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VA Home Loans 2020. Everything you need to know about VA loans in 2020. - YouTube
Channel: RealRonTV The Realtor!
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okay thanks for stopping by this video
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is for you the veterans I'm gonna show
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you a couple things have changed in 2020
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why you should be going for a veteran's
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loan if you are veteran and if you stick
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around I'm gonna show you a little known
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secret on how you can keep a home after
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you've already used your entitlement on
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your first home and maybe keep that home
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as well all that and more okay let's get
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into it
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just real quick I'm a veteran myself the
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US Navy I'm also realtor so I do know a
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thing or two about veterans loans I was
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also a New York City firefighter and I'm
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also a cop so I got to kind of cover
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that whole military type thing going so
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as a Realtor I know some some stuff
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about and I'm here to share it with you
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because if you're not taking advantage
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of a VA loan at this point and you're a
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veteran you're missing out okay let's
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compare two VA loan compared to an FHA
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or a conventional loan with a VA loan
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noting down 0% and that's phenomenal
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basically you don't have to pay PMI and
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if you don't know what PMI is PMI is
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private mortgage insurance if you put
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less than 20% down on a conventional
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loan you pay your PMI PMI is roughly
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around 30 to 70 dollars per hundred
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thousand that you that you take out give
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or take so you can be looking at a
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couple hundred dollars a month in PMI
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until you get to 20% so veterans
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conventional I think I stick with
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veterans now you have FHA also three to
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three-and-a-half percent down but you're
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still gonna pay that PMI so I pay a
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couple hundred dollars more a month so
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Veterans is the way to go how do you
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qualify as a veteran very simple are
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will discharge or general discharge you
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qualify less than honorable
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unfortunately not going to get it okay
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so you have the background to pass you
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need a certificate
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eligibility you need to find the very
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first step is you need to find somebody
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to deal with you go to your local bank
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you can go to a mortgage broker my
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personal experience and what I do is I
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go to a mortgage broker I have some that
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I work with that I really like
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they're very trustworthy if you could
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find one it's great this they'll shop
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around get you the best rate a lot
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easier to work with they do a lot of the
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legwork for you when you work with a
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bank it's a slower process sometimes
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they're very strict and some of their
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guidelines and it could be a pain to
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deal with going through a mortgage
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broker is my preferred way to do it but
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you could do whatever you you want to do
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ask around get some get some
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recommendations can't go wrong with that
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rates vary wildly compared to all the
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different lenders so la can get a good
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rate because they can make a lot of
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money off you if you don't get the right
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rate okay you find the perfect person
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for you you find that mortgage broker or
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the bank you start dealing with that
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first step is you want to get a
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pre-approval pre-qualifications mean
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nothing get a pre-approval you get a
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pre-approval you're golden okay you have
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your pre-approved that gives you it
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means to go out and find that perfect
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home now if their realtor did their job
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and they know what they're doing they're
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gonna list that house back at the right
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price they list that house at the right
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price it's gonna go that day me
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personally when I list the house I'll
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list it just under market value and
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there'll be a bidding war on that first
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day the seller is greedy and they think
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oh I mean let me put a 20 30 thousand
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above price and see if somebody bites
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nobody's gonna bite what's gonna happen
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is they're gonna wait for it to come
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down and you're gonna lose possible sell
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if you price it at the right price it'll
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be gone a day like I said you're sitting
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around with a pre-approval letter you
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find that house oh you make that offer
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you're in the money you don't get that
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pre-approval you get a pre-qualification
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you're not gonna be able to bid on that
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house if you can't bid on that house
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you're gonna lose that house if it's
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price right so you get that pre-approval
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letter you're off and running
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find a realtor that knows how to deal
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with VA loans because there's a lot of
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things later on that they need to be
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aware of that'll help the process go
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smoothly same thing with a lender find
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one that knows that does to be a long
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part of the pre-approval process have
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you documents in order
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get your UNLV w-2s your bank statements
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for probably two to three months pay
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stubs any other sources of income it
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taxes for the last two years your Social
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Security card your driver's license get
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it already
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copies ready boom check it out you have
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an electronic format sent over to the
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broker you're good to go
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or the bank it will speed things up
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greatly now you know me
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now you know price that you can work in
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you need to know not just do a mortgage
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calculation let's say if this house is
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two hundred thousand dollars I'm gonna
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pay $1,300 a month of that it's not
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right because they're gonna have to pay
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the mortgage the insurance the taxes
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it's all in one payment and if you're
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looking around you have an HOA to throw
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that on top of it so now that's what
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hundred becomes 1800 or 1900 or $2,000
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know where you stand
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know what you can afford when you go out
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there and start looking Oh save a lot of
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heartache for you and everyone else part
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of the process in getting the va loan
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how we need a copy of your dd-214 or
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they could just electronically file for
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it if you've been separated recently
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it's a little easier a little faster
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it's not a copy of your dd-214 it's all
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done by that with that copy you'll get a
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certificate of eligibility which will
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allow you to get that VA loan and the
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process starts if one thing is different
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in a VA loan from other loans is there
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is a VA funding fee now that you can't
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get around you're gonna have to pay good
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news is that could be put into the
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mortgage VA funding fee works like this
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if it's your first home
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you used to be two point one five
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percent in 2020 it went from two point
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one five to two point three percent now
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that's if it's your first home first VA
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home if it's your second VA home it went
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from three point three percent to three
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point six percent but again this goes
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into the loan so you'd off the pay out
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of pocket wants to pay out of pocket pay
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it off over thirty years why pay for it
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upfront
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kind of credit score do you need to
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apply for that VA loan only 620 620 or
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above you're good to go
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pretty much I mean they look at the
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whole credit picture they look at if
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you're paying alimony if you're getting
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child support I mean they look at every
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plus and minus so basically with that
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credit picture if you're sitting around
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620 and up you're good to go you could
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even get approved 550 and up but you're
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gonna pay a higher rate so talk to your
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broker talk to your bank you'll figure
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that stuff out but VA is pretty lenient
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on this in this area I'm pretty good if
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you're a disabled veteran or you've
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received the Purple Heart your funding
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fee will be waived now the VA loan
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limits used to be a 180 $4,300 and went
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up to about 510 and change this just
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recently but you can actually go above
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that you can go you can go above five
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hundred thousand dollars but you're
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gonna have to pay a certain percentage
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above that if you're married you can
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apply for VA loan put your wife on the
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loan if you want she has additional
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income you want to bring that in no
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problem engaged or if you have a living
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domestic partner for the last six years
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it's not gonna work you need to either
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be married or you're your spouse has to
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be a veteran themselves so veteran plus
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veteran you're good to go
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veteran Plus legally married spouse
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you're good to go any other way you're
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not going to kill one thing you will
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need to know in a veteran's loan and
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make sure your Realtor knows that if
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they do if they're not used to dealing
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with VA loans you have to get that
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termite inspection it could be also
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listed as a wdl wood destroying organism
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you get that what you have to have and
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it's cheap it's like $45 additional to
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the inspection get it done you have to
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get it done or it's gonna hold you back
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make sure that gets done you don't want
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to get hit with it the last few days of
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your right before closing and they say
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where is this oh boy next thing you know
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your closings been pushed back one thing
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that slows you down with a veteran's
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long is their appraisal process a little
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bit different at a conventional
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conventional loan the VA pulls from a
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pool of appraisers they'll go out and
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appraise your house and my experience
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this is usually this can usually take a
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week longer beaker so longer than
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getting a standard appraisal done no big
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deal just that's what I'm saying make
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sure you're working with somebody that
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knows VA loans so it gets ordered right
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away try not to make a big purchase
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priority alone whether you go with VA or
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anything they kind of frown on that I've
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done it myself I've actually had a $600
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car payment prior to buying the house
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that I'm in now and what I did was I
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leased another car to try to get my
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price down so I figured I would be
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approved for more they didn't really
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like that too much so the golden rule is
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no big purchases prior to closing just
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hold off on that on your credit cards
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this will help you credit immensely try
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to keep your debt the ratio below like
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10% so if you have a thousand dollar
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credit limit on the card try to keep it
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below $100 a month that'll really help
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you credit out and it helps the numbers
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too and your debt to income ratio and
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all that really helps you that pretty
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much covers most of the ins and outs of
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a VA loan you have any questions at all
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post below I'll probably answer it
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myself personally pretty pretty quickly
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if you like this video if it helped you
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out hit the subscribe button or the like
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button I really appreciate that plus it
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shows me that I
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reach out to somebody maybe help them
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out a little bit that's kind of what I'm
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going for here I'm going to be doing
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more more frequently I'm going to be
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doing videos and such as real estate
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videos also I'm gonna be reviewing
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different tech stuff I really like that
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kind of stuff so I don't really try to
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boost this page up a lot so if you like
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it subscribe that would be great cuz I
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really it shows me again that you like
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what I'm showing you and I appreciate it
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so more to come and then have a lot more
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fun won't be as boring as this one have
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a little bit of an imagination so stick
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stick around you'll see Oh almost forgot
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my little secret that didn't tell you
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okay say you used your veterans loan on
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a home now a lot of people think that
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you could take that you have to get rid
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of that home so you could buy another
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home you owe $300,000 on your house now
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you can't use that full entitlement on
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another home va loan but I'll put money
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down so how do you how do you work
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around that there's also one additional
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issue before I get to that you can't do
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a simultaneous closed you can't sell
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your house and buy another house with a
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VA loan of a simultaneous closed meaning
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the same day so it's gonna because it
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takes at best four days to get a
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clearance to get your eligibility back
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so those four days you're gonna pile all
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your stuff in your house all your junk
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everything that's in that garage
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you're gonna pile it into a pot or
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something or storage or a friend's house
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and you're gonna live in your on your
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friend's couch for a few days a week at
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least and hoping that your next clothes
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ego's on time how can you get around
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that or how about keeping your house and
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renting it out that's one option how do
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you do that
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without using up your VA entitlement
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refinance your home your current home
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refinance a conventional if you can if
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you have equity in there refinance it
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maybe pull a little money out write that
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home out now you're good to go you have
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a hundred
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sent entitlement on your new house to
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use whatever you want you VA loan and
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you still have your addition your
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original property that's one way or
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refinance it get your new home rent it
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out a little bit then sell it if you
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want there's a couple ways to work
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around that but it's a lot more
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convenient than living on a couch and
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having all your stuff in a pod something
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to think about
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it may work or may not hopefully we'll
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see you again soon because a lot more
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videos coming your way good luck
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and they give you service
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