Hawaii VA Loan First Time Home Buyer {2019} | VA Home Loan Process

what’s up everybody so today we’re gonna be going over VA loans what they are how to qualify for them.


what’s up everybody so today we’re gonna
be going over VA loans what they are how to qualify for them and what are the
pros and cons of them we’re gonna be doing the interview with one of my
preferred lenders Tim O’Leary from prime lending stick around to learn more see
you on the other side hey guys this is Patrick Longley from Keller Williams and thanks for checking out this video today we’re gonna be doing
interview with one of my preferred lenders Tim O’Leary from prime lending
say hey Tim hello everyone thank you for having me today Patrick absolutely and I
appreciate you taking the time to chat with us so today like I said we’re gonna
discuss VA loans I’ve been getting a lot of questions from some of my clients who
are veterans and they have a lot of questions about VA loans and I wanted to
make this video so that you could really explain what VA loans are but first
before we jump into it why don’t you give us a little background who you are
what you do and what kind of separates you private lenders sure thing
Thank You Patrick I’ve been in mortgage lending for just about three decades now
so I’ve done a number of VA laws by far my favorite loan
born and raised in Honolulu and one of the things that I believe separates
prime lending from the marketplace is we have very special financing for veterans
that want to do renovation that’s a very hot with people that even though you get
the property you may not have the money to do the repair work so we specialize
that and in renovation great great great while I appreciate that I appreciate you
give us a little heads-up on that so let’s just jump right into the questions
okay so the first one I have for you is give us a brief overview of what a VA is
okay you know you know even with our price ranges in Hawaii it’s very you
know we’re considered a high price state but with VA many times veterans they
have the ability to put zero down up to seven it’s right around 720 is what it
comes out to and we’re able to roll in their VA funding fee so oftentimes
veterans don’t have to come up with a whole lot of money and a lot of times we
customize that monthly payment to what there be AHS with just basic allowance
for housing so it makes it really a no-brainer instead of renting actually a
benefit for them you get the tax write-off and hopefully gain some equity
that’s awesome zero down thousand dollars fantastic so my next
big question because I’m sure everybody wants to be alone who actually qualifies
for APA long who can’t let this be a long that’s a common question you know I
wish it was available to everyone but for those who served a hundred and
eighty consecutive days of active duty they’re qualified
even if you’re active duty or non active duty you have to have had a discharge or
dd-214 every veteran knows what that document that’s the one that the
military said to free so you’re free to go
gotcha gotcha okay great so like you said you can qualify for up to seven
hundred and twenty grand so can you purchase any home at the VA
alone can can anyone just purchase a house a condo can they purchase an
investment property give us a little bit insight on how correct yeah thank you
for clarifying that yeah one of the things that we have to be certain about
is that these loans are intended for the veteran to occupy as their primary
residence there is a one-year requirement to occupy that property
after that if they were being restated or they wanted to rent it out they’re
free to do that property types is often asked you know for single families as
long as it’s in good condition even if there are some properties where they’re
not entirely perfect VA has a process called the VA waiver that can help us
sometimes even take a property that’s not perfect and make it okay
for financing as far as condos going and townhouses there is a VA website you
know you and I have worked with in the past and maybe that’s something we share
with the viewers so there you have to have a VA condo approval that’s on their
website gotcha gotcha thanks for clarifying know briefly speaking I know
we’ve already said a lot of great things about VA loans but could you just give
me you know a bullet point list of you know maybe three or four pros and three
or four cons of VA loans sure I think one definitely one of the pros is the
zero down and we’re actually seeing the interest rates currently and it’s been
running this way for a while where the interest rates for a VA loan
is is about 1/4 to 3/8 less than a conventional loan so and those usually
require mortgage insurance anything less than 20% does so there’s a big distinct
advantage in going with can be a over conventional or even FHA where FHA is
good for those that don’t have a full you know don’t have VA eligibility
that’s another topic there’s more flexibility on qualifying people from
more home through the residual process of what we do is we do qualify people
veterans based on residual income which is in a different style of qualifying
versus conventional ones just straight debt to income ratio you know a few
years ago many years ago there used to be this stigma of VA loans that the
sellers had to pay closing costs on behalf of the buyer and that’s just not
the case anymore with prime lending will take care of the lender fees or the
unallowable fees also no debts so that saves about $1,300 for a veteran that’s
looking to buy or maybe 3 cons of a VA loan that someone might want to be aware
of yeah I you know it’s a great question and then I’m trying to think what they
might be I think sometimes when you’re competing for an offer oftentimes
sellers they like to see a little skin in the game and I would say maybe about
the last 10 years it’s been a little bit more aggressive and because there’s a um
I don’t know how to put a finger on it but it just seems like VA loans are
definitely more popular today and more acceptable by sellers and I think that
has to do a lot about with the real estate community as well as the lenders
think we’re doing better jobs far as cons gee I you know I’m trying to think
of what they may be you know the VA funding fee some people might think
we’ll gosh that’s that’s a lot of money but you know it’s it’s rolled into the
loan so it doesn’t really cost them that much you know upfront cost so when you
have that ability you can live you know make an offer with a thousand
dollars and you know not have to pay anything more when it comes to closing I
can’t think of anything done and I think I’ve paid more for cars yeah definitely
no it sounds like quite quite the deal when it comes to a loan program so
that’s oh yeah I strongly encourage any veteran or anyone that has that
capability to take advantage of it because they earned it
absolutely so let’s just wrap it up so what would someone who is a veteran or
active-duty or fulfills those qualifications for VA long what would be
the process for them if they wanted to get started and getting up you it starts
with usually a phone call and I’ll talk you through it and I’ll answer your
questions up front and we’ll kind of walk through it you know the things that
the people that are ready to buy something say in the next three months
is usually have your most current he’ll yes your current w-2s and two months of
pay stubs and we’ll help them get their certificate eligibility for some
veterans that can be a task but for us it’s we do it everyday so it’s very easy
for us so that’s one thing that they don’t have to worry about grabbing the
dd-214 in the case of a and a non-active doing person that usually can you know
get that at that in place as well but getting you pre-approved
before you shop for a home I can’t stress that enough
it’ll save you heartache and any disappointment that you may face
absolutely absolutely I can’t stress enough and I’m sure you know how
important is to get pre-approved before you actually start shopping right don’t
want to fall and go to another house and boom you missed out on because didn’t do
your due diligence before so yeah that’s great that’s great well fantastic
Tim I really appreciate you taking the time to educate us and all my followers
on the VA loan process and I look forward to closing this next deal we
have and many more in the future absolutely thanks so much Patrick a lot
Aloha have a good day hey guys thanks again for checking out
my video if you guys have any questions or comments please put them in the
comments section down below I will personally reply to each and every
single one of them so I look forward to hearing from you guys also feel free to
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beautiful day and I’ll talk to you soon

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