 and is now a rental property). That one was done by NBKC (later sold to wells fargo). I see that NBKC is still popular and that now Trident is as well. Looking in the $275,000-$325,000 range. Thoughts on the pros and cons of these two lenders?

I've used them both and liked them both!  Where in ABQ are you looking to buy?  You'll get more bang for your buck out on the west mesa or Rio Rancho, but have a much shorter commute in the NE Heights.  I lived on the west mesa, Paseo/Unser area.

[bronxbomber252]

I've used them both and liked them both!  Where in ABQ are you looking to buy?  You'll get more bang for your buck out on the west mesa or Rio Rancho, but have a much shorter commute in the NE Heights.  I lived on the west mesa, Paseo/Unser area.

We are looking in the Rio Rancho area and possibly considering west mesa. Lived in an apartment in the NE foothills for both times through FTU (HC-130P and J) nice but too expensive.

[DFRESH]

I just got offered 2.5% with a .25 point payment, or a .25 point lender credit at 2.75%. Has anybody used PenFed before? How were things during and after the purchase? 2.5% with a .25 point seems like a steal to me, am I wrong?

[Kenny Powers]

On 6/15/2020 at 9:56 AM, bronxbomber252 said:

PCSing to Kirtland AFB (Albuquerque NM) in September. Looking to buy, this will be a second VA (first one was about $140,000 and is now a rental property). That one was done by NBKC (later sold to wells fargo). I see that NBKC is still popular and that now Trident is as well. Looking in the $275,000-$325,000 range. Thoughts on the pros and cons of these two lenders?

I used NBKC for a purchase and Trident for a Refi, both were great to work with and had great rates.

DFRESH, I have seen 2.5% and less with no points. Recommend shopping around and see where you end up. Id start by contacting Jon and/or Amy and see what they can do for you.

Edited June 29, 2020 by Kenny Powers

[Jake W.]

Hello all, 

Quick question about pre-approvals and credit scores. 
I got a pre-approval from one bank at the end of May. I am thinking to get another pre-approval from a different lender as to check rates and see what is possible. 
I’m  very protective of my credit score and what to keep it at the 800 level as best as possible. However, I know the hard inquires can affect this as they don’t come off for a couple years. 
I have heard of a 45 day rule where there are no or very limited effects but not sure this to be true or not. 
I appreciate any comments, guidance, answers in advance. 
 

Thanks,

Jake W. 

[Jon - Trident Home Loans]

5 hours ago, Jake W. said:

Hello all, 

Quick question about pre-approvals and credit scores. 
I got a pre-approval from one bank at the end of May. I am thinking to get another pre-approval from a different lender as to check rates and see what is possible. 
I’m  very protective of my credit score and what to keep it at the 800 level as best as possible. However, I know the hard inquires can affect this as they don’t come off for a couple years. 
I have heard of a 45 day rule where there are no or very limited effects but not sure this to be true or not. 
I appreciate any comments, guidance, answers in advance. 
 

Thanks,

Jake W. 

Jake,

  I've heard anywhere from 14 to 45 days on credit pulls.  The credit bureaus each have the own policies as I understand it.  That being said I've pulled a lot of folks credits and I've never seen rate shoppers hurt by doing multiple inquires within a reasonable period of time.  I've also have to refresh credit that expired and do another hard pull and it had no impact.  I think mortgages are treated different than credit card, payday loans, etc since they are asset based like a car and shopping around is encouraged.  I honestly wouldn't be concerned about it.

Jon 

[DUNBAR]

Hello to all.  This thread has been really great info, and thanks to all who keep the information flowing, especially the real estate professionals.  I think this thread saved me thousands of dollars when we first bought our house.

I'm now 7 years into a 30 year VA fixed at 3.5%.  My mortgage company called me today to offer me a VA IRRRL fixed at 2.375% for the balance of the loan with minimal closing costs.

Seems like a no-brainer, but whenever someone offers to save me a lot of money out of the blue, my first question is how much is it going to cost me.

Looking over the documents, everything seems legit.  Any red flags or hidden costs I should watch for?  Thanks in advance.

[Jon - Trident Home Loans]

24 minutes ago, DUNBAR said:

Hello to all.  This thread has been really great info, and thanks to all who keep the information flowing, especially the real estate professionals.  I think this thread saved me thousands of dollars when we first bought our house.

I'm now 7 years into a 30 year VA fixed at 3.5%.  My mortgage company called me today to offer me a VA IRRRL fixed at 2.375% for the balance of the loan with minimal closing costs.

Seems like a no-brainer, but whenever someone offers to save me a lot of money out of the blue, my first question is how much is it going to cost me.

Looking over the documents, everything seems legit.  Any red flags or hidden costs I should watch for?  Thanks in advance.

That sounds legit to me.  They are likely just trying to get to you before someone else does so they don't lose a loan they invested in.  2.375% has pretty much been the going rate for primary residence, VA 30yrs, with 720+ credit scores and below 510K.  Enjoy the extra money!

Jon

Edited July 15, 2020 by Jon - Trident Home Loans
spelling

[DUNBAR]

Thanks Jon

2.375% almost seems too good to be true, but I guess that's the world we live in now.

Thanks again

 

[old crow]

22 hours ago, Jon - Trident Home Loans said:

That sounds legit to me.  They are likely just trying to get to you before someone else does so they don't lose a loan they invested in.  2.375% has pretty much been the going rate for primary residence, VA 30yrs, with 720+ credit scores and below 510K.  Enjoy the extra money!

Jon

What would the going rate for a VA 30yr (had it for 5yrs already), 800+ credit score, $600k refinance in CA?

[Jon - Trident Home Loans]

15 minutes ago, old crow said:

What would the going rate for a VA 30yr (had it for 5yrs already), 800+ credit score, $600k refinance in CA?

High balance VAs are more unpredictable on rates and change more often.  I've seen anywhere between 2.375% with 1% in discount points and 2.875% with no points today for over 510K but below 1M.  No lender fees on either.  Our best money right now is for VAs below 510K.  

Jon

[old crow]

21 minutes ago, Jon - Trident Home Loans said:

High balance VAs are more unpredictable on rates and change more often.  I've seen anywhere between 2.375% with 1% in discount points and 2.875% with no points today for over 510K but below 1M.  No lender fees on either.  Our best money right now is for VAs below 510K.  

Jon

Thanks. Stupid CA home prices preventing me from getting below $510k for a bit longer.

[stract]

On 5/14/2020 at 12:55 PM, Jon - Trident Home Loans said:

I think rates will stay low for a while. 

To do an IRRRL you can't close until 210 days after the 1st payment is made on the old loan, your rate has to go down by at least .5%, your new principle and interest can't exceed your old P&I (only applicable usually if you want to do a reduced term..30yr to 15yr), and the break even point can't be longer than 36 months.

We can start the loan 45 days or so before the 210 day earliest closing date.

Jon

how are rates looking @Jon - Trident Home Loans?  I'm at 3.25% on a 25 yr loan, just hit the 45 day window to 210 days since first payment (5 Mar 20) on previous refi.

Edited August 18, 2020 by stract

[Jon - Trident Home Loans]

37 minutes ago, stract said:

how are rates looking @Jon - Trident Home Loans?  I'm at 3.25% on a 25 yr loan, just hit the 45 day window to 210 days since first payment (5 Mar 20) on previous refi.

In general for 700+ credit score, 25 and 30yr VAs we're at:

2.25%: 300-510K

2.375%: <300K

2.75%: 510K+

All with no discount points and no lender fees.  

We're pretty much running at max capacity which has been why I've been quiet on here.  Lots of lenders have artificially raised rates to slow their new loans which we don't want to do.  Happy to help everyone but we just need to space out the volume so we don't kill our team.  We're expecting VA rates to stay low for a while.

Jon

850-377-1114

jk@mythl.com

Online App

Edited August 18, 2020 by Jon - Trident Home Loans

[Jaded]

Are VA loans subject to the adverse market refinance fee?