Why do only 12% of veterans that qualify for a va loan at the end of their service ever qualify to get a home? Please explain these unusable benefits to the other 88% that don't qualify but have earned the benifits?
You can really tell this guy's from the Air Force. The video was well put together. If this was Army, it would be a bunch of PowerPoint slides done by some specialist who doesn't want to be there LOL
THIS....IS.....WHAT.....I.....NEEDED.....TO....HEAR!!!!!! Straight to the point, no joking around, no bullshit. Best I've seen so far. And I understood every single thing he said.
Had an application with Veterans United and Navy Federal. VU can close in a month with a 3.125% rate for credits under 700, and 2.99% above 700. Navy Federal needs two months to close but with a 2.5%, and it's freedom lock, meaning if you see the rates go down anytime before closing, you have the freedom to change the rate from 2.5% to a lower rate, even you have locked it at 2.5%.
Dude... THIS was the video I should have seen two years ago before I bought my condo. Honestly man, you did a great job! Specially when telling veterans that they aren't really VA recommended or just act friendly.
Thank you for your service, Jake. I am a realtor in NJ and just helped my friend who is a veteran, to close on his first home. It was a challenging task and I learn a thing or two. I'm watching your video in order to learn more and be a supportive veteran and active duty advocating realtor. I took a class this morning from the V.A. loan Org and received a certificate of proficiency. God bless America.
RIP OFF!!! Dont use Veteran United!!! They scheme to raise your interest and other closing cost. You wont even realize you've been screwed until after the fact. DATE RAPED!!! They dilly dallied around up to closing date, had to extend it twice, and causing us to lose our deposit.They should not be allowed to even use the term VETERAN as the name of their Business Name!!! I'm reporting them with the Dept of Financial Regulation. They are scammers. I paid them $600 for what they claimed was a VA Appraisal/Inspection...which it wasn't VA, it was their Bank. They scammed us into portraying it was a VA Represenator. It wasn't!!!
I have seen many VA loan walk-through videos, but by far this is well explained. It takes a lot for me to comment but kudos to this guy, Marine vet here. Thank you for your damn service sir haha
Thanks Naam! Congrats on almost hitting 50k subs! I am never going to catch you if you keep outpacing me like this, lol. Also, check out my follow video to this about Dave Ramsey not liking the VA Loan ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-n401d0z8FNs.html
Thank you so much for clear, concise, and detailed information regarding the VA loan. My husband and I are looking at our choices after leaving the military. Your video made me a little less scared and really helps solidify our choices. Great work!
Thanks so much Jengar! I wish you and your husband best of luck in your post-military life together. The VA loan is a great benefit and I am sure you guys will enjoy being home owners. Good luck!
Excellent video! I went through this process last year. As for the funding fee, I might need to go back and look at my documents. If I am getting a percentage, I should be exempt from that few. I might be getting a refund. 🙌🏾
You fucking nailed it, I am no expert so that's I am here watching. But man, easy to digest presentation and no BS..whatsoever. Come to Texas and lets talk about how annoying people are. lol Best of luck and much success. I hope you make it to 20 years in AD and get a good disability rating when it's all said and done.
At the 6:42 point in the video, you mentioned it may be better not to use your VA loan if you are paying over 20% down. Can you explain why? Thanx in advance.
here's a question. I'm in the house market, lets be serious here, I'm a disabled vet TBI, PTSD with other problems. I'm kind of a nomad although I've calmed down a little. between 2008-2011 I moved 11 times. I'm making a point I promise. So lets say I get a house. $100k VA puts up 20% = $20k according to zillow calculator payments would be $485. My understanding is that the VA guarantees 20% not that they're putting up 20%. so if I default on the loan the VA will pay 20K. here's my question if I pay 20% towards the house is the VA done with that loan. SO lets say I pay $900/mo towards the house that's ~$5000/yr towards principle in 4 years can I get another VA loan for anther house. I do know you can get multiple VA loans I just want to know if you would have to like refinance out of the loan or what happens? thanks for you help
Great job Captain, I use to own a condo back in 2007---2010. Well I had to do a short sale eventually, but looking back I didn't take advantage of the VA. I am going to use the VA for a loan before I retire from the Navy for sure.
Thank you for serving Jake. I'm a navy vet looking for advice on using my first va loan. So far I have my certificate of eligibility but I'm stuck on what to do or look for next.
To start, I have a quote from a from a few Air Force guys I’ve worked with “Why not Minot” . Thanks for explaining this and the process, I’m a first time home buyer looking to use the VA loan, this is the first time I’ve ever heard it explained the way you did. Before this I thought it was some magical entity, now I know it’s the equivalent of a down payment. The rest is sound info to be reminded of. Even as a base understanding, this video is going to help a lot of service guys and vets, that’s why I’m commenting and leaving a like.
Going through it right now, currently in underwriting. It's been an amazing process, so simple, I've never bought a house before and was told it was daunting.
So in the listing typically they list what financial offers they can accept . I was wondering if there was some criteria they have to meet to list VA in this financial offer acceptance criteria
Hey Sir. I'm 18yrs old and I'm trying to enlist for the US Military 🪖 in MOS12w and my first contract is 3yrs and my other 5 I haven't decided yet but I'm doing this cuz I know I can probably get a VA loan after my first contract and I was thinking of how this stuff works, it's still a bit confusing hearing all these terms and big words lol but it helps a little and it's reassuring knowing that I'm committing to a Service for the next 8yrs of my life, so thanks for the video sir.
Great video as usual. I’m preparing to get out of the military in 3 years myself. As far as the proof of income. Will they require you be at a job for two consecutive years to qualify? I’m sure I’ll get a job when I get out but my fear is not having enough time at that job prior to applying for a VA loan.
I spent days trying to get the right informatiom about VA loan, even after watching numerous videos that related to this subject, I felt that the content provided in those videos did not fully answer the questions that I had. You have exhausted the information that I needed. straight to the point and well articulated. Thank you. I couldn't deny you a like and subscription. I have really enjoyed watching and listening to this content.
I am a veteran who used the VA home loan, the VA worked hard to help me out and was working with my disabilities. I really wish I would have seen this video before it would have made it a lot helpful it's amazing how many trash videos are out there I had to go through upon a decent one
Thanks Kelly! I agree... there are lot of trash videos out there on the LA Loan of people trying to sell people stuff. I wanted to make this video as a neutral informer. I'm not trying to sell anyone anything. Glad the VA Loan worked out for you!
Just an FYI, Seller concessions are not the same as closing costs- they can be used to pay some of the closing costs. Seller concessions are monies the sellers are crediting back to the buyer at closing towards costs such as the closing costs
Pretty good video, Jake, but at 7:36 into the video you state the VA requires Sellers to pay closing costs, but that's not accurate. The Seller is never obligated to pay any closing costs with the VA home loan program - this is one of the most common misconceptions out there and a primary reason Sellers don't want to entertain VA borrowers.
this is a great video. retiring in 2 1/2 years. wife is med retired. managed to use her VA loan and didn't have to pay the VA fee. had the appraisal on our future home today. great information and it verified everything ive been told by my realtor, lender and what ive been able to research. good job.
This is correct. At 80% LTV the borrower can request the lender remove PMI, but at 78% LTV the lender is required under the provisions of the Homeowner Protection Act to remove PMI.
True on a conventional loan. However, often people get FHA loans with very low down payments. That mortgage insurance is for LIFE! So just be aware of that.
So my mom and dad where in the Army and Air Force. My dad died in 1994 and my mom did not retire. Would she be eligible for a VA loan? The website doesn’t show anything.
I really liked the graphic about the "yes" or "no" whether we should be buying or renting. I was wondering, what if you are moving to an area where it is cheaper to buy than to rent? This would include your maintenance fees, home fees, etc. Thank you for your videos and for your service.
Hey Raul! I think it all depends on how long you will live there. I think anything greater than 3 years, then buying makes sense. Anything less than 3 years and maybe the savings you'd make from buying and then selling when you leave is not worth the effort and risk (unexpected costs to the home and the risk of not being able to sell when you want).
Hi Jake! I just dropped 13N and your videos have helped me so much. Can’t wait to go to Vandenberg and plan on putting FE Warren as my first base choice. I’ve been contributing to my ROTH throughout college and have began to invest in taxable brokerage accounts. Do you have any advice/knowledge on the career starter loan for newly commissioned officers?
Hey Cambria! Congrats on 13N! Vandenberg is a lot of fun and FE is a good choice. The career starter loan is a great option for borrowing money if you have any debt at a higher interest rate (student loans) that you want to pay off. However, if you just take the loan and then spend it on traveling or stuff you don't really need, then it probably isn't the best idea. Feel free to message me on Instagram if you have any questions about 13N (JakeBroe)
Thanks for this! I'd love to know what you'd recommend as a time line to begin this process. My lease ends on June 30th so it'd be great to not have to go month to month on my lease for very long. I just received the CoE, but haven't started anything else yet.
As a disabled vet, has been perfect for me. And, it makes a big difference every time I refinance. I did one VA loan before I retired and man did that funding fee sting. 🤣
That's great Rob! I think if I used the VA Loan I would also eventually refinance my mortgage to a conventional loan to free up my VA Loan benefit again, then move to a new house and start renting out my old one.
They way the funding fee was explained to me, rather than having the buyer pay mortgage insurance (like most people would need to do) the funding fee is a way to have a kind of mortgage insurance that's paid upfront but that can be attached into the loan. Still better off than if you have to pay mortgage insurance over the life of the loan but it certainly does suck when you don't realize at first why you're paying so much extra money!
Hey Huey! Yep, people can do this, but they eventually need to refinance the loan to a conventional loan before renting them out. VA Loans cannot be used for rental properties, it must be your primary residence. I don't know how strictly this in enforced, but that is the policy as I understand it.
@@JakeBroe most of what I've read is that the VA loan stipulates you live in the house as a primary residence for at least 12 months before moving out and renting.
great video, thank you so much for sharing this knowledge! couple of questions, how long can one expect this whole process to take from beginning to end? if i’m still renting until end of April 2021, when should I start this process? is there a time frame that the pre-approval letter is valid for? so if i lock down a great rate now, can I still use that even though i’m not ready to move out for another 5-6 months?
Hey Rv! A mortgage pre-approval letter from a bank is good for usually 60-90 days. Interest rates aren't going to be raised anytime soon, so you don't have to worry about that. I would start the process exactly 3 months before you are ready to be done renting. After making and having an offer accepted, that process depends on the realtor and if the house needs anything fixed. That can take another 3 week to 2 months.
@@JakeBroe thanks for this Jake! your videos are always so helpful in understanding difficult things. they should really incorporate education like this prior to being discharge, I know I didn’t get any info before I got out. had to look it up myself...thanks again!
Great video Captain. After I finish the book I am currently reading, I have two home buying books to read. I am hoping to use my VA loan myself next summer. Excellent content good sir!
That's great Alvin! It's a great benefit! My next two videos coming this week are also related to the VA Loan, so be sure to check those out as well. I think you will find them interesting!
Hey Jake, I have a question about shopping around for competitive rate qoutes vs preapproval letters. I just got my 1st preapproval letter and I not sure what I am comparing. Do I start asking other lenders for preapproval letters or a competitive rate qoute?...or do I have to wait for a physical address of the home I want before comparing interest rates?
Hey Nate! Yeah, if you already have a pre-approval letter for a loan amount and rate, you can go to another mortgage lender and see if they can offer you a competitive rate quote to beat it. It's normal!
Va Funding fee. When you say disabled veteran, does it matter how much percent of disability the veteran has? Or does it have to be 100% disabled to be exempt?
Hi Jake!! I hope you're doing well and all is well. Loved the video, the gems you dropped were very helpful. I don't plan on buying a home anytime soon, but it is just nice to know so thank you very much. I was wondering if this information applies to homes being built, I would hopefully like to have one built new rather than buy one. I feel like what better way to get what you want in a home than to get it built how you like. Also, I'm still a go for leaving in December!! My friends think I'm too excited, but I'm not excited enough!!
Hey Eliza! As I understand the process, you can partner with a mortgage lender and a home builder to build your own home. I have no experience with this, but from what I have learned there are other people who have done this, so you'll have to search on google for more information with first hand experience doing this. The VA might also be able to send you info if you contact them. Good luck!
