The VA Loan Secrets many lenders, agents, and Veterans don't know! (Updated 2021)
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- Опубликовано: 2 авг 2024
- #VALoans #VALoansForVets #VAMortgages #VALoanSecrets2021
Did you know veterans can have more than one VA loan at a time? Most veterans, mortgage lenders and Realtors aren't aware of this little known VA Loan Secret. Using their VA loan benefit, veterans can rent out their current home and purchase another home with their va loan benefit. Jimmy shares all the details in this video. #VALoansForVeterans #JimmyVercellino #VALoanBenefit
jimmy@valoansforvets.com
602-908-5849
VA Loans for Vets NMLS#184169
5050 North 40th Street, Ste 260
Phoenix, AZ 85018
(602) 908-5849
Jimmy Vercellino is one of the nation’s top VA Home Loan mortgage originators. A Marine Corps. veteran, he and his team work hard to help veterans take advantage of their VA loan benefit and become homeowners. From start to finish, they guide their clients through the process and make it as smooth and stress-free as possible. Visit the site at www.valoansforvets.com .
#VALoans #VALoansForVets #VAMortgages #VALoanSecrets2021
Maxed out my va loans. Bought 1st home in 2013 for 248k. Rented out and bought 2nd in 2020 for 320k using remainder. was able to refi this home conventional as rental in jan 2022 before rates shot up. This freed up my VA loan again. Rented 2nd house out with 1 yr lease so i qualified for 3rd VA house that closed on in March of 2022 for 465k and 3 percent rate. I put 0 down on first 1 and 5% down on the 2nd two. As a vet with no disability you save a fortune on the VA funding fee by putting 5% down. took the funding fee from 3.6% to 1.65% of purchase price. VA told me that i am all maxed out on using VA loans now unless i were to sell all 3 homes. I have 3 single family homes now all with interest rates of 3 percent or less with a total value of 1.1 million dollars and mortgages totaling 900+k. plan on paying these mortgages for next 30 years and not sell. I make 65k a year and a 2.0 gpa high school education. Haven't even touched the gi bill yet. This is why I try to convince anyone who doesn't know what they want to do after high school to do 4 years in the military. Benefits and a (tech job in air force) set me up for life.
WELL DONE AUSTIN!!! Veterans building and creating wealth thru the aquisition of homeownership!!
Really good info, brother. That being said, as you being a former Marine, I am disappointed that you did not do this in crayon. Opportunity missed.
Now THAT is pretty darn funny! LOL! Good stuff sir! Thanks for the laugh and the love!
Poor guy couldn’t read it in pen
@@Yaveren 🤣🤣
How could he have written it in crayon if they're all eaten?? 😂😂 Semper Fi
@@mccauleysm85 ...Touché 🤔
Hi I just used my VA loan to purchase a $517,900 home in Houston, we will more than likely stay in a year and then rent the place out. Also the close was exactly 30 days great benefit for veterans
Congrats Umar! That is fantastic!!
Did you pay closing cost?
Is there a certain amount you had to make annually and to get approved for that amount?
I wanna know about annual income requirement too. That’s the problem I’m having being a w2
Semper fi my man. Great video, thank you for the info 🤙🏾
Thank you Marc!!
Thank you for your service.
My honor.
Thanks man. Gonna check out your lessons and advice.
Let's go!!!
Thank you for this info Jimmy!
My pleasure!!
Thank you so
Much bro I’m literally in the same process and needed this info
Yes! Happy it helped!
Jimmy is the real deal! Thank you for your service. Your videos are extremely educational.
I sent Jimmy a question and he took the time to provide me with a thorough answer. Thank you for providing me a response. It is greatly appreciated!
Thank you so much Marilyn!!! :-)
Thank you brother. Semper Fi.
Semper Fi!! 💯❤️
Thank you for sharing your knowledge with us.
My pleasure Morgan!
Thank you so much for providing this information 🙏🏾🙏🏾💯
💪💪💯💯🇺🇸🇺🇸
Thank you!!!
Eye opener and awesome video. Thanks.
💯💪
My husband is a mortgage loan originator and he’s been watching your videos on ‘C/P’ loans for Conventional and VA loans. Great job on making the explanations simple to follow and understand.
I really appreciate that Sandra! Please let him know if he ever has any questions he' s always welcome to reach out and call or email.
Thanks Jimmy!!
💯📈💯📈
Great information, semper fi Marine!!!
Yut!!
APPRECIATE YOU JIMMY, HOOAH...!
Hey appreciate you too Richard!!
Thank you for information
Ida B! Thanks for the shout!
Wow!
Just what I needed to know since I am planning to keep my home in NY and moving to another state. Thank you.
Glad it was helpful Juan. To learn more you can visit VALoansForVets.com
3:06 thats hilarious. The edits are great! I plan on buying my first residence then renting it out.
Thanks Sonny!!
Good information thank you
Glad it was helpful!
Awesome. Thanks
You're welcome!
Awesome video!
Thanks!!!
Took a class with Jimmy he is a wealth of knowledge on VA loans ,
Thanks G!
Thanks for the Info....SEMPER Fi!!!
YUT YUT!
I so appreciate your videos. As a new real estate agent with a VA Buyer client, this has helped me as we navigate during this sellers market and how to make offers more attractive and how the loans work . You are awesome!
Dang! Thank you for the kind words. They motivate the heck out of me. My pleasure...always here to be a resource. www.VALoansForVets.com
@@JimmyVercellino I listened to your videos and I tell you I was enlightened...it was a Sunday well spent in front this computer for a couple of hours!!. There is so much misinformation/negative thoughts about this loan and I want to be a positive preliminary resource for my clients because they should use the tools that are for them. I learned from you that you need a good LENDER vendor that understands and is diligent in getting the job done in a the time needed. Education is the key and no matter the financial method use, the journey should successfully end at the same point...the closing table! Thank you for your service....and YOUR SERVICE!
What great information!
Thank you Katrina!!
Nice video bro!
Thanks Kyle!!
Great stuff!
Thank you Adrian!
Ooh Rah!! Thank You!!
Yes sir!! Semper Fi!!
Great vid.
Appreicate that Maura!!
Great job 👏
Appreciate the love Eddy
Great information
Thank you!
I appreciate your help. Trying to figure out the best option for buying a home for my family in this crazy market! About to launch a business and looking in the 200k price point. Liked, subscribed! And now commented!!! Awesome content. Semper Fi brother.
YUT!! Attack the hill Garret!! I'll be routing for you. Let me know if I can ever be a resource in any way. jimmy@valoansforvets.com
I wouldn't buy anything for another year or two. Things will correct. What's going on right now is not sustainable. Prices are going down a bit thanks to the fed, and hopefully the trend continues to return things to normal.
Semper fi bro thank you
Always
Hi Greater Good! yes, they sure could. Assuming of course it makes sense and your able to lower your rate and save money. May be tough in this market.
TY4SHARING
My pleasure!
Very helpful
Happy to hear that!!!
Great video. Very informative. Another little know fact about VA relates to the funding fee for active duty. If you have a rating that fee is waived or if you have Purple Heart. Semper Fi and thanks for the video.
Thank you Marc! Appreciate the feedback!
@@JimmyVercellino d
Not active duty, but im curious as to how much the disability rating plays in a VA home loan? I haven't achieved my va disability rating yet, still in the process
Holy crap! I didn't know about this either! Bought my house with VA loan 2 years ago. Been thinking of moving to a different area. Didnt know i could use my current house as a rental.
Boom! Happy you found the video to be of value. www.VALoansForVets.com
Iam going to have a home in every state with this information THANKS 😊
Okay Yunni! I see you!!
Ye no question. Great information and education!!! Tyvm sir.
Thx Chance!! 💯📈
@@JimmyVercellino pleasure
@@JimmyVercellino so something else just came to mind. Many vets have disability ratings. In those cases are there any additional opportunities for them?
@@chance2302 yes sir a SCV is able to have their VA Funding fee waived for life! Saves the veteran tens-of-thousands of dollars over time from not having to pay it.
@@JimmyVercellino yes. I've read that ty. Also read that dependent upon the state SCV as you frame it are eligible for not having to pay property taxes to a certain amount......I e. 5k year property tax exemptions. I've heard of programs named "Homestead Exempt"?
Dude thanks!
Dude...my pleasure!
Thanks
thank you!
Great information Jimmy and you explained it very clear and understandable. Are you able to use this loan secret by renting your home to a VA or other type of Organization instead of a renter/family? Thank you
Hey PMT - that’s a good question. So long as you have a valid lease agreement in place that coincides with the closing time of your property I don’t see why that would be an issue. 💯💪 let me know if I can answer any question. Jimmy@valoansforvets.com
Jimmy Vercellino = 💯
My man!
Very interesting
Interesting is good!
Cool video
Thx!!
Jimmy, at 0.07 "Corps" is misspelled. Happy Birthday tomorrow! Oohrah.
thanks !
Semper Fi brother
Yut!!
Great information but did know this "secet" already. 😊
Thanks for sharing
You are funny. I follow.
From a fellow veteran in Texas.
Are we on the same sheet of music?? ;-) Thanks Sabrina!!
I love it.
Much love to you!
@@JimmyVercellino 👍
Hi Jimmy. Great video thank you! Do you know anything about a Dream Weaver VA loan?
Tell me more. I do not.
Oh sorry. Ive only heard of it. I dont know much about it. I was hoping youll have some info on it.
you can have one VA home loan. but you han have multiple homes purchased with the VA home loan. my VA homeloan has reached the maturity level and i fulfilled the contract of the VA home loan. i can now get a new home and rent this home out. or sell it for a $400,000 credit. because i bought it while in the service and during the recession.
Nice work!
@@JimmyVercellino really? because i lost my first house in a mortgagee foreclosure. when i was disabled and could not work. i did not make much money and the rent money i got was confiscated by the bank because of my outstanding credit card.
My husband and I have learned that not all VA loans are equal. Depends on the mortgage company/bank you use!! We made a massive mistake using the one we did. They have lied to us about so many things that I have learned about in the last year and a half since we bought our home! Ready to give up the home and throw the towel in on dealing with these company!
Hi Michelle, I completley agree. Which is why I always suggest that Veterans work with somebody who specializes in VA Loans.
Wow never knew this
Thanks for watching!
Hi great video and very informative
I am wondering about the comparison though. I've been hearing that even though VA loans don't require a down-payment, why is it considered better if someone else puts in an offer with a down payment? Isn't that basically the same thing, the seller will the money for the home regardless.
Semper
- Doc
Thanks Doc! Yut Yut!! Keep in mind that just because somebody is opting to put money down does not make them more qualified per-say. Veterans are entitled to no money down loans and may still be able to (if they choose to do so) put money down on the loan. A good mortgage loan originator will call on your behalf to the listing agent when you submit an offer on the home to discuss your ability to qualify for the loan. Sometimes this will be the difference between the seller choosing your offer or somebody else’s.
You literally described how I used my VA loan and can whole heartedly agree, it has done a lot to grow my wealth. I ended up refinancing my first loan out of VA to avoid having to bring 50k to closing for my second. Question for you would be how many times can I use my VA loan? Thanks for all you do!
Wow Jeremy!! So happy to hear!! That’s awesome!! A Veteran can use his or her VA Loan as many times as you would like so long as you sufficient entitlement.
@@JimmyVercellino hmmm so I've used the loan to purchase a home at 190, refinanced it out of VA, then purchased my current home at 475. If I'm reading this right I can sell or refinance this home out of VA and use that homeloan again?
@@jeremygaal9946 yes sir. So long as it’s your primary residence.
@@JimmyVercellino that is mind blowing! Thank you for dropping the knowledge.
@@jeremygaal9946 you're the reason we do these videos brother. Much love and appreciation!
Great information brother, thank you 🙏 quick question. If I currently have a VA Loan in Pennsylvania but will be relocating to Texas next year, could I built a home in Texas using a 2nd VA loan? While my house in PA sales?
HI! Yes - I don't see why that would be an issue for you so long as you have full entitlement and the amount you are looking to finance does not exceed that amount. If it did you would need to come in with a down payment. To learn more you can visit my website at www.VALoansForVets.com
@@JimmyVercellino how would I know if I have full entitlement?
$647,200 limit and $970,800 in high cost counties as of 2022🇺🇸
Spot-on sir. When I shot this video the loan limits were lower.
hey do you have ppl here in FL you can connect us with that are just as knowledgeable as you? youre awesome
Thank you for your content. We are licensed to lend in FL and would be honored to assist you.
I need to buy a duplex here in Missouri.
Happy to assist - email me at jimmy@valoansforvets.com
Can you do a video on how to buy a property with a VA loan and transfer the title to an LLC using a quit claim deed?
Sure it's pretty easy. Transfer the title into LLC after closing. That's it. That's the video :-)
Great info thanks for sharing. Question: As a disabled vet, do I get the funding waived on subsequent va loans? Assuming all previous loans have been paid off at time of sale of course.
That’s correct. You’ll never pay for a VA FF ever again,
Does no FF include a 4plex?
@@PlanetEarthPassport yes sirZ
Thank you so much for that great info. However my question is what if I want the opposite situation where I have a VA loan for my primary home already but I want to use a VA loan to purchase another home that I want to rent up. Can I do that or what would be the best strategy. Thanks for your time and please let me know if we can set up a phone call.
Hi there, that's a negative. It must be your primary residence when purchasing a new home. You can only rent out the home you lived in for at least 1year then go buy another primary.
Very good information. Only part is your not accurate on the 548 cap it depends on the county you are trying to but the house in. When I bought my second one my number was 690 but you also have to account for the 25 percent debt that retaining the property that gets added in
Yes sir. Thus video was shot in 2020 and the loan amounts have since gone up. Thank you!
Semper Fi!
Yut!!
Semper Fi! I am just using my VA Home Loan on a beautiful home! It’s 550k so I guess there is a cap?
Hi Shannon! Semper Fi - there is no true 'cap' on a VA Loan. However, there may be a max amount of entitlement that the Vet has remaining which means that they can only go up to X. But if a Veteran has full guarantee they can go as high as they'd like so long as they qualify by way of income and credit. JV
nice
Nice is good! Thanks Igor!
Hey Jimmy thanks for the video. Quick question: Can a veteran based in TX who currently has conventional cash out loan (took cash out 12 months back) do a rate and term refinance to a VA loan?
Greater Good - yes, 100%. Let me know if I can help out in any other way --- jimmy@valoansforvets.com
If you’re asking about an IRRRL from conventional to VA, then the answer is no.
Can you refinance a VA loan and change the loan to another type like conventional for example.Then be able to use your VA loan as if its brand new. In NJ its easy to have nearly the entire 548K tied up in the mortgage. I am probably going to do a cash out refinance but I'm always interested in VA loan strategies for obtaining a second investment property.
Hi Wes - you most certainly could. Remember: VA has no min loan limit so once you free up your entitlement you’ve got clearance to go up to any purchase price with no money down that you qualify for. Thanks!
I am trying to understand the VA home loan process a little better as I am not educated enough on this. thankn you for this info but unfortunately I am looking for how to get approved while working on debt. but still not understaanding what the mortgage lending process is about. thank you
Hello Angelina, I suggest you watch more of my videos. If there is a specific question that I can answer for you please let me know. -- Thanks!
@@JimmyVercellino thank you will do!
My family and I just purchased with a VA loan about 6 months ago and are thinking we should downsize for personal reasons. However the VA has a one year occupancy requirement from what I understand. Are we able to qualify for a second VA loan prior to fulfilling the one year occupancy stipulation on our current home to build a smaller home that will be completely built shortly after we we meet the one year occupancy requirement? We would like to rent out our current home and intend to occupy it later. When we initially purchase this home we were planning on growing our family however things have recently changed. Would appreciate your input.
Hi Tom, IMO this would ultimately be a UW discretion call. Perhaps we could take this offline and I could learn a little bit more about your scenario and I could take it directly to the VA. Feel free to email me direct at jimmy@valoansforvets.com
Does that limit include “high cost areas “ like Southern California, New York City, etc?
great question Drew -- it does not. Those areas you could go higher than my example.
In your example about renting out the 1st house I thought you would have to refinance the loan and have 20-25%to be able to use it as a investment property am i incorrect on that? Located in texas
No sir. Not if using your VA loan for the new purchase.
I used my VA loan to purchase a fourplex. I used $645k of the $981k entitlement. I was trying to find out if I can use the reminder to purchase another fourplex and it looks like I can as long as I put 25% down on the difference in the home price and remaining entitlement.
In the scenario you describe below you would not have any VA entitlement leftover to use on the next home. Reason being is you exhausted the entitlement and no longer have any remaining. In order to use VA loan for next purchase you would need to refi the 4 plex and take it out of the VA Loan.
@@JimmyVercellino Thanks for replying. If the entitlement is $981,700 and I only used $645,000, why wouldn't I be able to use the remaining? To my understanding, the entitlement of $548,250 is only for single-family. Entitlements for duplex is $653,550, triplex is $789,950, and fourplex is $981,700. Are they not able to be fully used?
@@BravoBline How did you get approved for 981k? Is there a certain income amount you need to make to get approved for that?
I’m actually highly considering using my VA loan to buy a 4plex in the beginning of next year. Could I get with you off line to pick your brain a bit about that?
@@BravoBline Did you ever get an answer to this? I'm super confused too. These videos say you can buy another home on the VA loan at the same time, but why does this case not count? Would you have 336k left of entitlement? Or does it always calculate from the base of 548?
i WANT TO LEARN MORE
Keep watching!
Can you do the opposite of this and buy a rental property after buying a primary residence and staying in the primary?
Negative sir!
I’m confused, does this apply to spouses with 100% eligibility? My mom is about to purchase a new home and it is the first time (since dad died of service related causes ), does this apply to her too? Do you mean she should purchase at max amount as not to get capped lower at 558;000?
Hi Niki -- that's correct. Your Mom could use your Father's VA Loan. You would have to prove the cause of death was related to service and the VA would need to issue the COE. She would also need to qualify by way of credit and income for the loan amount. Thanks!
Ooh Rah!
YUT!!
Thank you for your service, I just sold my home in Dallas that I had a VA loan on. I’m moving to the DC area and the cost of housing is outrageous. I’m looking at homes around 900K. Am I understanding it correctly that with@ 100K down I can get a VA loan on the remaining 800K?
Hey Chad, right back at you brother. Let's connect over the phone to discuss your scenario in detail. Please email me at jimmy@valoansforvets.com
pro trick: watch movies on flixzone. I've been using them for watching a lot of movies during the lockdown.
@Briar Alaric Yup, I've been using flixzone for since november myself =)
@Briar Alaric yup, have been using flixzone for months myself =)
Hey there, so I bought a house on a VA loan with ocean views in a tourist area and can get quite a bit of income from AirBNB. I was thinking of renting out the main floor that has a separate entrance while living in the main house on the top two floors. Do I have to wait a year to do this or can I start doing it right away? Also, after 1 year of living in this home could I also do airbnb on both the main area and downstairs if I buy another home? Would the lender see this airbnb rental income and not include this against DTI or would I need to convert this house to a rental property first?
Hi there -- Thanks for shooting me an email. I answered it this morning. Thank you!
Thanks for the video Jimmy. I have some questions. I currently have VA loan 451k renting it out. Looking to buy another property for 580k, I'm located in Colorado. Trying to understand entitlement thing. I only have 97k left on entitlement. Would it be possible I can purchase new one for 580k and pay the difference of 25k down payment which would be 145k down payment? Or would you recommend I refinance my current VA home to conventional to free up my entitlement? For current VA loan I'm in the processing getting LLC done and want to know if it's okay to transfer title to LLC. Heard they can call loan due. Also in the process of getting trust done my LLC can go to the trust. Assuming I can quitclaim the deed into an LLC after closing. Looking through most of comments my other questions got answered. For my next property I would like to go through your lender. Thank you for your time.
Thanks for the question Chris. I think it would be best for us to schedule a consult to speak about your scneario in greater detail. You can reach out to me by going to www.VALoansForVets.com
Will the VA still considered your home your primary resident if you can only live in it 1 week a month because of travel. I'm a veteran and spend most of the year traveling out of the country on leisurely trips.
I think VA would take issue with that. Primary residence means you live in the home full time. Another option to consider might be to do a "vacation home" i.e., 2nd home.
Can the VA loan office cover a loan on a tiny home in St.petersburger fla on a lot that also has a house. It would be a mother in law suite? Would like to know how and who to talk to about this. Thank You
To my knowledge that is not something that the VA would allow you to do.
Hello! What if my husband and I both have our own VA home loans? Could would tap into mine first, and then use his for the second home purchase?
Great question. Yes, you sure could. Use yours first no money down. Next purchase (as long as it’s a primary) use your husbands, no money down. Hope that helps, let me know if you any more questions.
@@JimmyVercellino THANK YOU!!! I just found your channel. My goal is to generate wealth through real estate by maximizing on my family’s VA benefits. Do you work with loans in the greater Atlanta area?
@@SugarCree sure do honored to be a resource.
If you are using VA loan properties as rental units how are you transferring the loan or the property title to an LLC to limit liability on a residential (4 unit) property?
Also...if you can, should you do an LLC for each separate unit or 1 for all 4 units?
Good question. A Veteran must purchase a home in their name alone. They can then transfer title into the name of the LLC if they choose. Regarding your last question I would say it would be wise to enlist the help of a cpa to answer that question for you.
Do you have to keep the first house as a rental or can you sell the first house off after you buy the second home??
You could absolutley sell the first house after you aquire the new home.
How long do you have to live at your primary residence before you're allowed to sell it
Hi Pino - usually 1 year. However there are exceptions to this rule.
Is there a loophole to be able to rent your new va home before the 1 year occupancy rule?
You would need to have a legitimate reason for moving in less than 1 year. If you'd like to discuss in greater detail I'm happy to discuss jimmy@valoansforvets.com
The Trip hazards is so dumb when one still goes to the field nd is surrounded by Trip hazards its hard to get a home in todays market with a shitty VA home
dang...sorry to hear that.
What if your primary home (home A) is above the $548K cap and you want to move to the bigger home B. Can you still use the second VA loan at the same time?
Really good question Daniel -- in this example you mention you would NOT have any VA Loan entitlement remaining. You would need to refinance your existing VA Loan into a conventional loan.
My husband is a Navy Veteran and we had a home built via VA loan, in 2017 in NC for $218,000 now our house is worth $355,000. We want to down grade but the market for a newly built smaller home in NC is about $285,000. What would you do?
I would apply for a new VA Loan and take advantage of 100% financing (if that's what you wanted to do) up to the $285,000 purchase price. The VA would guarantee both mortgages because the numbers have now gone up for conforming loan amounts to $647,200 so that means as long as your VA Loans are less than that amount ($647K) you could finance both mortgages with no money down. To learn more you can visit my website at www.VALoansForVets.com
What’s the minimum down payment on the second VA loan? And what about closing costs?
Hello, it depends on the loan amount and how much entitlement you have remaining. To determine that we would need to pull a copy of your COE and I can advise you from there. Regarding closing costs I would estimate roughly 3% of the purchase price would be needed at closing for the total costs in conjunction with the aquisition of the home.
Hi Jimmy, thanks for the info. I’m looking to build a 1-4 unit in MN using my VA entitlement. I currently have one rental and my primary that both use my entitlement now. I’d be looking to sell those and build this new construction to live in one unit and rent the others. I’ve only been a landlord for 6 months also. Can you help me get lending, or point me to a lender that could help me? Thx!
certainly Richard. Shoot me an email at jimmy@valoansforvets.com and I can point you in the right direction.
I'm a Vet, in Chapter 13, discharging in March. But I do have a 653, and now income. My haven't had much help. Are there any programs that will work?
Hi Jo Anne - the VA Loan will allow to qualify in as little as 1 year after after filing for a chapter 13. That said the lender will need to verify that the veterans income is sufficient to pay all liabilities and new monthly mortgage payment.
Hello we’re having a house built in Texas and plan on using my husbands VA loan. We originally signed a pre approval for 3.7 interest on a 319k home and planned on mortgage payments being around 1889.00 a month but now am afraid we won’t be able to get the home due to rising interest rates. Are there any programs that can help veterans with assistance to bring the payments to a budget we can afford. I’m assuming payments will be around 2550.00 a month or more with interest rates rising. I’m so bummed. 😔
Hi Sheila, have you considered the Texas Vet loan? Those rates are below market and could be a possible solution. Please email me for more info at jimmy@valoansforvets.com
I've been out of the service for years....how do I access my VA home loan so that I can utilize it?
Very simple. Go to www.VALoansForVets.com/apply to start the process.
@@JimmyVercellino Thank you!!!