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17 hours ago, Duck said:

Here’s one for y’all...

My retired parents need to downsize from their house and I’m trying to get them to move closer to me. My dad was a Marine Vet in Desert Storm and I need to get him applied for VA Disability. They bought their house via a VA loan for $375k four years ago. They already have a family from their church who wants to rent the house for around $2,850/month. The only other income they have would be his Military retirement and I’m guessing Social Security (They are 66, but I haven’t asked them if they are pulling that yet).

I found a townhome for $280k right down the road from me.

With the new VA limits and law changes, what does the rough math look like?

This is all taking place in Alabama.

Thanks!


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Give me a call Duck, but if he still has the $375K loan counting against his entitlement he's going to have to put money down.  Also with the income we'd need to look at DTI because he hasn't been a landlord before and doesn't have a tax return filed yet showing rental income so that could be an issue.  Not really a simple answer I can give without looking at all the numbers.

Cheers!
Jon

850-377-1114

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  • 3 weeks later...

Good news for 2020, the Federal Housing Finance Agency announced today that the standard non-jumbo to jumbo loan limit is going up from $484,350 to $510,400 for any loans closing after 1 Jan.  Jumbos have more rules and the rates are higher so hopefully this increase will help save everyone some money.  The VA loan limit cap is still going away in 2020 for those with full VA entitlement remaining, but $510,400 will be where the rate/pricing changes.  

Rates are still super low so anyone at 3.75% or higher on a VA loan should take a quick look to see if a refi makes sense.  Some states are really cheap to refi in and some aren't.  You can also always do the no-cost option where we cover the refi costs for you in exchange for a slightly higher rate (usually .25-.375%) above par.  No-costs are great for active duty guys because it just saves you money with no break-even point or costs rolled in.  

Hope everyone has a great Thanksgiving!

Jon

850-377-1114

jk@mythl.com

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  • 3 weeks later...

2nd recommendation for the Trident crew, did a refinance a little over a year from my initial loan, rates were almost a percent lower, and it cost nothing out of pocket. Couldn’t have been easier either, couple emails and signed the paperwork and that was it. If you are in the market  at least give these guys a call when shopping. Couldn’t be happier. 

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3 hours ago, viper154 said:

2nd recommendation for the Trident crew, did a refinance a little over a year from my initial loan, rates were almost a percent lower, and it cost nothing out of pocket. Couldn’t have been easier either, couple emails and signed the paperwork and that was it. If you are in the market  at least give these guys a call when shopping. Couldn’t be happier. 

Pleasure working with you again!  Glad we could get you lowered down for free and save you some good money!  Let me know if you need anything in the future.

Have a great Christmas and New Year!

Jon

Cell: 850-377-1114

jk@mythl.com

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Locked 2 guys today in CO at 3.25% at no cost (non-jumbo 30yr VA, 750+ credit score).  We'll cover all your closing costs and VA funding fee (if applicable).  If you're at 3.75% or higher in CO let me know and we'll get you dropped down and skip a payment in the process.  Nothing rolled in or cost to you.  Just need a quick (5 min) prequal app on our website at www.tridenthomeloans.com to get it going...skip the income or debts portion (not needed for a IRRRL). 

Jon

Update: Relooked at the numbers and IN, IL, WA, KY, CA, SC, AL, AR, TN, and VA will also work.

Edited by Jon - Trident Home Loans
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Just recently closed on a VA Cash Out Refi in Colorado with Jon, et.al., at Trident. As has already been shown multiple times before, they are awesome!

Got a great rate (3.25%), and the process couldn't have gone smoother. Lisa, Elena, and Taylor were a pleasure to work with. 

Definitely give Jon a call, if you're looking at buying or refinancing. 

TT

 

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13 hours ago, TnkrToad said:

Definitely give Jon a call, if you're looking at buying or refinancing. 

Thank you and congrats on the no cost cash out!  Worked out to be a great deal!  I'll pass on the compliment to the girls!  Let me know if you need anything.

Merry Christmas!

Jon

850-377-1114

jk@mythl.com

Left to right: Alena, Lisa, me, Taylor, & Elena

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  • 2 weeks later...

Happy New Year from all of us at Trident! 

We had a great 2019 and were able to help about 150 of you either buy a new home or lower your monthly payment.  You are our prime clients and we will always give you the best rates and service in the business.  I've expanded Jon's team so you get even better service, and unlike the rest of the mortgage industry, we haven't raised our profit margins during these historically low rates.  We're excited for the improvements to the VA loan program in 2020 and the opportunity to help save more of you money!  Highlights are:

1) Historic low rates

2) No county limits on loan amounts if you have your full VA entitlement

3) Increased county loan limits if you want to keep your current loan and still get a second VA loan

4) The VA expediting disability claims to help veterans avoid the VA funding fee

Lastly, a big thank you to all of those who are helping spread the word about Trident!  Based on competitors quotes that are shared with us, we're trending .25-.5% lower on VA rates and $300-1000 less in lender fees.  With your help we have been revolutionizing the business and exposing the greed of the big name banks/lenders.  Keep it up!

Have a wonderful 2020!

Marty

Owner, Trident Home Loans

757/767 Captain, Former EA-6B pilot, USNA grad

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Attached are the new VA guarantee calculation examples for 2020.  Figured I'd post them in case anyone wants to nerd out on how to calculate how high of a loan the VA will back without needing a down payment.  Full entitlement is easy...no max after 1 Jan 2020.  Partial entitlement requires some math.  You'll also need the county loan limits (CLL) which you can find at:

https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx

Let me know if you need any help running the numbers.

Jon

850-377-1114

jk@mythl.com

 

guaranty_calculation_examples.pdf

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17 minutes ago, Kenny Powers said:

So if I currently have a VA loan and say, wanted to buy a home in another state before selling, which county limit do I use?

Use the county limit for where you're looking to buy.  If you're looking to buy in a high cost area that has a higher limit you get extra buying power.  Always worth looking at surrounding counties.  I had a guy in WA buy in a different county so he got bonus entitlement to use and thus didn't have to make a down payment.  Not always possible but it's a good thing to check if you're low on entitlement

15 minutes ago, MT near said:

These new rules allow zero down payment on any size loan? Someone who has their full entitlement can buy a 1million $ house and put nothing down?

 

Yes, as long as you qualify debt- to-income (DTI) wise.  That's the beauty of the new 2020 rules!  The VA is also one of the more generous of all the loan programs on how high you can go on your monthly DTI.  I've seen the automated underwriting software approve up to 65% monthly DTI with good credit.  Seems to cap guys at 50% if you're below 700.  It's all case by case.  The new no loan limit combined with VA disability is the killer combo.  Just closed a Southwest pilot in CO on an 800K house with zero down at 3.125% and no funding fee because he had VA disability.  

Edited by Jon - Trident Home Loans
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Thanks to Amy and her team at NBKC. Closed earlier this week on a “second” home so rates are a little higher at 4.375%.  Amy and her team worked through all the underwriting hurdles (college town condo) and made this a reality.  NBKC was the only place that I could find that was willing to find a way to make this a reality. Closing was in just over 30 days with Christmas and New Years holidays thrown in the mix.

Recommend giving Amy a call when you are shopping for mortgage loans/rates. Great experience all around.

Thanks again Amy.

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9 hours ago, jordka said:

Just closed on a VA IRRRL with Trident.  Jon hooked us up.  2.875% (had to pay some points) on a 30yr, but brought $0 to closing.  All in less than a month.  Check them out and see what they can do for you.

Thank you Sir!  We enjoyed working with you too! 

Just for comparison sake we did this one with .3% in discount points to get 2.875% and a really big bank in San Antonio is advertising 3.25% with 1% in discount points.  Definitely shop around.  Still getting calls from guys who are sitting over 4% that we are doing IRRRLs for.  Give a call...no point giving the banks extra interest.  Worst case I'll tell you it doesn't make sense and we'll talk about flying.

Jon

850-377-1114

jk@mythl.com

Sr Loan Originator, 737 FO, Former AC-130 pilot, Texas A&M '05

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Long time reader of Baseops (started back just prior to UPT in 2007). This thread was helpful as I was buying my first home 1.5 years ago after separating AD for the ANG. I wanted to thank Jon and Trident for helping me with my refinance over the last month. Saved me money over the life of the loan, each month, and I paid nothing. The experience was MUCH better than when I bought my house in San Antonio 1.5 years ago with a different company - wish I'd gone with Trident the first time. Everyone was very receptive to questions, and the process was almost completely hands off for me. Highly recommend them.

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55 minutes ago, AG05 said:

Long time reader of Baseops (started back just prior to UPT in 2007). This thread was helpful as I was buying my first home 1.5 years ago after separating AD for the ANG. I wanted to thank Jon and Trident for helping me with my refinance over the last month. Saved me money over the life of the loan, each month, and I paid nothing. The experience was MUCH better than when I bought my house in San Antonio 1.5 years ago with a different company - wish I'd gone with Trident the first time. Everyone was very receptive to questions, and the process was almost completely hands off for me. Highly recommend them.

Thanks bud!  Always fun helping out a fellow '05 Aggie!  Glad we could save you cash and cover all the refi costs for you!  Let me know if you need anything in the future.

Jon

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Longtime Lurker, but O-4, 62E, do space stuff.  I had an excellent experience with Jonathan at Trident. I was able to drop my rate and pay no closing costs out of pocket. They were so fast I was able to close before I had to go on a two week TDY. This is the second refi I had done this year and it was by far much smoother than the first time. I recommend that anyone that is looking for mortgage or refi check them out.

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7 hours ago, SpaceEngineer said:

Longtime Lurker, but O-4, 62E, do space stuff.  I had an excellent experience with Jonathan at Trident. I was able to drop my rate and pay no closing costs out of pocket. They were so fast I was able to close before I had to go on a two week TDY. This is the second refi I had done this year and it was by far much smoother than the first time. I recommend that anyone that is looking for mortgage or refi check them out.

Thank you!  The no cost refi is a definitely a great way to go.  Can't beat saving money, every month, skipping a payment, and not paying or financing anything to do it.  Glad we could make it go smooth for you,

Jon

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I have to say that Jon and the team at Trident did a great job for my family with our first home purchase and then our most recent refinance with no costs out of pocket for us. It was again a great experience and they even worked to get things moving faster in the event of a sudden trip that got dropped on me. Great job guys, you guys rock. Highly recommend them!!

Sent from my SM-G973U using Baseops Network mobile app

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13 hours ago, Fly4five said:

I have to say that Jon and the team at Trident did a great job for my family with our first home purchase and then our most recent refinance with no costs out of pocket for us. It was again a great experience and they even worked to get things moving faster in the event of a sudden trip that got dropped on me. Great job guys, you guys rock. Highly recommend them!!

Sent from my SM-G973U using Baseops Network mobile app
 

Thank you!  Always nice to work with the same good folks again and build that lasting relationship vs it just being a transaction.  We always reach out anytime we can save money for a prior client especially when we can do it for free.  Let me know if you need anything in the future!
 

Jon

Cell: 850-377-1114

jk@mythl.com

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On 1/6/2020 at 10:51 PM, MT near said:

These new rules allow zero down payment on any size loan? Someone who has their full entitlement can buy a 1million $ house and put nothing down?

Just because you can doesn't mean you should! The old formula was rather clunky (25% * amount over the Fannie/Freddie max) but from a risk standpoint was probably not a bad way to go. I would feel very uncomfortable carrying a 100% LTV on a $1M+ home. I ended up putting down 25% even though the VA formula only required 9.5%. Also when I bought my house ~2 years ago they wanted to know how much of a downpayment I was bringing to the table when I made my offer on the house. If I had said $0 they likely would have gone with the other offer at the same price.

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23 minutes ago, MilitaryToFinance said:

Just because you can doesn't mean you should! The old formula was rather clunky (25% * amount over the Fannie/Freddie max) but from a risk standpoint was probably not a bad way to go. I would feel very uncomfortable carrying a 100% LTV on a $1M+ home. I ended up putting down 25% even though the VA formula only required 9.5%. Also when I bought my house ~2 years ago they wanted to know how much of a downpayment I was bringing to the table when I made my offer on the house. If I had said $0 they likely would have gone with the other offer at the same price.

Just to clarify...the new rule allows the VA to insurance loans with no max limit.  Just because they’ll insure it doesn’t mean you can borrow it.  Debt to income limits, credit and underwriting will be the limiting factor in what you can borrow with or without a down payment.

 

As far as the down payment part of an offer what you put on the offer/contract doesn’t drive the mortgage required down payment.  If you qualify zero down but you put 10% on the contract you can still do zero down and the seller is none the wiser because they don’t see the loan.  We still this happen a lot in very competitive markets like the DC area and Cali.  It’s a very common realtor tactic.

Jon

Edited by Jon - Trident Home Loans
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