VA LOAN SECRETS: How YOU can BUILD and CREATE WEALTH with VA LOANS!!! (updated 2023)
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- Опубліковано 22 жов 2024
- #valoans #vahomeloans #veterans
Contact me:
1. Check your eligibility and receive a personalized evaluation of your VA Loan: connect.valoan...
2. Email me at jimmy@valoansforvets.com
3. Call me 602-908-5849
Instagram: / jimmyv____
Facebook: / valoansforvets
Jimmy Vercellino, Mortgage Loan Originator/Regional Residential Mortgage Director NMLS 184169 at First Western Trust
Corporate NMLS 477166
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This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender.
Hello jimmy I am 18 years old going to join the military. How long should I wait to start buying houses and build my real estate portfolio?
Raymon the fact that you are asking me this question at 18 tells me a lot about you and have no doubt you will accomplish great things in your life.
Okay, so to answer your question: When you join the military it's going to take some time for you to get settled in. Meaning this: You will go to boot camp, followed by your MOS school, then you will receive your duty station assignement. That will likley (could vary) be at least 1 year before you begin to get settled in. Once you do I would consider a home purchase. Keep in mind that your VA Loan can only be used to purchase a home in the duty station in which you are stationed at and you must live in the property. So you will want to ensure (if you're not married) that your command will approve of you living off base. I hope this helps and please don't hesitate to reach out directly with any addtoional questions -- jimmy@valoansforvets.com
Raymon you haven't even graduated from bootcamp yet and you're already thinking about owning real estate? After you finish basic training you're not even going to think about real estate for the first 4 years and during that time uncle Sam won't even allow you live off base unless you have have an immediate family, which even then takes time. Complete your first duty station and then consider using the VA loan.
FOCUS ON YOURSELF. As a Vet that’s the best advice I can give you
As a vet myself I have to say there's so many fun things about being in the military and I work with the Marines so home alone is kind of going to be a big responsibility so I would definitely Focus as I say on yourself first and then look into the home loan that's just for my own personal advice but I wish you the best thank you for choosing to serve
So? You got your house?
Even when purchasing over the VA loan limit you do not have to put anything down on one single primary residence. If you're purchasing a second property then yes. I know because I have purchased over the loan limit and did not put any money down.
Thanks for the comment. You're spot on. If you don't have an existing VA Loan there is no limit. If you do and you're attempting to purchase above the VA Max Guarantee amount then there would need to be a down payment.
Great info !!
Thanks for watching!
Thanks for the info. Good to go!!
💯💯💪💪
Jimmy im 19 and about to join airforce. This channel has been gold. The best advice I have been given is the second you are in the military think about how you will get out. Research and learn in this time. New subscriber bro. Def keep it up.
10-4 Aaron. Thank you for your willingness to defend our great nation. I appreciate you brother.
Great Info!!! Thank you
My pleasure 💯💪
YOU ARE THE TRUTH!!!
Let’s go!!!
Great job on these videos Jimmy. I just found you and subscribed. I have full entitlement on my certificate and am actively looking for a fourplex to use it on in the Philadelphia area. I have real estate and biz acquisition experience plus other funding sources, but who would be best to ask about what the VA looks for on the balance sheet and other financials?
ME! Thanks for the kind words Rob - shoot me an email with your questions - jimmy@valoansforvets.com
How about the opposite? What if you are living in the home you want to raise your family in but want a second, smaller property to rent out? Looking into investment property potentials. Thank you.
No sir, VA would not allow us to do that. If that's the case you would want to consider an investment purchase with 20% down min.
Great info
Thanks Al 💪💯
If I refinance out of a VA loan, so that they no longer have a title hold on it or any say of the first property, and the original loan is bought-out by a different lender, my VA loan should be restored correct? Without using the one-time restoration? So I could then use the VA loan again to buy/finance a new primary residence; which I would then use the tenants rental payment of the last property I would be renting out to pay off the totally separate loan/property not attached to the VA Loan. I would then use a fresh VA loan while then living in the new home as my primary VA residence? all the information I can find is if I refinance the VA requires me to sell the last property when they are no longer attached to it? How does that make sense?
You're spot on Joey. You could refi the existing VA Loan to a conventional then go out and use the new VA Loan to purchas a primary. Keeping in mind you must qualify by way of credit and income.
Fees and commissions are not allowed be to charged with VA loan, how will this new commission law play out after July?
That’s a good question. We’re anticipating VA will deliver some sort of guidance here soon. When they do I’ll be sure to update everybody.
Idk if it's too late to ask a question but, my husband is getting out next April but im wondering if we could use our VA loan to buy a duplex and rent out right now and save money for our future better home. He is planning on getting out in April but if we use the VA loan while he is still active can we use another VA loan whenever we've decided we have saved enough money from the duplex?
good question. If your husband intends to leave the military we'll need to be able to document what his income will be after the military. Typically this is done with job hire or offer letter.
Can you get a smaller home due to family situation?
Sure as long as you occupy.
You can't get a VA loan Into an LLC so how do I protect myself on the rental W/O refinancing!? Can my LLC Management company I create manage the home (funds in/out of LLC account)?
Have you considered deeding the property into the LLC? I think that could be a simple strategy to solve what you're looking to accomplish.
How it will work if its a dual mil couple. My husband bought the house we are living in. Can i buy a second house, move to that one and have my own $766,500 cap to buy the second house? Thanks
You sure can. Happy to answer any addtional question jimmy@valoansforvets.com
So if you borrowed $500K with the VA loan, you’ll still need to pay that extra 2.3% fee of how much you borrowed right? Or how does that work?
You’re spot on. It would be rolled into the loan (unless you wanted to pay out of pocket you have that option)
Can you build a bigger house on the same property. I have 1150 square foot home a 31.5 acres in one VA loan.
Good question. Possibly...you would need to look at doing a VA Construction / Renovation Loan which would require scraping your home and building another one in the existing footprint. Keeping in mind that plans, specs, etc would need to be reviewed and approved by city before construction. You would also need to identify a lender who specifically handles this type of financing. For more info you can email me at jimmy@valoansforvets.com
This is great info. What’s the process for getting a renter? Does the lease need to be in place BEFORE you can get the next house? Trying to understand the timeline and process. Thanks!
Thank you Tanishia -- grerat question. The lease needs to coinside with the closing of the new property of course it would take you time to move out etc. But you would want to structure it in a way where it would commence around the time of closing. HOpe this helps - let me know if I can personally answer any other questions jimmy@valoansforvets.com
Hi Jimmy, first time coming across your channel. I have been looking for answers for a while now. Can I purchase another home and use it for investment without leaving my current residence? Thank you for your time.
525k with no down puts you around 4450 w/o hoa. Basically, the entire months income for someone making 75k/year.. It's not super realistic unless you rent some rooms for 1k/mo
Hey Trevor, depends on location. Your payment also seems high to me for that loan amount. Thanks!
Does the VA Loan work for RETIRED veterans as well?
💯 % Jeremy ! 💪
I thought it was against the VA loan to use it to rent rent a property? does it not apply if you live in it first?
That's correct Cameron. VA requires you to live in the property for 1 year.
Do Guardsmen benefit from the VA home loan as well??
Yessir! 6 years or 90 days active (not including bootcamp or school)
Great info! Who do you recommend for Jumbo Loans?
Thank you! Are you referring to a VA Jumbo Loan? I woudl be happy to be a resource at jimmy@valoansforvets.com feel free to email me with all your questions.
Thanks Jimmy! I’ve submitted the form. Looking forward to learning more about VA Jumbo Loans.
What you didn’t cover is what to do now that you have two VA mortgages . How is this creating wealth ? Also, you can’t get another VA loan ever again unless you pay off the two loan me completely.
Hello, thank you for your reply. When a Veteran has 2 VA Loans they can rent one, and live in the other (new purchase). I say they can continue to build and create wealth because real estate is an appreciating asset that will go up in value over time. And when a Vet has 2 homes they're able to enjoy the upside on both homes, hence building and creating wealth. Regarding your last comment VA does allow a Veteran to have more than one at a time assuming they have enough entitlement to do so I've helped vets do this hundreds of times. Let me know if I can answer any other questions.
@@JimmyVercellino what I meant was that if you have two VA loans going simultaneously, you cant another VA loan until they’re both paid off. At least that’s what I was told .
Hi Jimmy!
What if you already paid off the first VA Loan? Will that restart the amount?
Hi Kathy - yes. This will restore your entitlement 💪💯
I’m getting out of the military, am i still able to do this while being on my own. And if so can i keep repeating the process and have more than 2 homes using the VA loan?
Hi Diego, yes you could. Keep in mind that once you use all of the VA home loan benefit you would need to refinance one of the loan to a conventional to free up addtional entitlement.
5/2/23 How long after your first VA loan can you get the second one?
Generally it's a 1 year wait.
I’m about to refi my FHA to VA. Fully funded VA loan , been in the house for 2 & 1/2 years , if I refi to a VA loan have I already met the 12 months occupancy requirement? So I can rent it out ? Or does the clock start over once I go to a VA loan ?
that's a good question. If you refi into a VA Loan then immediatley vacate the home you could run into some issues with financing once you went to purchase the new home by an underwriter. You'd be best to refi, wait the one year then proceed forward with the new purchase. www.VALoansForVets.com
@@JimmyVercellino thank you sir appreciate the reply. Good to go!
Hey jimmy im about to get out of the military can i still use my va loan when i ets and get out
100% you can. Just need to document your income from your civilian employer. jimmy@valoansforvets.com
Hey Jimmy, Would I have to move into another single family home for this process or could I move my family into a multi family unit?
As long as you occupy the residence you could do it.
It's over 800k entitlement if you're buying in California. Correct?
Hey Nathan! Thanks for the question. It depends on which county you are purchasing in sir. If it's a high cost county then yes, it would be over that 726,200 conforming loan limit.
@@JimmyVercellino oh Ok. I didn't know it was by county. I'm active duty and already own, with a VA loan, in RI. Looking to buy in venture county in 23. Your videos have been really helpful. Thanks for what you do.
So happy to here that Nathan! I'll be here to lock arms with you when you are ready jimmy@valoansforvets.com
Hi, does this scenario apply if you are trying to build with the remaining entitlement?
Hi Vanita -- it sure would!!
Yo Jimmy. How long after a divorce is it safe to buy a home? What is the percentage of service connection needed to make a difference in buying a home if it even does? Army Signal Vet here by the way.
Thank you for your service to our great country sir. 10% is the magic number on a VA loan. That allows you to have your VA Funding Fee waived on a VA Loan saving you a large sum of money. As far as your first question I would say only you can answer that. Once you've reestablished yourself and feel confident about the decision to purchase a home by way of income, credit, money reserves, I would say consider moving forward. I hope that helps and please don't hesitate to reach out directly if you have any other questions. Thank you!
Hey jimmy thank you for the info! I have a question though,
if i were to consider a duplex for example, could I use "projected" income from renting one of the units while living in the second to actually qualify for the loan amount? or would I need to have the required income beforehand.
ex. if I qualify for about 330k ish and I need to make it to the 450k ish
You would require a 2 year history of rental income in order to use the projected rents towards qualifying. Also, you would need to document the rents, pas and present for the existing property you're purchasing.
Licensed in wa ? In need of your services
Yes sir. 💯💪Jimmy@valoansforvets.com
Would you sell the first property (up 70%) then use them funds to buy 4plex multi use starting the va loan investing process?
Me personally no. However if that works for you , you could certainly consider.
@Jimmy Vercellino why it's a no for you, heloc seems alot risker in this economy? Plus the hoa frowns upon rental properties. Also do you see interest rates going down in the few 6 months? And when interest rate decrease will it drives up the selling price ?
Where's the best va loan lender?
Myself of course! Full disclosure: I have a biased opinion. My suggestion would be to search a lender who is competent in VA Loans that you can trust and depend on. In all seriousness if me and and I can be a resource please let me know. Jimmy@valoansforvets.com