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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

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Posted (edited)

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 by Future_Herc_Driver

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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

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@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.

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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

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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.

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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! 

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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?

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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

 

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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. 

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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.

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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.

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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?

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Posted (edited)
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 by Kenny Powers

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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. 

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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 

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