Marty - Trident Home Loans

Lots of planning goes into getting what you want at the right price, but it's awesome when you're living in your dream house. Def start with plans and specs then bid with 3 builders. See what they've done in the past and what their previous clients had to say about them. Every builder has a different overhead that they put on everything from a small nail through all the big stuff. The markup can get pretty crazy depending on how much the builder thinks he can make off you. They even markup labor costs...i.e. if they have someone working for them that they pay $15/hr they'll charge you $30/hr. Getting quotes from multiple builders can keep them in check especially if the home is very custom. Also check on their timeliness to complete past projects...last thing you want is to get the house 6 months after you needed it. I'd also try to buy as much of the materials as you can...the builder has no incentive to finding deals/sales. You could go to lowes and save 10% automatically plus any sales you find. You'll save a ton of money if you can do the purchasing. I've worked a deal in the past where I buy materials and the builder just charges me a 10% install fee. He was a prior AF officer who had his general contractor license so he hooked me up. There are also a lot of financing options from buying the lot then doing a construction loan which turns into a VA at completion to doing a builder financed which just closes like a normal VA. There is a ton more to talk about on this subject so feel free to call or email me anytime. Marty

Thank you! Jennifer is awesome as is the rest of my employees! I get to do the fun part of talking to pilots all day and sharing war stories while our 17 processors/licenses loan officers do all the hard work. They are truly what makes the company great! I just closed on some land in Gulf Breeze FL which I’m developing then will be building on. I’ve built 8 houses from custom to tract over my life and done almost every type of loan out there which has brought a lot of success and failures along the way. Let me know if you have any real estate questions outside of just mortgages or I if can provide any education that’d benefit the group. I’ve been in this game for a while and have plenty I can share...just need to know what you want to know. Marty

The AF had the VA add that requirement in for any retired AF O-6s so we’re just enforcing the rules. Be thankful you didn’t get hit with the “other” exam.

Underwriters and the government love paperwork. Unfortunately a hurdle we don’t have a lot of control over. At least there aren’t any CBTs;) Glad you’ve been happy with the service...almost there. Marty

Thanks for the compliment! We’ve been on Baseops for about 3 years and have seen a big response with new and past clients returning. Everyone is getting great deals from both us and NBOKC below what the big banks/lenders are offering...please share what you know with your troops who aren’t on here. On average you guys are getting 1/2% less on rates then the common borrower. Thanks Amy as well! Marty

Thank you for your business and review! We typically have the best rates around and I don’t play car salesman games. When you call you’ll get the lowest rate we can give with no haggling. There is another lender who I have repeatedly seen offer a higher rate when you first call, then ask for my fee sheet once they know you’re talking to me, then try to match it. They even accused a navy pilot of lying to them about the deal I was offering. To me that’s shady business and not how I run my company. Give the best rate upfront combined with quality service to make closing a pain free as possible. Thanks again! Marty

Like Amy said lots of variables go into it. I’ll send you a PM of what I’m locking today. Like I just told someone else... Big lenders have large advertising costs/overhead that we don’t and they don’t have as much discretion in pricing as well which give Trident a lot of flexibility. It’s how we’re able to consistently give such great deals to fellow pilots and military members.

PM sent. Have a great day! Marty

Absolutely, PM sent

You have 60 days to move into the property after closing or your spouse can satisfy the requirement. There is also a “reasonable time” clause that should work after your TDY but there are some specific requirements and can’t exceed 1yr from closing. Here is the reference (page 3-12) https://www.benefits.va.gov/WARMS/docs/admin26/handbook/ChapterLendersHanbookChapter3.pdf You have to sign a legally binding VA doc at closing say you’ll comply so don’t listen to anyone else telling you just to lie. If a VA loan doesn’t work out due to occupancy issues you can still buy it as a “second home” using a conventional loan with 10% down. Hope that helps! Marty

2 months for you or your wife can satisfy the primary residence clause with a VA if you can’t make it. Marty

Sorry we can’t do that loan for you. I’d be happy to point you in the right direction. I’ll get back to you on Monday...I want to check something first. Marty

[emoji481]

Thank you Sir! We aren’t perfect but we put ethics first and if I promised something I will deliver even if I have to lose money in the process. With two former mil pilots turned airline guys as owners we are always looking out for fellow pilots and service members. Our ethics and your satisfaction is far more important than a few dollars. I’ve done loans for zero profit and even lost money many times just to do the right thing. I bet that every dollar lost was recouped by a happy client referring a friend or two. Happy to do it for you and we look forward to you walking away a fully satisfied client! Thanks for taking the time to write a review! Marty

This is more advice geared to a seller thinking about doing this...If you need to provide your buyer with a better rate than they could get otherwise, they must still qualify for the assumption. There are still title costs and govt taxes, and there is an assumption fee which makes the costs about the same as another mortgage. The difference is that they get a better rate in some cases. I’ve seen horror stories with a borrower’s VA being tied up or foreclosed on and the Vet loses the benefit. I’d only allow an assumption if you were certain you wouldn’t use the VA loan again. VA loans rates are significantly lower even when we offer a lender credit to pay the funding fee. I’d be interested to know why they are pushing an assumption versus you just getting your own loan. It’s not going to make anything go faster and they have much more to lose than gain. Marty

Some sellers don't want government loans because the appraisal/inspection is more detailed or because of VA non-allowance fees put on them. The appraisal/inspection has higher standards which scares the seller, but protects you. They can also take longer which if they are trying to close super fast can slow the process down. This is especially true if the appraiser finds a problem and it must be fixed then reinspected. You can also walk away from the deal if the appraisal comes back low which some sellers don't like. Overall a VA loan is great for the buyer, but not for the seller. That being said, if their concern is with the cost side of the VA, we can pay all VA non-allowances. The sellers don’t want to be liable to pay these fees so we can ensure that they don’t have to. These fees apply only if a lender is doing borrower paid VA loan such as a broker and not a lender. I do all I can to put the sellers at ease with this issue so you can use your VA benefit. I have had good success talking to sellers' realtors into allowing a VA loan. Refinancing is the worst option unless your disabled because you’ll pay a 3.3% funding fee on a subsequent use or 2.15% first use funding fee and it isn’t reduced by putting extra money down. Additionally you'll have another round of closing costs to pay so it definitely gets pricey. Marty

If you have a VA disability rating the funding fee is waived. That being said the process is still going to be much smoother if you do a VA construction loan right off the bat. It’ll be interest only while you’re building (builder can pay that) and once the house is done it’ll automatically switch over to a 30yr VA or whatever you decide to go with. A lot of banks have a higher interest rate on construction loans but you can always make 6 payments then do an IRRRL (no funding fee again since you have a disability) to lower your rate down. The VA offers a lot of protections that a conventional loan does not. For not disability folks, a subsequent VA loan use increases the funding fee up to 3.3%. If it’s a new purchase or new construction that you do off the bat you can put 5% or 10% down to reduce the funding fee. For cash out refinances or doing an existing conventional to a VA refinance you can’t buy down the funding fee so it can get expensive. That was my caution. Here is the funding fee chart: https://www.benefits.va.gov/homeloans/documents/docs/funding_fee_table.pdf Marty

I definitely get it and and eight of a point is a big deal on a jumbo. 120 and 90 day locks are out there but the pricing isn’t very good so it doesn’t help the hedge very much. You always have the IRRRL (refi) option if rates go back down after you’ve made your 6th payment.

Rates have been trending up and are sitting at a 6th month high. Big picture...3.625-3.75 on a non-jumbo 30yr VA and 3.25-3.375 on a 15yr is still incredibly low compared to historical averages. Mortgage rates have a strong correlation to the 10yr treasury bond which you can also see has been on the rise. https://finance.yahoo.com/quote/^TNX/ Another good resource to get a feel for rates and the current trend along with commentary is: http://www.mortgagenewsdaily.com/ A good strategy in a rising market environment is to "lock and shop" if you have a good timeline for when you expect to find a house. I posted about it before "we lock you 60 days out from your expected closing date at the current market rates while you shop around for a house. Once you go under contract we will give you the better of the original "lock and shop" rate or the going market rate. It's a great way to hedge your position without it costing you anything." Good luck with your house hunting! Marty

Using a VA loan to build a home has a great advantage of builder paying interest charges as well as getting the reduced funding fee if you have at least a 5% down payment or have a VA disability. If you don’t use the VA loan to do the construction portion, you will have a 3.3 VA fee refinancing the loan into a VA loan which is expensive and unnecessary. Going conventional 15 will be cheaper. A 740 credit score or greater gives you elite pricing so you’ll be good. Getting a mortgage on first year pay isn’t an issue. We do it all the time and haven’t had any issues getting someone approved. Worst case you can start with a 30yr and then do an IRRRL (VA refi) into a 15yr once pay increases if you have a high debt to income. Everything is easily workable. Let me know if you need more specifics. I’d be happy to chat anytime. Marty

Thanks for taking your time to review us and congrats on the new house even if it’s in Del Rio;) We aren’t perfect by any means but I will always try to make it right even if it isn’t our fault. Maybe a lesson I learned from my airline. I know that if I mess up any of your loans I will get blasted on here (rightly so) so I’m overly sensitive to every baseops loan we do. I want everyone of you to get the best rate/deal along with the best service. If we ever fall short for any reason please let me know. Thanks again! Marty

Thank you Sir and congrats on the new house! Ashley never disappoints and I'll make sure I pass along your review! I've always believed mortgages are commodities and our difference is the service, experience, and ethics we offer. Combining those with wholesale rates and no hidden fees has made us different than every other lender out there. That's what each of you should expect in every business transaction you make. We just do what we say we're going to do. Happy New Year! Marty

Thank you Sir! Ashley is amazing and I’ll pass along the kind words! Conventional and second home rates are slightly higher than VAs so that’s why the 4.0% rate for anyone interested. I’m still doing VAs at 3.5 with no lender fees or points (non-jumbo, >200k loan, and >680 credit. Edging towards 3.625%. The VA approved the increase to a $453,100 limit for 2018! https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp Thank you to everyone who made this a great 2017 for our 25 member team at Trident! Each one of you have been a pleasure to serve! You all are no doubt the best clients we get. Have a Merry Christmas and Happy 2018 to everyone! Marty

Hope everyone had a great Thanksgiving! Got great news today that the standard loan limits will be going from $424,100 to $453,100 for loan closing in 2018. High cost area loan limits are increasing as well. I'm waiting for the official release from the VA, but the Federal Housing Finance Authority pushed it out today and the VA piggy backs on their limits. Below is the link to pull up your county's or future county's 2018 limit. As before, you can still go above the limit but you'd need to put down 25% of the difference (500,000 purchase - 453,100 limit = 46,900 difference X 25% = 11,725 down payment) Let me know how I can help you. Cheers! Marty https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx

Beware of the VA loan scams out there...if it seems too good to be true it probably is. The government is cracking down on these unethical lenders. http://www.chicagotribune.com/classified/realestate/ct-re-1001-kenneth-harney-20170926-story.html Thank you for the opportunity to serve you. Shoot me an email or PM if you need any help in AL, CA, CO, DE, FL, GA, IN, LA, MD, MI, MN, MS, NM, OK, OR, TN, TX, UT, VA, or WA. Marty