VA/FHA/Conv/Purchase Home Loans - LS1TECH



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VA/FHA/Conv/Purchase Home Loans

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Old 03-24-2014, 12:57 PM   #1
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Default VA/FHA/Conv/Purchase Home Loans

Hello fellow vet LSX fanatics-

I see too many times these days that my fellow service men and women are being taken to the cleaners with their home purchase are refinances. I have been a loan officer for 5+ years now, and work in the VA department of NLC loans. If anyone here is in the purchase market, or is working on a refinance and needs help or has questions, I am here to help even if you are already ion process with another lender. This market has been up and down, but it seems more than ever we are being taken advantage of and misinformed about our benefits.

I can answer general questions here, and more specific ones via email.


Thanks all, and keep it at redline!

*note* title edited for clarity

Last edited by coltboostin; 07-29-2014 at 11:19 PM.
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Old 03-31-2014, 04:09 PM   #2
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I need to refinance my house in North Texas (VA home loan), only we dont live in it anymore due to a career move down to Austin. We are currently renting it because the market in that town sucks... is there any way to refi?
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Old 04-01-2014, 06:38 AM   #3
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Same question as DSIM.
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Old 04-01-2014, 07:54 PM   #4
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Look here:

http://benefits.va.gov/homeloans/irrrl.asp

My wife and I went through this process with our VA home loan when the interest rates were in the basement...they do charge the funding fee all over again, and you'll also likely have to do another appraisal, so you'll have to weigh the cost vs. benefit.

I'm not sure how many other ways there are to refi on a VA loan...I'm sure there are other options out there, but I'm no home loan expert.
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Old 04-02-2014, 08:10 AM   #5
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Bam, right on the page...

"The occupancy requirement for an IRRRL is different from other VA loans. For an IRRRL you need only certify that you previously occupied the home."

I was told otherwise by the mortgage holder (Wells Fargo).
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Old 04-03-2014, 01:43 PM   #6
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I was told otherwise by the mortgage holder (Wells Fargo).
And this is the EXACT reason I stared this thread! So much misinformation out there, and mostly because people are told XYZ from a "professional" and trust their word as truth. Crazy considering Wells is one of the largest originators in the Country!

Easy answer is yes, BUT most lenders will tell you no (see above) because the VA guarantee is different if you don’t live there, and it’s a higher risk to the investor.

I can do them, and close them monthly. Rates are not that far off of a regular VA loan today. (reg Va 4.1-4.3 fixed, 3% Arm, up from last week and climing). I am licensed by the state of Texas so I could help you directly with that.

Last edited by coltboostin; 04-03-2014 at 01:53 PM.
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Old 04-03-2014, 01:45 PM   #7
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Also I have received a few PMs about FHA, USDA and regular conventional loans. I do work with all of them, even some 0$ down payment purchase programs (state specific) I just happened to work in the VA department, so that is what I see the most on a day to day basis.

I can help anyone with questions on all products besides commercial lending (5 or more units)
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Old 04-22-2014, 08:10 PM   #8
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As a small update-I have gotten a forum member away from a 5% refi he was in the middle of into a 4.3%! If you have questions or just want to shop your loan don’t be afraid to ask guys!
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Old 06-17-2014, 12:06 PM   #9
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Do you know a bank that does a true VA Construction-Perm loan? I am building and that would greatly help me out...
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Old 06-17-2014, 03:31 PM   #10
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Originally Posted by ATCFLYBOY02 View Post
Do you know a bank that does a true VA Construction-Perm loan? I am building and that would greatly help me out...
I got my loan through Navy Federal about 8 months ago couldnt be happier... 30 yr fixed 3.75% with 0 down.
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Old 06-17-2014, 03:38 PM   #11
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I have my permanent loan in place, I just need the VA construction part. It's very hard to find someone that will do 100% on a construction loan... Granted I already own the land, so the down payment on that part of the process would be covered w/ my equity. I hate that USAA doesn't do the construction loan...
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Old 06-26-2014, 10:12 PM   #12
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Quote:
Originally Posted by ATCFLYBOY02 View Post
I have my permanent loan in place, I just need the VA construction part. It's very hard to find someone that will do 100% on a construction loan... Granted I already own the land, so the down payment on that part of the process would be covered w/ my equity. I hate that USAA doesn't do the construction loan...
I know you're in the next state over but I'm in the same boat (owning the land) but I'm going through Centennial Bank 635 E Baldwin Rd, Panama City, FL 32405

(850) 873-4131

Ask to speak to Rhonda she helped me.
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Old 07-29-2014, 11:06 PM   #13
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Just a quick bump as I have helped a few LS1 tech members with scenarios they were told could not be financed. Just to be specific, I lend on any and all products in the market today, FHA/VA/Conv/HARP/Jumbo/ all purchases. Only thing we currently don't do is HELOCs.

If you have nay questions or want to make sure you are receiving a fair loan quote shoot me a line. I would be glad to help!
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Old 07-29-2014, 11:17 PM   #14
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Do you know a bank that does a true VA Construction-Perm loan? I am building and that would greatly help me out...
I would call the woman listed above. VA technically does not allow "bridge loans" in which financing is provided for the actual physical construction of the home. (They wont say that-but they would not guarantee the loan if the house was not completed-so the lender assumes the risk.)

What happens in that scenario is a lender would lend their money, or a loan on another product for construction. Once a COA or occupancy cert. was issues (if your state required it) the VA would guarantee a loan on the home-and the funds would then be moved to a VA loan. That is considered an "end loan". I can do the end loan, but could not finance the build.

Most builders I work with build on their funds and accept conditional approval on end loans as a go to build. Bridge loan lenders are hard to come by after the bubble burst, so builders are adapting.
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Old 07-29-2014, 11:21 PM   #15
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Quote:
Originally Posted by ATCFLYBOY02 View Post
I have my permanent loan in place, I just need the VA construction part. It's very hard to find someone that will do 100% on a construction loan... Granted I already own the land, so the down payment on that part of the process would be covered w/ my equity. I hate that USAA doesn't do the construction loan...
Just to be clear-when you say permanent loan-do you just mean a loan for the land correct?
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Old 09-25-2014, 07:08 PM   #16
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As an update- we can now do VA construction loans! Just picked up the option with the VA, working though my first one now. Loan funds-money goes to escrow to pay for the build.
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Old 10-03-2014, 03:50 PM   #17
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Wells Fargo just called me yesterday morning offering to refi at a lower rate of 4.25% from 5% and no closing.. wondering if I should research elsewhere or take the deal..
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Old 10-03-2014, 07:22 PM   #18
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Wells Fargo just called me yesterday morning offering to refi at a lower rate of 4.25% from 5% and no closing.. wondering if I should research elsewhere or take the deal..
You could have a 600 credit score you'd be lower than that with me at NLC loans.

If you want me to take a look at the scenario shoot me a PM and we can talk further. I'd be happy to help you make sure you are getting the best loan available.
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Old 12-28-2014, 12:38 AM   #19
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Rates have dipped again. If you have not made a move or have questions, give me a shout!
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Old 10-09-2015, 10:57 AM   #20
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Just a Bump-closed a VA purchase for a gentleman in Texas with a 581 FICO. Dont let someone tell you you don't qualify, or what you can do without a second opinion!

Sorry if I was late getting to some of your PM's. Always easier to email me at jp@nlcloans.com
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