After the watching these videos I've decided to use this mortgage company, Guarantee Rate. Veterans United is what I'm with right now And I wish to compare. But after sending layers of redundant information, and then given time limits to get more redundant information to Martinez, I decided this is not the mortgage company for me. If I'm dealing with BS that early on I can only imagine what will happen when I'm locked in with them.
Give me a call. I would love to help 707-478-0637. Let’s make sure your app goes to me and my team and we will get you through underwriting with zero stress
4:25 Most Important Part of the Video re: Not having to be a Veteran to assume a VA Loan - Important, Seller may lose entitlement if Non-VA buyer gets foreclosed on/short sale and the seller loses that entitlement permanently with the foreclosure or short sale 😩 - Awesome Video ! Thank You !
I am so glad you highlighted this part because yes, you should never let a non-veteran assume your loan because they are taking your entitlement. So many real estate agents do not know this and veterans do not ask and they end up losing entitlement. Assumptions really are zero benefit to the seller unless you are getting more than what the house is worth. If you want to help another veteran, great. If you want to help an investor, no.
Great video, Jenn. I'm a realtor in Maryland. I've recently explained this exact situation to a service member who will be selling their home soon. They had no idea that they would lose their entitlement if they allowed and non vet to assume their mortgage.
@JenniferBeeston thanks, believe it or not, they still decided to work with a family member who is an agent as well. Let's just say I've received a number of calls from them asking my opinion on things that the family member should have known. I had to inform them respectfully that I'm not a resource for them because I was not hired by them. Haha
@@mrjet15the family guilt trip angle is strong. I have literally had conversations with buyers where they agree their family member is terrible but they don’t want to upset the family.
@JenniferBeeston correct, it's unfortunate, but I understand some people don't have the backbone to not mix business with family members. Have you originated many loans in Maryland? I'd like to do business with you on my next buyer client.
I’m at veteran with a current VA loan who is looking to assume my neighbor’s VA loan. Can I assume his loan while having my own va loan and have two houses? I think I have enough eligibility for both but I’m having trouble getting answers for this very specific scenario from any companies. Does the new home HAVE to be my primary residence??
Hey Julie, you’re going to want to talk to the sellers loan servicing company. They’ll be able to tell you if how to qualify etc. And ultimately they are the only lender who can do the assumption. Since you’d be using your VA eligibility, you would have to be moving into the new house you buy. You definitely want to see how they’re going to handle that as buying the house next-door is generally a owner occupied occupancy red flag unless it is bigger or in better condition.
I’m a buyer on a mil to mil va assumption. Trying to understand all these forms but I couldn’t find an instructions guide. I don’t want to screw up some blocks with bad info and have the package rejected. Do you know where I can get instructions for the loan assumption forms? (Also the current servicing lender is not very responsive) Thank you!
What is the average time line of you are selling your house and buying a new house, for eligibility, if you don’t believe that, you current loan and new loan exceed the max eligibility of the VA Loan?
This has been the best video explaining VA Assumptions!
After the watching these videos I've decided to use this mortgage company, Guarantee Rate. Veterans United is what I'm with right now And I wish to compare. But after sending layers of redundant information, and then given time limits to get more redundant information to Martinez, I decided this is not the mortgage company for me. If I'm dealing with BS that early on I can only imagine what will happen when I'm locked in with them.
Give me a call. I would love to help 707-478-0637. Let’s make sure your app goes to me and my team and we will get you through underwriting with zero stress
4:25 Most Important Part of the Video re: Not having to be a Veteran to assume a VA Loan - Important, Seller may lose entitlement if Non-VA buyer gets foreclosed on/short sale and the seller loses that entitlement permanently with the foreclosure or short sale 😩 - Awesome Video ! Thank You !
I am so glad you highlighted this part because yes, you should never let a non-veteran assume your loan because they are taking your entitlement. So many real estate agents do not know this and veterans do not ask and they end up losing entitlement. Assumptions really are zero benefit to the seller unless you are getting more than what the house is worth. If you want to help another veteran, great. If you want to help an investor, no.
Very helpful sister!! Thank you for doing this for us. ♥️
Happy to help:)
Great video, Jenn. I'm a realtor in Maryland. I've recently explained this exact situation to a service member who will be selling their home soon. They had no idea that they would lose their entitlement if they allowed and non vet to assume their mortgage.
I am so glad you told them. They are lucky to have you ❤️
@JenniferBeeston thanks, believe it or not, they still decided to work with a family member who is an agent as well. Let's just say I've received a number of calls from them asking my opinion on things that the family member should have known. I had to inform them respectfully that I'm not a resource for them because I was not hired by them. Haha
@@mrjet15the family guilt trip angle is strong. I have literally had conversations with buyers where they agree their family member is terrible but they don’t want to upset the family.
@JenniferBeeston correct, it's unfortunate, but I understand some people don't have the backbone to not mix business with family members. Have you originated many loans in Maryland? I'd like to do business with you on my next buyer client.
Thank you for thinking of me. Yes I do loans in Maryland and have done a solid amount. Feel free to give me a call 707-478-0637.
God bless you for taking the time to make these videos. 😊
❤️❤️❤️
I did not know. Thank you for this video
Well I'm a veteran and I still dont know no help
Yes, I knew Eligibility stays with the home if a non VA person assumes the loan.
I am glad you know that. Tell your friends
Thanks, Ma'am. 🇵🇷.
Good info! I’m wanting to assume my parents’ loan, fingers crossed!
You can do it!
I’m at veteran with a current VA loan who is looking to assume my neighbor’s VA loan. Can I assume his loan while having my own va loan and have two houses? I think I have enough eligibility for both but I’m having trouble getting answers for this very specific scenario from any companies. Does the new home HAVE to be my primary residence??
Hey Julie, you’re going to want to talk to the sellers loan servicing company. They’ll be able to tell you if how to qualify etc. And ultimately they are the only lender who can do the assumption. Since you’d be using your VA eligibility, you would have to be moving into the new house you buy. You definitely want to see how they’re going to handle that as buying the house next-door is generally a owner occupied occupancy red flag unless it is bigger or in better condition.
I didn’t know that you could lose your eligibility.
Yes it’s a huge potential risk everyone needs to know about.
I’m a buyer on a mil to mil va assumption. Trying to understand all these forms but I couldn’t find an instructions guide. I don’t want to screw up some blocks with bad info and have the package rejected. Do you know where I can get instructions for the loan assumption forms? (Also the current servicing lender is not very responsive) Thank you!
Sorry I can’t advise as the servicer controls the process
What is the average time line of you are selling your house and buying a new house, for eligibility, if you don’t believe that, you current loan and new loan exceed the max eligibility of the VA Loan?
I don’t fully understand your question. Feel free to call me tomorrow to discuss. 707-478-0637
Do buyers still have to live in the property for a year before they can rent it out?
When you are buying you are saying you plan to live there for a year
Loan assumption