VA Mortgages Surprising Flexibility

By
Mortgage and Lending with BNC National Bank - 50 States, Federally Chartered

I'm a mortgage lender of 12 years and have almost always been a provider of VA mortgages in all 50 states, in addition to most other mortgage options.

* It is my experience that many veterans and even many realtors are not aware of all the possibilities available to veterans regarding VA Mortgages

* It is also my experience that many realtors and customers mistakenly think a VA mortgage is more "difficult" than a conventional or even FHA; at least for me, and the lenders for whom I have worked, this is not the case.

----I WONDER IF MOST PEOPLE ARE AWARE OF THE FOLLOWING:

  • MULTIPLE VA LOANS - a veteran can use VA eligibility to purchase a second home using VA while continuing to own another home which has a VA mortgage

  • JUMBO VA LOANS - There is no specific limit to the maximum loan which can be accomplished using the VA Mortgage benefit - we can provide 100% of the remaining VA eligibility plus .75% of the amount which exceeds the remaining eligibility...for example, if the veteran is eligible for a $417,000 loan (county specific) - and wants to purchase a home for $517,000, then we can do the VA mortgage for $417,000 + 3/4ths of the remaining $100,000, resulting in a maximum loan amount of $492,000.  This is true up to our maximum mortgage limit of $2 Millon.

  • VA loans can easily take less than 30 days to conclude and the veterans' VA Mortgage requires only an appraisal, (no inspection), and title work like any other mortgage
  • NO MONEY OUT OF POCKET - as a direct lender, we can provide a "lender credit" to cover some or all closing costs and of course the realtor/customer can build into the contract "seller-paid closing costs" to accomplish the same thing.

The advantages to the veteran are numerous including that jumbo VA mortgages do NOT require a higher rate with us than non-jumbo VA mortgages, and we as a direct lender of our own money do NOT charge VA mortgage customers any bank fees at all; no processing, no underwriting, and no points unless the customer specifically chooses to buy the rate down by paying extra.

 

* We provide all mortgages with our own money in all 50 states - and every person required to complete the mortgage is here in one building, including processors, underwriters, closers and the "table funding" which delivers our money.

 

 

 

I welcome the chance to answer any questions on the matter; and to receive any special information from others who might be aware of other situations which may be of interest!

Posted by

Brian Mehnert
Mortgage Lending Officer, NMLS 420788
National Bank of Kansas City, *member FDIC, BBB
Direct (913) 383-6438
Cell (816) 716-4604
Direct Fax (913) 499-4508
bmehnert@bankofkc.com

 

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Rainer
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Randy Bocook
Keller Williams Coastal Area Partners - Richmond Hill, GA
Selling Coastal Georgia

Awesome tips. Thanks so much for sharing. I will share this with future clients.

May 23, 2013 01:22 AM #1
Rainer
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Greg Steffens
Mountain Country Realty - Lake Arrowhead, CA

Welcome to Active Rain and congrats on your first post.  Be sure to spend some time looking around at what and how others are blogging here - it is a great education and lots of fun.  Looks like you’re off to a great start…keep it up!

May 25, 2013 03:56 AM #2
Rainmaker
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Welcome to Activerain from from all of us at Ken's Home Team. I think you will find this site to be a wealth of knowledge and referrals. This really is the best real estate blogging and real estate network on the internet. If you have any questions about Activerain, reach out to the wonderful Ambassadors here in the rain. (They are a wealth of knowledge and were picked by the Activerain staff for their williness to help others)

Jun 01, 2013 03:54 PM #3
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Welcome to Activerain and I hope you are learning a lot and if you ever need any assistance, don't hesitate to check out my blog, email me, call me, I will be glad to help you in any way possible. Also, check out the main page of Activerain and look for the Activerain University tab, there are lots of educational webinars to help you build your business.

Jun 01, 2013 03:55 PM #4
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Rainer
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Brian Mehnert

Brian Mehnert, NMLS 420788
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