All Forum Posts by: Daniel Lehman

@Chris Mooney - What I meant by "having questions" isn't that you should figure out what you can and then have questions - it's that you have an UNLIMITED amount of questions BECAUSE you don't know anything yet. You need to know the basics. How Loans work. Credit, Income, Assets. Loan to Value, Debt to Income. Guidelines and maximums. How income is calculated, and how payments work. Insurance, taxes, HOA, mello roos. There is a ton. But that's where you start.

D

@Carmen Robertson VA doesn’t do the loans, they guarantee them. Banks and lenders do the loans. I have a free online course that goes over the VA loan - if you want message me and I can help. It’s called the Veterans One Academy and you may be able to google it . It’s just me doing a series of webinars but it is highly educational. I also wrote a book you can read called the VA home loan Field manual that is available on Amazon, etc, so let me know what I can do to help... Daniel Lehman USMC Veteran

@Richard Conneen There is a VA rehab loan. Similar to an FHA 203k. You can do zero down, and finance up to 35k into the price, as long as an appraiser validates that the “after improvements” value is within a threshold to support the work to be done. Let me know if you have specific questions. My company brokers them, and I can walk you through it or give you direction. Its a niche, so yeah - most banks dont offer... Daniel Lehman USMC Veteran

@Riley Burke I have an online VA Home Loans course for free. Veterans One Academy. It’s just me talking into a PowerPoint - but it’s good information if you want to learn about Lending/VA. Let me know if you have any questions. I also have a book that I wrote called “the va home loan field manual”. Let me know what I can do to help! Great job learning while you hurry up and wait! Daniel Lehman USMC Veteran

@Chris Mooney I can teach you everything you need to know about VA, FHA and conventional loans - just let me know. DTI,LTV, guidelines, occupancy, etc... VA is better than conventional in most cases; Conventional is better than FHA in most cases; But each situation needs to be planned based on preferred outcome. Let me know how I can help. Daniel Lehman USMC Veteran

@Kevin Phu depends on your equity position - how much is it worth and how much do you owe? Rate/term refinance now while you still live there, for better terms and the free up your VA. I am not giving you legal advice, but hypothetically if you were to refi owner occupied and intend to owner occupy - then hypothetically you found another property that you like that changes the original intention, you are hypothetically good to go. Hypothetically. You do have to make a strong “need” vs “want” case (closer to work, better for your family, etc) but it’s feasible. Other option is to refi as a rental conventional, and then intent doesn’t matter. Free your VA up and then house hack again. Make sense? Even with FHA you are going to need to make the case that you have a need to leave vs are an investor. Let me know if you have any questions. Here to help! Daniel Lehman USMC Veteran

@Skyler Mckinney house hack dude. Buy a fourplex, live in one unit and rent the rest. The other three units you can use as income to qualify at 75% of gross rents, and you are on-site, so you can manager them easily. Then, you can slowly improve the property or put in sweat equity, and when you have sufficient equity refinance conventional and free up your VA eligibility and do it again. If you don’t have service connected disability and have a claim - make it ASAP - waives thousands of dollars in fees. Start today! Connect with me if you need help... Daniel Lehman USMC Veteran

@Jordon Nichols - rates and terms can vary from bank to bank.  But as you are finding out - bad advice can cost you thousands of dollars.  Don’t shop rate (yet).  Shop advice and experience.  Find someone GOOD.  Work on rate later, since the market will fluctuate anyways, since lenders are typically in the same range based on market, and because you need the advice.  You need an advocate more than anything.  You don’t want legalzoom, you want a great attorney when it comes to hundreds of thousands in debt.  A good lender is the equivalent of a great attorney.  Good news is - you don’t pay more for a great lender typically because banks pay a ton for advertising, and great lenders are referral based so they can be competitive, and be compensated well without charging you more.  Make sense?

Daniel

@Eric Upchurch you got it, my friend.  Another trick if you don’t have disability is that the funding fee drops to 1.5% with 5% down, and 1.25% with 10% down.  So people always want to check because when people like yourself go over the limit and need a down payment anyways, I’ve seen instances where banks have funded them at 4.5% down and unnecessarily charged a way higher funding fee just because they didn’t know what they were doing.  

Hey man, what is active duty passive income?  Do you run a group or something?  I love the concept... thanks for the response.  PM me when you get time...

Daniel

@Nicholas Moran - I can try and answer that for you.  

With some exceptions for high cost areas, the VA loan limit is 453,100 nationwide. Thats the lowest it goes. So, if you buy one home for 453,100 (or more with a down payment) you are using all of your VA benefit.

If you SELL it or REFINANCE it, and free up the VA, you can use it again.

OR - if you only do a loan of 200K, you have some eligibility left over, and can use the rest on another purchase as long as it is owner occupied. 

Make sense?  Hope this helps! 

Daniel Lehman
USMC Veteran