All Forum Posts by: Matthew Rayl

@John Blackrock @Liz Collier

VA loans can easily close in 30 days. I've done so multiple times. Again Liz, do your own due diligence. Good luck!

@Darin L. @Liz Collier

Incorrect. For first time VA users....$0 down = 2.15% funding fee....5% = 1.5%...10% = 1.25%.

Additionally, you must be rated at 30% disability or more to waive the funding fee.

Bottom line, ensure you always do your own due diligence.

This referral is not for me, but for my friend:

For a loan in the area west of Dodge City. Looking for someone to help facilitate a home renovation loan, 203K, or bridge loan...whichever product that will address the need best.  4400sqft house sits on an old farm plot that was inherited through family, roughly 100 years old and needs a complete gut job.  Engineering plans already completed. Contractor already vetted and scope of work has been finalized to the cent.  Home is currently vacant, but will become primary home following retirement from military.  W-2 job already lined up following retirement, plus multiple streams of additional income are in place.  Financials  and all supporting dox are prepped and ready for immediate action.  Please help, need to move out asap!     Thank you in advance.

 I've done it too.  Despite what va.benefits.gov states:

"The entitlement may also be restored one time only if the Veteran has repaid the prior VA loan in full, but has not disposed of the property purchased with the prior VA loan. Remaining entitlement and restoration of entitlement can be requested through the VA Eligibility Center by completing VA Form 26-1880."

My broker states he has still been successful getting the entitlement restored more than once for multiple clients. He states they've been able to purchase additional VA properties even though they have not disposed of the properties purchased with the prior VA loans. Including when COE has been used entirely during each of the first two homes as you must in Cali markets.

@Chris Mason  Have you too had any success with this or is my broker off the mark?  

@James Knox

Congrats buddy! But where the heck did you find a duplex for $495K?! Barrio Logan? Good to see you on BP!

@David Lilley

Option 3) Can you share a reference substantiating this statement?

@Demarkeese Alexander Nolen

See my comment above, I accidentally replied to Bob instead of you. Good luck!

@Bob Okenwa

In order to refi into a conventional you must have a Loan To Value ratio of 80% or less. (i.e. the balance of your loan is $160,000 but your home appraised for $200,000 or greater.) In this case, your home's equity is the standard 20% down payment to get a conventional loan.

*Once you've finished the refi, make sure to follow up with the bank to ensure that they notified the VA and released back all of your guarantee.*

@Simon Dean

Try HomePoint Financial, they blew everyone else out of the water when my broker was shopping. I just closed in April for a primary. Wife and I - 814/803 FICO, 5% down and paid 11.3K to get 3.25% on 641K. Good luck!

@Wayne Brooks@Carl Fischer@Tom Gimer@Caleb Heimsoth@John Bauer@Jay Hinrichs

First off, thank you to everyone for taking time to respond to my message.  I apologize for going black on comms since last posting...I have been busy moving into my new primary home and prepping the old house every night for the new tenants who just moved in.  My first rental and I scored great tenants my first go around!

Anyway, to answer some questions put out, I do have first position on the note but the original docs were built on Legal Zoom.  I would have saved myself a lot of stress and time if I had spent the money initially to have an attorney review the docs prior to signing them (part of my self-paid education).    In the last few days, I utilized BP contacts and just got a hold of a highly recommended Columbus attorney who I am now consulting with.  

I will follow up later with resolution on the matter.  Thank you again gentlemen.  Prost!