VA Loans

[CaliBulldogVet]

17 minutes ago, CaptainMorgan said:

Okay, I’ll shop around, but can you beat Trident?


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Trident all the way! At least I've had nothing but white glove service!

[jrc]

Today, on a VA purchase, we can provide an interest rate of 4.375% with $948 credit towards closing costs.

Purchase price $672,000

loan amount $672,000

credit score 750

1st time VA use

zip code 95687

Our rates are super competitive. But the othe thing is we understand military. 21 years active duty myself with 1.5 years as an AGR (active reservist).  My brokers dad retired as a KC-135 Pilot. So we understand what you are going through as military members.

Stay safe everyone,

best regards,

Jesse

[Lord Ratner]

We benefit from more options, not fewer. Thanks for dropping in.

 

You'll have a tough time competing with Trident, but if you do in sure we'll see the testimonials here in a matter of weeks. 

 

Good luck to everyone, I suspect the housing market is going to look really ugly really soon.

[CaliBulldogVet]

:Status Update: Hot off the press!

It's with great pleasure that I present my current rate lock as of 04/04/2022 of 4.250% on 350,000k, zip code: 73013, 1st time VA use and with full entitlement and no funding fee or down payment required (Disabled Navy (Operations Specialist) Vet 100% P&T & SSDI (Former Civilian Police Officer); The A-Team via Jon w/Trident Home Loans! 

Moreover, I had a few lenders come back with their BEST and final - not even in the same ballpark........thus the results speak for themselves, another VERY satisfied customer! Consequently, I was pre-approved last Friday on 4/01/2022 sent an offer via realtor and had offer accepted the following day (04/02/2022) - fast forward to this morning/afternoon - rate locked as stated above @ 4.25% - that's the SAUCE & the white glove service!

If you want the best of the best in rates and people look no further than with Trident Home Loans! 

HOO-YAH (war cry) 😉

v/r,

Steve

Edited April 4, 2022 by CaliBulldogVet

[Jon - Trident Home Loans]

4 minutes ago, CaliBulldogVet said:

 

If you want the best of the best in rates and people look no further than with Trident Home Loans! 

HOO-YAH (war cry) 😉

v/r,

Steve

Thanks Steve and congrats!  The national lock rate is at 4.58 on VAs as of Friday and I usually see use between .25-.5% less that the average with loan amount, credit score, and lock duration being variables.  Combine that with us never charging any lender fees we seem to always come out ahead, but I'm glad you shopped around to see it for yourself.  We'll take good care of you.

Jon

National lock numbers: https://www2.optimalblue.com/

[Termy]

Who’s ready for another shout out to Trident?! For context. I have bought and sold dozens of homes, storage facilities and been involved in a dozen commercial real estate deals. I mention that to say I have seen the whole range of service in this industry. (And it’s a huge range) Jon and Trident are simply awesome. Yes they will get you the best rates. Yes they will try to save you money at every turn. They will also make the process as smooth as possible. That to me is equally important in this insane market where I’d you find what you want, you sure as hell better be ready to close. Thanks so much Jon and the Trident team!

[Runr6730]

I’d like to do the same.  Ben at Trident has taken care of us at every turn throughout the whole home buying process. We ended up going with a traditional loan simply because nobody was accepting VA offers in this crazy market.  We had a competing rate offer from Rocket Mortgage and Trident beat it hands-down.  Highly recommend Trident!

[Jon - Trident Home Loans]

2 hours ago, Termy said:

Who’s ready for another shout out to Trident?!  Thanks so much Jon and the Trident team!

 

4 minutes ago, Runr6730 said:

I’d like to do the same.  Highly recommend Trident!

Thanks guys!  Great to hear we’re living up to/exceeding expectations!  We love working with y’all and we’re laser focused on having the best rates + customer service in the industry!  Congratulations to both of you on the new homes!

Let me know if you ever need anything!

Jon

850-377-1114

PS…we also just found out that Marty was ranked the #1 VA loan originator for volume in the country last year and I was #8.  Not too shabby for some small lender in the panhandle of FL that doesn’t advertise.

https://www.scotsmanguide.com/rankings/top-originators/2022/top-va-volume

[fox two]

On 4/2/2022 at 6:43 PM, jesse_citizens said:

Today, on a VA purchase, we can provide an interest rate of 4.375% with $948 credit towards closing costs.

Purchase price $672,000

loan amount $672,000

credit score 750

1st time VA use

zip code 95687

Our rates are super competitive. But the othe thing is we understand military. 21 years active duty myself with 1.5 years as an AGR (active reservist).  My brokers dad retired as a KC-135 Pilot. So we understand what you are going through as military members.

Stay safe everyone,

best regards,

Jesse

Do you serve Nevada?

Edited April 21, 2022 by fox two

[brabus]

This is a very general statement and certainly not applicable to every situation, but cranium's up to people using VA loans in this market - I know some people who have lost several home deals because the VA appraiser comes in way lower than "actual" market value, and the buyers don't have the cash on hand to make up the difference between appraised value and offered price. You may be setting yourself up for stress and disappointment if you plan on doing a low % down VA financing.  Recommend talk to your realtor about this and get their feelings on the local appraisers. Yes, this could also happen with conventional loans, but anecdotally seems the VA appraisers are worse, which isn't surprising considering they're your "typical" government civilian employee. Just something to think about/research in your specific area.

[Jon - Trident Home Loans]

1 hour ago, brabus said:

This is a very general statement and certainly not applicable to every situation, but cranium's up to people using VA loans in this market - I know some people who have lost several home deals because the VA appraiser comes in way lower than "actual" market value, and the buyers don't have the cash on hand to make up the difference between appraised value and offered price. You may be setting yourself up for stress and disappointment if you plan on doing a low % down VA financing.  Recommend talk to your realtor about this and get their feelings on the local appraisers. Yes, this could also happen with conventional loans, but anecdotally seems the VA appraisers are worse, which isn't surprising considering they're your "typical" government civilian employee. Just something to think about/research in your specific area.

Agree to disagree😀. I think you’re on target that there is a perception about this but factually it’s not accurate.  Few counter points based on Marty and my experience being both in the top 10 in country for VAs originated.

1) VA appraisers are independent appraisers who also do conventionals and guidelines are the same minus the inspection.  They are just licensed/contracted by the VA to complete appraisals on the VA’s behalf.  They don’t work for the VA and don’t have to take any VA appraisals if they don’t want to.  The only GS appraisers the VA has work on the regional loan center staffs not in the field.

2) VAs are not just a zero down loan.  Per the VA lender handbook page 3-9 veterans can choose to pay above the appraised value and can waive the appraisal valuation or write an appraisal gap just like a conventional.  I know this reference because I educate realtors all the time on behalf of my clients on this.  Just had a listing realtor with 25yrs of experience say she wasn’t taking VAs because she didn’t know this.  I provided the references and my credentials and my clients were under contract later that day and are closing now.

3) The VA appraiser has more discretion on valuation than conventionals because they don’t go through a QC process like conventionals do.  This can be a good thing or bad thing but considering the few low appraisals I see it is a good thing.

4) The VA has a review period and appeal process that conventioanls don’t have.  If the appraiser does their initial review and can’t find sales data to support the price they issue a “Tidewater” notice and give the agents 48hrs to provide the comparable sales data to justify the value that the appraiser will use before issuing the final valuation.  If it then still appraises low veteran can request a reconsideration of value through the staff appraisers.  If after a tidewater and ROV it still is low then likely it’s over priced and many times it’s so late in the game the sellers negotiate.

4) Conventional loans max out at 95% loan to value not purchase price so assuming it also appraises low on the conventional not only would you have to still bring the 5% but you’d have to bring the difference between the appraised value and purchase price vs VA where you’d only have to bring the difference.  This can also drive higher PMI on conventionals because it is also loan to value based.

 

I believe any bias against VAs is due to a lack of education, experience or bad experiences in the past.  I believe the reason people choose me to represent them isn’t just the rates and service.  It’s that I will call up a listing agent and “educate” them so they feel comfortable with a VA and usually at the end of the convo they are all about it.  Big banks and lenders miss this critical component and thus some agents remain ignorant to the value of VAs for their clients or potential buyers.  It’s all about education and breaking the error chain upfront.  Have a 15min convo on the phone with me about the value of VAs and I guarantee you’d never consider a different loan.  Same with agents who I talk to.

 

I’m not telling you you’re wrong or your stories aren’t accurate.  I’m just saying they don’t need to be and posts like this only further the problem.  I always answer my phone so happy to discuss it more if you’d like.

Cheers!

Jon

850-377-1114

jk@mythl.com

[CaliBulldogVet]

27 minutes ago, Jon - Trident Home Loans said:

Agree to disagree😀. I think you’re on target that there is a perception about this but factually it’s not accurate.  Few counter points based on Marty and my experience being both in the top 10 in country for VAs originated.

1) VA appraisers are independent appraisers who also do conventionals and guidelines are the same minus the inspection.  They are just licensed/contracted by the VA to complete appraisals on the VA’s behalf.  They don’t work for the VA and don’t have to take any VA appraisals if they don’t want to.  The only GS appraisers the VA has work on the regional loan center staffs not in the field.

2) VAs are not just a zero down loan.  Per the VA lender handbook page 3-9 veterans can choose to pay above the appraised value and can waive the appraisal valuation or write an appraisal gap just like a conventional.  I know this reference because I educate realtors all the time on behalf of my clients on this.  Just had a listing realtor with 25yrs of experience say she wasn’t taking VAs because she didn’t know this.  I provided the references and my credentials and my clients were under contract later that day and are closing now.

3) The VA appraiser has more discretion on valuation than conventionals because they don’t go through a QC process like conventionals do.  This can be a good thing or bad thing but considering the few low appraisals I see it is a good thing.

4) The VA has a review period and appeal process that conventioanls don’t have.  If the appraiser does their initial review and can’t find sales data to support the price they issue a “Tidewater” notice and give the agents 48hrs to provide the comparable sales data to justify the value that the appraiser will use before issuing the final valuation.  If it then still appraises low veteran can request a reconsideration of value through the staff appraisers.  If after a tidewater and ROV it still is low then likely it’s over priced and many times it’s so late in the game the sellers negotiate.

4) Conventional loans max out at 95% loan to value not purchase price so assuming it also appraises low on the conventional not only would you have to still bring the 5% but you’d have to bring the difference between the appraised value and purchase price vs VA where you’d only have to bring the difference.  This can also drive higher PMI on conventionals because it is also loan to value based.

 

I believe any bias against VAs is due to a lack of education, experience or bad experiences in the past.  I believe the reason people choose me to represent them isn’t just the rates and service.  It’s that I will call up a listing agent and “educate” them so they feel comfortable with a VA and usually at the end of the convo they are all about it.  Big banks and lenders miss this critical component and thus some agents remain ignorant to the value of VAs for their clients or potential buyers.  It’s all about education and breaking the error chain upfront.  Have a 15min convo on the phone with me about the value of VAs and I guarantee you’d never consider a different loan.  Same with agents who I talk to.

 

I’m not telling you you’re wrong or your stories aren’t accurate.  I’m just saying they don’t need to be and posts like this only further the problem.  I always answer my phone so happy to discuss it more if you’d like.

Cheers!

Jon

850-377-1114

jk@mythl.com

DITTO!! - Jon, is one of the best in the country.....if not the BEST and has the knowledge and experience to validate any and all claims. In addition, Jon treats you like family and gives you transparency where most will be vague at best! Business is business - Jon chooses an ethos of moral turpitude and ethics which is why he is who he is!

Moreover, I'm a disabled Navy combat vet who just used Trident's services with nothing but the BEST experience and rates on the market - Jon saved me from buying an over-priced home by 20,000 - the FOMO (Fear Of Missing Out) - not hardly - saved my ARSE! Canceled my contract and did a HALO jump out ! The worst part about it - my Agent and listing agent both market pro's - got schooled by Trident - so it goes to show just how good Jon and Trident is - very specialized boutique lending services/team.

Furthermore, with that being said, I plan on going with Jon and Trident in the future when the market corrects and/or I find a good deal in the future - you can't beat the A-Team!

Warrior(s) for life - thank you Jon and keep educating Americuh' ;-)~

 

v/r,

Steve

[Jon - Trident Home Loans]

23 minutes ago, CaliBulldogVet said:

Warrior(s) for life - thank you Jon and keep educating Americuh' ;-)~

 

v/r,

Steve

Lol, thanks Steve!  Prob just 10% truth in all your compliments but I appreciate it.  I try, care, and answer my phone which usually is the difference maker.  We still don’t advertise so must be doing something right.

Cheers!

Jon

[disgruntledemployee]

7 hours ago, brabus said:

This is a very general statement and certainly not applicable to every situation, but cranium's up to people using VA loans in this market - I know some people who have lost several home deals because the VA appraiser comes in way lower than "actual" market value, and the buyers don't have the cash on hand to make up the difference between appraised value and offered price. ....

 

4 hours ago, Jon - Trident Home Loans said:

Agree to disagree😀. I think you’re on target that there is a perception about this but factually it’s not accurate.  Few counter points based on Marty and my experience being both in the top 10 in country for VAs originated.

......

This is just my experience and in the end, isn't enough to dissuade going VA loan, just a word of caution.  Jon is correct is that the VA independently selects a "VA Approved" appraiser; you don't have any say on who they pick.  Here was my experience on one of the two homes I used VA on. 

I built a home, and to get a construction loan an appraisal is required.  After my VA appraiser experience, I spoke with that original appraiser to see what they look at, etc., which for me was a combination of local comparisons and cost to build.  I was looking to see why I had a huge difference in appraisals.  Builder reputation probably helped support the initial estimate as all his homes appraised slightly higher upon completion at the final mortgage appraisal.  Mine was 530K pre-construction.  Also, since I was building, there is no real estate agent involved. 

Enter the VA appraiser that just showed up when the home was at the 85-90% point.  I wanted to highlight features that weren't easily seen, etc., but I wasn't there.  His appraisal came in at 470K, a 60K difference.  I asked the guy to come back out and meet with me and my builder (and he charged me for that, calling it a reappraisal).  He kept telling me, heated/cooled square footage under roof.  But we have this feature, or didn't use contractor grade here, there's a view, etc.  Nope, he said it didn't matter.  So all those things I spent extra on, there were of no value to him.  And, he was a dick.  I pointed out that his comp around the corner was a sale due to divorce, which he denied, saying he knew the real estate agent (months later I found the quiet title action and divorce case number and forwarded it to dick appraiser, never got a reply).  My builder was pissed as he's never had a house fall short of the original appraisal.  He talked with his builder buddies, come to find out this appraiser was notorious for low appraisals.  In the end, 470K would cover the construction loan, but I wasn't going to get any money I invested back out, especially the lot cost, not that I really needed it, but I would have liked the option.  I could have tried asking the appraiser to consider cost to build, but I didn't know that was an appraisal method until after I closed; even then, I don't think he would have listened.  They don't really work for you.

LL.  When I called the original appraiser, to Brabus' point I learned that there are some VA appraisers that can be lazy; the VA feeds them steady work and they may not do as much research, but that's not common.  Their license is on the line.  I mentioned the VA appraiser name and it was confirmed, "yeah, we know about him" but couldn't share more than that.  I could complain to the VA and they might do something if enough people complain.  Dude even bragged about a low appraisal he did for a guy that has about some family owned pizza joints.  I think our appraiser had philosophical views that had him make low ball appraisals. 

So, what can you do?  Information and prepare for a low estimate.  I didn't do a ROV as Jon suggests as recourse for a low estimate, but it's good to know that there is a review option.  Also, find good comps.  I could have done this in my area where most of the county sales info is lot only as most of the homes are newer and haven't been resold.  But I had no idea the VA estimate would be so low.

[brabus]

@Jon - Trident Home Loans Intent was not to bash VA (I’m on my 3rd VA), just to highlight this is a factor to be aware of. Did not know about the low appraisal recourse option you mentioned, great info! I still will pursue VA in the future and recommend them to people, but I’m more eyes wide open than I was in previous situations.

[Jon - Trident Home Loans]

9 minutes ago, brabus said:

@Jon - Trident Home Loans Intent was not to bash VA (I’m on my 3rd VA), just to highlight this is a factor to be aware of. Did not know about the low appraisal recourse option you mentioned, great info! I still will pursue VA in the future and recommend them to people, but I’m more eyes wide open than I was in previous situations.

All good man!  I didn't think you were dinging VAs.  I'm glad you posted it because it gave me a good opportunity to throw out some nuggets of info that hopefully will help fellow vets.  It's all about education in my biz especially as rates rise.  Nothing rate wise will beat a VA so I just want people to be armed with the most accurate info out there.  No need to pay more in interest than absolutely necessary.  Good news is that mortgages are traded on Wall Street just like stocks so while they are up now there will be dips in the future once inflation gets curbed for everyone getting loans now to refi.  VAs are even better for that because of the IRRRL (streamline) refi program.  I'm 100% positive that I'll be refinancing everyone I'm writing loans for now in the future (just not sure if that's 1 or 3yrs from now).   

Jon

[disgruntledemployee]

14 minutes ago, Jon - Trident Home Loans said:

....

I'm 100% positive that I'll be refinancing everyone I'm writing loans for now in the future (just not sure if that's 1 or 3yrs from now).   

Jon

Yep.  I did 2x refinances for the same house.  The last one, I was literally paid to lower my rate.  Thanks Jon!!!

[FLEA]

Can you use your VA loan to buy into a coop? If so what are the ins and outs of that? Anyone ever live in a coop and have relevant experience? Looking at high rise luxury condos in a major financial metropolitan. 

[nunya]

1 hour ago, FLEA said:

Can you use your VA loan to buy into a coop?

Is that like this?

[Jon - Trident Home Loans]

1 hour ago, FLEA said:

Can you use your VA loan to buy into a coop? If so what are the ins and outs of that? Anyone ever live in a coop and have relevant experience? Looking at high rise luxury condos in a major financial metropolitan. 

Can't do a VA on a coop

[FDNYOldGuy]

4 hours ago, FLEA said:

Can you use your VA loan to buy into a coop? If so what are the ins and outs of that? Anyone ever live in a coop and have relevant experience? Looking at high rise luxury condos in a major financial metropolitan. 

As @Jon - Trident Home Loanssaid, you can't do VA loans on a co-op. There was a bill on the books in NY (not sure if that's the major financial metro you're talking about, but it's certainly the co-op capital) a few years back to have the VA allow co-op loans, but that never went anywhere. I reached out to my NYC rep...but never heard anything back. Plans changed, so I dropped it.  

That said, you mention co-op and condo in your post, so just to clarify if it wasn't a typo, they're different.

Condominiums you own everything from the walls in and can do with the place what you will (within HOA guidelines, of course). So you're getting direct title for a unit, which the VA can wrangle because they can easily foreclose on it. 

Co-ops you own shares in the company that owns the building and the number of shares you own allot you an apartment of comparable size to the number of shares you own. It's rare and never really happens but, theoretically, the co-op board could move you out of the unit you have lived in for years and into another that was the same size (amount of shares-worth) if they wanted to for some reason; regardless of what renovations you've done/comparable conditions of each unit. It's why people dislike co-ops, as you don't actually own the unit you live in. There are a lot more hoops to go through to upgrade your unit since, the company that owns the building has to be willing to allow your upgrades. Obviously further into the weeds, this causes different foreclosure processes and layers of financial fitness to look into (is the board/company properly run and financially solvent), which is why (I'd imagine) the VA is pretty hands-off.

Anyway, it sucks they don't, but always worth reaching out to any reps or checking on any potential laws in process.

 

[FLEA]

14 hours ago, FDNYOldGuy said:

As @Jon - Trident Home Loanssaid, you can't do VA loans on a co-op. There was a bill on the books in NY (not sure if that's the major financial metro you're talking about, but it's certainly the co-op capital) a few years back to have the VA allow co-op loans, but that never went anywhere. I reached out to my NYC rep...but never heard anything back. Plans changed, so I dropped it.  

That said, you mention co-op and condo in your post, so just to clarify if it wasn't a typo, they're different.

Condominiums you own everything from the walls in and can do with the place what you will (within HOA guidelines, of course). So you're getting direct title for a unit, which the VA can wrangle because they can easily foreclose on it. 

Co-ops you own shares in the company that owns the building and the number of shares you own allot you an apartment of comparable size to the number of shares you own. It's rare and never really happens but, theoretically, the co-op board could move you out of the unit you have lived in for years and into another that was the same size (amount of shares-worth) if they wanted to for some reason; regardless of what renovations you've done/comparable conditions of each unit. It's why people dislike co-ops, as you don't actually own the unit you live in. There are a lot more hoops to go through to upgrade your unit since, the company that owns the building has to be willing to allow your upgrades. Obviously further into the weeds, this causes different foreclosure processes and layers of financial fitness to look into (is the board/company properly run and financially solvent), which is why (I'd imagine) the VA is pretty hands-off.

Anyway, it sucks they don't, but always worth reaching out to any reps or checking on any potential laws in process.

 

Yeah sorry, totally meant a coop for all intents. Just wanted to clarify this was an area where finding non coop housing can be limited or difficult. 

Not all bad. I guess I get to be a proper millennial and bitch about having to afford a down payment. 

[BFM this]

[Lawman]

Another up vote for Jon and his team at Trident…


VA loan completed, from a deployed locations and outside the normal but not required 60 day move in from Close requirement.

Great all around work by his team.


Sent from my iPad using Tapatalk

[Jon - Trident Home Loans]

5 hours ago, Lawman said:

Another up vote for Jon and his team at Trident…


VA loan completed, from a deployed locations and outside the normal but not required 60 day move in from Close requirement.

Great all around work by his team.


Sent from my iPad using Tapatalk

Thanks man!  Congratulations on your new home and glad we could bring it all together.  Your scenario was no issue...see it all the time.  Happy for you!  Let me know if I can do anything for you in the future.

Cheers!
Jon

850-377-1114

jk@mythl.com