Jon - Trident Home Loans

Can't do a VA on a coop

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

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

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

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

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/

Thanks Steve! We just treat everyone like we’d want to be treated, bring our expertise (our owner Marty was the #1 VA loan officer for volume and I was #8 in the country), and give our great rates/no fees to the best clients in the country. Pretty easy business model! Jon

Thanks for the kind words! Glad you shopped around first and discovered it on your own. Makes for a better review😂 Thanks for putting your trust in me and my team! Jon

Sounds great! Looking forward to the chat! Even if you use one of the other lenders I’m always happy to offer advice to anyone so things get done correctly. We care more about the relationship vs the transaction. Jon

If you have full entitlement available then you can definitely go zero down. Sounds like you need to talk to a loan officer who has been doing 350+ VAs a year for the last 2yrs so it gets done right. Lender 1 would only be right if you didn’t have full entitlement. Call or email me if you want an experienced professional’s help. Happy to chat through it more. Jon 850-377-1114 jk@mythl.com

VA regardless if they are high balance (over 647,200) or conforming are always going to beat conventionals or jumbos. If you’re comparing non-VA the government recently added a fee to high balance conventionals which in many cases pushed them higher than privately invested jumbos which the government doesn’t control. Best big loans will always be VA and the fee doesn’t apply to VA either. Article below. https://www.foxbusiness.com/personal-finance/fhfa-high-balance-loans-expensive

Thanks for the kind words and happy to help get you over here to FL!

Thanks Steve! Looking forward to helping you move to FL! I don't know any agents down there personally but I'll ask around in my circles. Cheers! Jon

Happy to help however I can! I’m not the best pilot but I’ve done it long enough to know a couple things. Same with mortgages. Keep me posted. Jon

Thanks for the nice words about us but sorry for the drama! I’ve never heard of a loan being transferred later in the process and the escrow terms being changed. You signed an escrow waiver acknowledgment at closing and the VA does allow escrow waivers. I closed 486 loans in 2020 and 458 in 2021 with 85% being VA and this is the first I’ve heard of this. While we can’t fix the problem I can point you to the VA reference which is page 9-25 of the VA lender handbook https://www.benefits.va.gov/WARMS/docs/admin26/m26-07/Chapter_9_Legal_Instruments_Liens_Escrows_and_Related_Issues.pdf I’d definitely continue to fight the good fight. My house is a VA and has an escrow waiver and I do a ton of escrow waivers. There are some investors/servicers that won’t allow us to originate/transfer to them a loan with a waiver but to my knowledge once it’s done it’s done. Definitely keep me posted as I’d like to know the outcome. My number is (850) 972-9938 or jk@mythl.com Sorry for the pain! Jon

Thanks guys! We always do our best to get everyone the best rates and service we can based on whatever Wall Street is up to. You guys were lucky to get in before the rate rise but we’re still for the most part .5% lower than all the big name lenders out there. Rates are back to the low 3s on VAs which is where they were preCovid. Overall still great in the big picture and we’re still not charging any lender fees. Hit me up anytime if you want to discuss a scenario. No pressure ever from me. 850-972-9938 or jk@mythl.com Cheers! Jon

Congratulations and thank you for trusting us! Purchases are definitely much more complicated than refinances so experience makes all the difference. Glad we could make it as painless as possible. Let me know if you ever need anything. Cheers! Jon 850-377-1114 jk@mythl.com

We can now lock VAs using the new high balance limit of $647,200! Jon

Good news before 2022 PCS season…Fannie Mae and Freddie Mac raised the normal lending threshold today on conventional loans by almost 99k to $647,200. There are higher limits for expensive counties like those in the DC area. This mean you can borrower more at lower rates without needing a jumbo loan. The VA will certify these new limits soon too which means you can borrow more before it becomes a high balance VA loan which keeps your rate lower. It also helps people looking to get a second VA while keeping one they have on another property because VA entitlement is calculated off these numbers too. Basically you’re getting another 99K of VA insurance. No change to entitlement if your entitlement is fully available…you can still go zero down without a loan limit assuming you qualify debt to income ratio wise. Let me know if we can do anything for you or if there are any questions I can answer. Happy Holidays! Jon 850-377-1114 jk@mythl.com

Assuming its a VA loan then it'd just be a normal VA High Balance loan. VA doesn't have the jumbo rate penalty like conventionals. High balance loans rates are typically only .125-.25% higher than a conforming loan (loans below 548,250). For 2021 the conforming transition point is going up to 625K. We've already gone up to the new limit for conventionals but VA likely wont start until the VA announces it in Dec. My assistant Lisa has our MD license so she'd be the one to do the loan for you. You're welcome to reach out to her at 781-710-9675 or at lisa@mythl.com to work a preapproval/talk rates. Cheers! Jon 850-377-1114 jk@mythl.com

Thanks man and congratulations! Love helping and getting those great deals out! Perfect timing on your part. Had a little rate bump last Thur after the Federal Reserves announcement but everything is settling down so hopefully lots more good deals to come for those PCSing this winter or wanting to refi. Still seeing us killing the competition so even if the overall market moves higher we will be in a great position to help. Jon

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

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

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

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