Marty - Trident Home Loans
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Posts posted by Marty - Trident Home Loans
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+1 for Trident Home Loans. Jennifer was great and very aggressive with the builder/seller to get everything sorted out and closed on a fast timeline.
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 -
Nobody expects the Pap smear.
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.-
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In the final stages of the process with Marty right now...great service but be prepared to provide a LOT of paperwork!
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 -
so is Marty the new NBOKC?
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 -
Gents, I wanted to drop another recommendation for Marty at Trident. I researched some other options and even found one that I could haggle down to a lower rate. However, after speaking with Marty again I was convinced his operation was the better option. I closed last month, and am very happy I went with Trident. Jen was the assistant I worked with and she was very responsive at all times to my many questions.
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-
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What are current rates for. 30 year Va?
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. -
Marty (or anyone with recent experience)-- any recommendation for a VA loan provider in Nevada? Based on all of the comm on this and other sites, I was hoping you could handle a Nevada mortgage but it looks like that is a state you cannot work with right now. Thanks in advance to anyone for the gouge.. cheers.
PM sent. Have a great day!
Marty -
Thanks. We legitimately want to use it as a primary residence just are tied up on orders for longer than the 2 months. Any agents or lenders you recommend who can help us in New York State?
Absolutely, PM sent -
Have to move in within two months of closing? Or have to spend a total of two months after purchase?
Thanks
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
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Does anyone know if VA loan requires you to live in the house immediately upon purchase? Anticipating being away from the area on orders for another year or so but wanting to jump on our “dream home” now.
2 months for you or your wife can satisfy the primary residence clause with a VA if you can’t make it.
Marty -
Marty (or anyone with recent experience)-- any recommendation for a VA loan provider in Nevada? Based on all of the comm on this and other sites, I was hoping you could handle a Nevada mortgage but it looks like that is a state you cannot work with right now. Thanks in advance to anyone for the gouge.. cheers.
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 -
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I just wanted to give my recommendation for Marty at Trident Home Loans. My process isn't complete yet but I felt like it would be worth letting the bros know the experience so far has been very good. It's my first time using a VA loan. Compared to the lender we used before this has been a much better experience. Marty will take plenty of time to discuss options with you and doesn't try to rush you. I initially talked to the national bank of Kansas and really didn't enjoy the initial conversation (I felt like I was getting talked down to).
Anyway, we had one minor glitch last week as rates started to rise. The ladies at Trident called me to give me the head's up and recommended me locking in asap, which I did over the phone. Several days later there was some confusion due to an admin error showing I had actually locked a higher rate. I brought it up to Marty and he was quick to discuss it with his staff and they cleared things up. Bottom line is that they did the right thing and honored the lower rate when there was a bit of a gray area .....where other companies might have stuck me with a higher rate or made me fight to prove it.
I'll let everyone know how the experience ends but at this point I highly recommend Marty's team. They're super quick to get back to you and process your paperwork.
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 -
Anybody ever heard of/dealt with the assumption of a VA loan? I’ve been house hunting for a while and came across a seller who has owned a brand new home for three years, has a quick military move, and is looking for somebody to assume their VA loan. I’ve been trying to get smart on the process should it go forward, but it sounds like it rarely ever happens so not many people know a ton about the process.
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 -
20 hours ago, MilitaryToFinance said:
Has anybody ever seen a sale contract that explicitly says you can't use a VA loan?
Purchaser shall get "a first mortgage loan, other than a VA, FHA or other governmentally insured loan."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
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Ok, I'll follow up with calls, but I'm seeking a little clarification from our experts. I plan on building a customized home, (local builder, make the plan, build it). I planned on getting the construction loan. I understood the process of a construction loan to VA loan as not costing anything more than a regular VA loan (with VA disability rating). However, reading above it looks like there may be a refinance cost by doing it this way. If so, I'm definitely going to look for VA financing off the bat for construction.
Out
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 -
Where I'm buying it takes 60-90 days to go from offer to closing. So a 60 day rate lock wouldn't have done much good, plus I was expecting to spend a couple months looking which I did in the end.
From a historic perspective yes rates are still amazingly low. It still sucks to watch my quote on a 30 year Jumbo VA loan go from 3.375% when I started looking to 3.625%-3.750% today. On a jumbo every eigth of a point makes a big difference.
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. -
1 hour ago, MilitaryToFinance said:
Beware that interest rates are moving up. My house hunting has been slow moving and I keep watching my quoted rate move up and up.
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:
https://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
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Has anyone ever used a VA loan to build a custom house? Are there any major issues? Is it the same financing rules?
Also, as I begin the airline saga, is getting a mortgage impossible on first year pay or do underwriters understand our progressive pay scale?
Speaking of which.. NBOKC/Marty - what are the 15 year fixed VA rates nowadays? Is there any difference between a 760 and 805 score, rate wise? I distrust the Quicken loans pop ups...
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 -
Full disclosure, I usually don't write a ton of reviews online but Trident is offering me a Starbucks gift card to "...honestly review your experience with us on baseops (both the good and ugly)." My wife and I decided to do some house hunting in our last half of PIT so we took the drive to Del Rio to scope the market. We looked at a ton of places and had it narrowed within a few days. After making the requisite offers and being accepted, we had a decision to make with financing. We have a home in Navarre and the mortgage was sold-off to Bank of America. For this reason, we initially contacted Navy Fed. The closing estimate they provided was extremely high and chock full of bullshit fees that we didn't want to pay. From here, we had recommendations from our realtor but secretly had Trident in the back of our minds (gathered some VA IRRRL numbers a while ago). I called Marty and explained my desire to minimize closing costs while maintaining a decent rate. He provided several options for me and after gathering the necessary information, terminated the call. Jumping forward, I called Marty back to confirm numbers (which he did) and was passed to Elena for processing/closing. Working with Elena was very easy. The whole process was fairly hands-off from a buyer's perspective. We had some small hiccups that were no-drama (e.g., AFPC puts Fairchild AFB as the TDY location for PIT causing underwriter to require doc explaining) but it was easily handled. Although the process went smooth, my only complaint revolved around closing. We gave Trident less than a month to work closing and Thanksgiving was in that window so I cannot blast them for this, but it was slightly disappointing. We set a NLT closing date but I called to see if we could move it up from a Monday to the preceding Friday. I received a favorable response on this but we ended up missing the revised closing date. Apparently Elena didn't realize that an additional review of the docs by some legal jabroni was required which caused us to miss the revised deadline. This made us spend a few more nights in a shitty hotel with our cars loaded full of sensitive personal effects and documents but it was made up for at closing because we got a lower rate than initially quoted AND we walked away being paid $1,000 in closing. I would wager that very few people walk away from closing being handed a check rather than writing one. All-in-all, the rate was competitive and the lender credit was equally as competitive. Our intent was to minimize closing costs via maximizing lender credit but without chomping down on an abnormally high rate. Marty and his team at Trident were able to do this and I write this from a plush desert home with no regrets.
BL: we used Trident to purchase our home in Del Rio. Made contact with Marty, worked with Elena -- would do it again.
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-
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1 hour ago, Best-22 said:
I’d like to add another glowing review for Marty and the team at trident. Just closed on a nice place in Navarre, FL. I’m a first time home buyer and I really appreciated how Marty patiently explained the process to me multiple times.
I worked with Ashley G and despite working around the Christmas holiday season, she was easy too contact and it felt like we were perpetually ahead of schedule. The title company decided at the last minute that $1000 of closing costs should be paid by the buyer (me) instead of the seller. Ashley went to bat for me and pushed back saying the seller should pay without me even having to ask. When I said it was fine and I would pay it, Ashley felt that was unfair to me and gave me an extra $500 in lender credit to split the costs with me 50/50! Wow! I can’t imagine other companies would take care of their customers like that. Needless to say I’ll be recommending them to all my friends/coworkers.
Thanks again Marty, you and your team are great!
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 -
Just closed on a 2nd Home with Trident. Went into contract the week of Thanksgiving, and closed on the 20th! Great rate and service from Ashley G. -- 30yr conventional, 2nd home @ 4% with only 10% down. Highly recommend Marty and his folks with Trident loans.
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
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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.
https://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
VA Loans
in General Discussion
Posted
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