VA Loans

[the g-man]

Congrats Jon!

Just came by to say that I closed my first mortgage/VA loan going through Jon at Trident and I have to say Trident made the process pretty easy. The whole team was easy to communicate with and I had no issues through the process


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[Jon - Trident Home Loans]

18 hours ago, MEMguy said:

Well deserved Marty and Jon! Y’all rock. 

Thank you!

10 hours ago, the g-man said:

Congrats Jon!

Just came by to say that I closed my first mortgage/VA loan going through Jon at Trident and I have to say Trident made the process pretty easy. The whole team was easy to communicate with and I had no issues through the process


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Thanks for the nice words and congrats on the close!  Appreciate you trusting us with your business and helping others find us  I just had a loggie in Cali call yesterday for a 700K high balance VA loan purchase.  A very large bank that sponsors everything military related was quoting 3.125% and we've been at 2.375%.  He heard about us through 2 AF friends who had both closed with us.  Old school word of mouth definitely still works.

Cheers!
Jon

[xaarman]

I am late to the party (closed about 2 months ago) but just got back to these boards. Big props to Jon for helping us buy a house in the middle of a huge winter storm, requiring day by day adjustments on the property tax numbers with a terrible (seller agent chosen) title company.

 

Biggest compliment also came from our Realtor who said she had never heard of Trident Home Loans before and was initially suspicious of an out of state, unknown broker... but even then she was singing praises of how responsive and helpful Jon (and the THL staff) was, especially during the last week before closing where all the shenanigans happened.

 

 

Edited April 23, 2021 by xaarman
grammar

[Jon - Trident Home Loans]

On 4/22/2021 at 8:33 PM, xaarman said:

I am late to the party (closed about 2 months ago) but just got back to these boards. Big props to Jon for helping us buy a house in the middle of a huge winter storm, requiring day by day adjustments on the property tax numbers with a terrible (seller agent chosen) title company.

 

Biggest compliment also came from our Realtor who said she had never heard of Trident Home Loans before and was initially suspicious of an out of state, unknown broker... but even then she was singing praises of how responsive and helpful Jon (and the THL staff) was, especially during the last week before closing where all the shenanigans happened.

 

 

Thanks man!  Ya that was a crazy closing scenario!  Props to you for keeping your cool and working through all the crazy weather/logistical issues.  We’ll always work our butts off for guys like you who have a great can do attitude!  I laugh when people hunt around to save $15 a month or realtor says you need to use a “local lender” thinking that buying a home or getting a loan is some turn key event.  Great customer service and working with people you can trust is critical when the going gets tough...title, lender, realtor alike.  
 

You definitely deserve that beautiful home!  Enjoy living in base and the flying!  I’m back to flying/commuting in Jun.

 

Jon

jk@mythl.com

850-377-1114

[VMFA187]

Jon, 

I know this is a VA loan discussion but I'm considering using the equity in my Beaufort 2nd home that you helped refinance 2 years ago to open up my VA loan to purchase my home in CA, to purchase another property in California as an investment opportunity. Do you guys deal in HELOC, home equity, or cash-out refinance loans?

The property is roughly worth about $410,000 and I owe about $131,000 and am looking to get about $250,000 for the new purchase. Is this something that is even possible?

 

[Jon - Trident Home Loans]

5 hours ago, VMFA187 said:

Jon, 

I know this is a VA loan discussion but I'm considering using the equity in my Beaufort 2nd home that you helped refinance 2 years ago to open up my VA loan to purchase my home in CA, to purchase another property in California as an investment opportunity. Do you guys deal in HELOC, home equity, or cash-out refinance loans?

The property is roughly worth about $410,000 and I owe about $131,000 and am looking to get about $250,000 for the new purchase. Is this something that is even possible?

 

We don’t do HELOCs or home equity loans.  We do cash out refi’s.  Lots of different rules on those depending on type of loan and residency.  VA’s are best but only can do on a current primary residence.  Can go up to 90% loan to value but the VA funding fee is steep at 3.6%.  Best combo is VA disability to exempt people from the funding fee and a VA cash out.  Conventional primary’s are capped at 80% and 2nd home/investment at 75%.  Interest rates are also higher on conventionals then higher on conventional 2nds and investments.  VAs are always the lowest rates.  
 

It can be hard to get a HELOC on a second home/investment property so best to open them while they are your primary.  Those are going to be a bank or credit union product.

Give me a ring or email if you want to talk through specifics. 850-377-1114, jk@mythl.com

 

Jon

 

 

[VMFA187]

13 hours ago, Jon - Trident Home Loans said:

We don’t do HELOCs or home equity loans.  We do cash out refi’s.  Lots of different rules on those depending on type of loan and residency.  VA’s are best but only can do on a current primary residence.  Can go up to 90% loan to value but the VA funding fee is steep at 3.6%.  Best combo is VA disability to exempt people from the funding fee and a VA cash out.  Conventional primary’s are capped at 80% and 2nd home/investment at 75%.  Interest rates are also higher on conventionals then higher on conventional 2nds and investments.  VAs are always the lowest rates.  
 

It can be hard to get a HELOC on a second home/investment property so best to open them while they are your primary.  Those are going to be a bank or credit union product.

Give me a ring or email if you want to talk through specifics. 850-377-1114, jk@mythl.com

 

Jon

 

 

Thanks Jon. I'm hesitant to touch my primary residence as I just refinanced at 1.75% so it looks like I'll have to work some other angles. 

[SPiF]

Another plug for Jon and Trident. This was my third time financing with them, and my father even closed a loan with them the week prior. All over the paperwork and the ability to quickly turn stuff around helped me win the house I wanted and relatively painlessly go through all the mortgage hoops. 

Rate was at 2.99% on a conventional (ended up being a better option than VA in the market competition) which was lower than my VA refi last year. 

Was selling a house at the same time and the buyer's lender seemed insistent on screwing up as many things as they could. Of all the issues in play for a cross-country move, the loan for the house I was buying wasn't ever in question. 

[Jon - Trident Home Loans]

On 6/4/2021 at 4:22 PM, SPiF said:

Another plug for Jon and Trident. This was my third time financing with them, and my father even closed a loan with them the week prior. All over the paperwork and the ability to quickly turn stuff around helped me win the house I wanted and relatively painlessly go through all the mortgage hoops. 

 

Thanks man!  Hopefully this is your last one for a while!  It’s been great working with you over the years!  Let me know if you ever need anything.
 

Lots of realtors trying to get people to go conventional over VA even though I’d argue VA is more flexible, better deal, and faster closing.  Some agents are stubborn and won’t hear it but I’ve had good luck educating both buyers’ and sellers’ agent by leveraging my VA lending credibility.  Big thing is VA appraisals come in much faster.  The old wives tale that a buyer can’t pay over appraised value on a VA isn’t true.  It’s the buyers decision upfront or when the appraisal comes back and  you can write an appraisal gap into the contract.  That’s usually the biggest VA sticking point.

Rates will go up when the fed curbs their bond buying to fight inflation but for now we’re still doing purchases in the 2.25-2.375 range without discount points or lender fees for both regular VAs and jumbo VAs.  Let me know if I can do anything for anyone.

 

Jon

850-377-1114

jk@mythl.com

[Duck]

Any recommendations for who to use for a 30year conventional? Looking for the best rate possible for a second home (crash pad for me).


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[Royal]

18 hours ago, Duck said:

Any recommendations for who to use for a 30year conventional? Looking for the best rate possible for a second home (crash pad for me).


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I've heard several stories of Lending Tree working out for folks. Worth a shot since banks will go to you; let us know what you find.

[Jon - Trident Home Loans]

23 hours ago, Royal said:

I've heard several stories of Lending Tree working out for folks. Worth a shot since banks will go to you; let us know what you find.

Fannie and Freddie are limiting their second home and investment property exposure to 7% of their portfolio which has pushed rates up/pricing down in the secondary market.  Some investors still have great pricing because they weren’t overexposed so it’s definitely something you need to shop around for when you go to lock.  Since we have multiple investors we shop around for you behind the scenes so we can always offer the best pricing.  Careful of lending tree because their cut is built into the lender’s rates/fees. You want to go direct as much as possible to avoid hidden costs.

I can’t give you generalized second home rates without know the specific numbers/transaction details. Feel free to reach out and I’ll give you the best advice I can.

 

Jon

[Jon - Trident Home Loans]

Great article on Marty and Trident if you're interested in learning more about us.  Happy 4th of July!  Thanks for serving and letting us serve you guys!

https://www.scotsmanguide.com/browse/content/martin-medve-trident-home-loans

Jon

[SPAWNmaster]

Jon - how come you guys aren't certified in New York? Can you recommend someone who is? Thanks

[Jon - Trident Home Loans]

On 7/6/2021 at 3:27 PM, SPAWNmaster said:

Jon - how come you guys aren't certified in New York? Can you recommend someone who is? Thanks

Since we're not a bank we have to be individually licensed in every state.  Some have requirements to have a physical branch location in the state while others just have some significant red tape.  We're down to just 5 left with NY being one of them.  It's just a paperwork game with NY but the plan is to get all 50 states eventually.  I don't have any good contacts up there to recommend unfortunately...just don't want to steer you wrong since I don't personally have any experience with anyone there.  If you'd like me to ask some of our business contacts for recommendations I'd be happy to do that.  Just drop me an e-mail at jk@mythl.com.

Jon

BTW VA rates are still great right now on both purchases and refi's.  Getting pretty much everyone 2.25% with no discount points or lender fees and even lender credit on loans below 548,250.  Haven't seen anyone quote where we are at so to my knowledge we should be one of the most competitive lenders out there on VA loans.

[Royal]

1 hour ago, Jon - Trident Home Loans said:

BTW VA rates are still great right now on both purchases and refi's.  Getting pretty much everyone 2.25% with no discount points or lender fees and even lender credit on loans below 548,250.  Haven't seen anyone quote where we are at so to my knowledge we should be one of the most competitive lenders out there on VA loans.

Jon, do the lender credits typically cover 100% of closing, to include all the title fees?

[Jon - Trident Home Loans]

On 7/15/2021 at 10:16 AM, Royal said:

Jon, do the lender credits typically cover 100% of closing, to include all the title fees?

Lender credits are basically reverse points.  When a rate makes us above our profit margin we just give it back to our clients to help them with their closing costs.  Right now our par rate of 2.25% on VAs below $548,250 on purchases is paying extra so we're able to give a credit usually at it.  If that credit isn't enough we can look at higher rates that make us more and then pass that along in the form of a larger lender credit.  Closing costs vary from state to state (transfer taxes, title costs, recording fees to the county, etc)  FL and VA are more expensive to close in vs TX as an example.  Lenders' profit margins all vary so finding the lender with the lowest undiscounted base rate will set you up for success in getting larger lender credits.  I do a lot of loans with zero closing costs by finding a rate that covers all the cost.  It's all breakeven math to see what rate/credit combo makes the most sense based on how long you'll own the house.  If you're only owning a house for 3yrs and you get a 5K lender credit for only $90 a month more in interest then you have 55 payment breakeven which is longer than the 36 months you'd own the house.  Hope that makes sense.  Feel free to call me if you want to chat through it more.  

Jon

850-377-1114

Edited August 5, 2021 by Jon - Trident Home Loans

[SurelySerious]

Just finished a VA Refi with Jon and his team, and it was a smooth process. Definitely recommend.

[Jon - Trident Home Loans]

On 7/16/2021 at 4:45 PM, SurelySerious said:

Just finished a VA Refi with Jon and his team, and it was a smooth process. Definitely recommend.

Glad to hear you're happy and thanks for the shout out!  It was a pleasure working with you and glad we got to save you some money!  

For anyone in a conventional loan, Fannie Mae and Freddie Mac just dropped the adverse market fee they were adding to conventional refi rates/pricing that was artificially jacking up rates.  Basically seeing .125-.25% less on conventional refi rates as a result.  

Jon

[MT near]

How are rates today? Looking at a 400k or below in PA. Debating whether to use VA or conventional. 

[Jon - Trident Home Loans]

On 8/18/2021 at 11:37 AM, MT near said:

How are rates today? Looking at a 400k or below in PA. Debating whether to use VA or conventional. 

2.25% on VAs and usually around 2.75-2.875% on conventional but there are more variables to conventional rates.  
 

Assumptions: 720+ credit score, loan below 548,250 and above 300k, at least 5% down for a conventional, 30 day lock, no discount points or lender fees.

Jon

850-377-1114

 

[Tankerstream]

Does anyone have any experience dealing with a Joint VA loan? Trying to crunch the numbers in jointly owning/refinancing a property with a non vet using the remaining portion of my entitlement. It would be used as a primary residence in the near term. I understand the VA only backs half of the mortgage amount, but is this something lenders will even entertain in the current environment? 

[KWings06j]

18 hours ago, Tankerstream said:

Does anyone have any experience dealing with a Joint VA loan? Trying to crunch the numbers in jointly owning/refinancing a property with a non vet using the remaining portion of my entitlement. It would be used as a primary residence in the near term. I understand the VA only backs half of the mortgage amount, but is this something lenders will even entertain in the current environment? 

If you're talking about putting your spouse on the loan then it's no different than having just your name on it other than both your credit history's get checked. I've done both.  If you're talking going in with a friend on a property i don't know but you may get extra questions about whether or not it really is going to be your primary residence.

[Jon - Trident Home Loans]

On 9/1/2021 at 11:00 AM, KWings06j said:

If you're talking about putting your spouse on the loan then it's no different than having just your name on it other than both your credit history's get checked. I've done both.  If you're talking going in with a friend on a property i don't know but you may get extra questions about whether or not it really is going to be your primary residence.

No issue if it’s a spouse. Not going to happen if it’s not a spouse.  Technically the VA allows it but it has to go to the VA for approval at the end and usually gets shot down.  We don’t even start them because of the drama at the end.  You could add the person  to the deed after closing as a work around.  Wouldn’t be able to use their income or have them on the note/deed at closing.  Feel free to call me if you want to talk about it more.

 

Jon

Edited September 6, 2021 by Jon - Trident Home Loans

[Badger_Flyboy]

Another shoutout to Jon @ Trident. He got us a 2.25% 30yr loan with lender credit at closing in southern Georgia. He made the process super easy, and was always responsive when I had a question.

I'd recommend Jon to anyone. Thanks brother!

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