The Mighty Quin

VA Loan Rates 11-18

Here are the show's highlights:

• 10 YR Treasury is currently 3.34%
• 30 YR VA Loan rates 5.34% Nationwide
• 1 critical update for today
• Lock all VA loans closing within the next 20 days.
• Float all loans closing 21 to 60 days out.

VA Loan Rates, Tampa FL for Week 11-9:

• There are 2 key economic reports scheduled for release. None of these reports are considered mission critical and should have little effect on mortgage rates.
• 30 YR fixed VA loan Rates are 5.5% nationwide
• 10 YR Treasury opened this morning at is 3.5%. No change over close last week.
  
• Lock all va loans scheduled to close within the next 7 days.
• Float all va loans scheduled to close within 8-60 days.
  
• Watch the DOW for any rallies. If the Dow drops below 10k this could be a good sign for mortgage rates.
  
• VA Loan Rates should continue to drop and close out the week below where they opened on Monday.
• Have a GREAT VETERANS DAY!!!

COE (Certificate of Eligibility) Entitlements for a VA Loan Tampa Florida

Understanding your entitlement benefit can be tricky business. Let's uncover the mystery behind the VA entitlement numbers for VA loan Tampa Florida and beyond.

VA Entitlement in the VA loan process is the guaranteed amount that the Department of Veterans Affairs will pay to the lender should the borrower go into default on the loan. The entitlement is nothing more than a form of insurance for the bank. Hence why PMI is not required on a VA Loan.

Where do I find my entitlement benefits?

The amount of VA Entitlement will be on the Certificate of Eligibility, and this form must be obtained in order determine eligibility status for a VA loan Tampa Florida. The easiest way to obtain your certificate of eligibility is at certificateofeligibility.info

What are the entitlement figures?

Basic entitlement - Is $36,000 and covers loans up to $144,000.
Bonus entitlement- Is $68,250 and covers loans exceeding $144,000

$36,000 is the key number you look for. If your COE shows $36,000 you have all the maximum VA benefits available. This would only be different if you had a VA loan in the past. If so, this number will be the entitlement left over from a previous purchase. No worries though as long as that property has been sold we can re-instate you back to full eligibility for a VA loan Tampa Florida

VA entitlements stay with the VA loan even if you don't.

VA entitlements do not expire until the loan is paid in full; even if the VA loan has been transferred to another individual.

If a VA loan is transferred, you cannot get another loan or restore the entitlement until the original loan is paid off.

If a VA loan has been foreclosed on the VA must be paid back the loss that was incurred before re-instatement.

VA Entitlement can be restored under these conditions:

• The veteran has paid off the original VA loan.
• "One-time" allowance of restoring entitlement, if original VA loan used to purchase the property is paid and veteran still owns the property.
• If VA loan has been transferred, the qualified veteran (buyer) agrees to assume the loan and substitute their entitlement for the same amount of entitlement originally used by the veteran who sold them the property.

That is the basics of your VA loan Tampa Florida certificate of eligibility. Granted none of this is explained on the actual certificate of eligibility which is why the confusion never stops. I hope this didn't add to the confusion.

The brutal truth about VA streamline loans.

In today’s market place many things have changed. With the downturn of America’s economy, banks have felt the need to tighten their belts and thus impose more strict guidelines on your VA streamline loan requirements.

Here is a brief look at the latest guidelines to date!

Verification of Employment –

I know what your thinking.. “I don’t need no stinking verification of employment.” Well…., truth is, you may. Based on your current employment status, whether your active duty or not, and the lender your working with, all play a part in this becoming a potential issue.

Look on the bright side this is an easy fix!

If your active duty, all you need to do is forward the little electronic statement that is available online to all military personnel. Send 60 days history from your latest LES and your good! Easy.

If your working a “regular” job you should easily be able to obtain your last 60 days worth of paystubs from your personal records or human resources.

You may also need an appraisal-

Let’s face it….banks are scared shitless the market is going to get worse NOT better. They don’t want to be caught holding the bag or in this case YOUR house. For example, the south Florida area, with Miami in particular, have experienced massive mortgage fraud, catastrophic drops in real estate values, and unprecedented foreclosure rates. All this adds up to timid lenders and required appraisals for any refinance.

What does this mean for you? Well for starters, be prepared to pay for an appraisal. Like it or not it could happen.

A banks philosophy is simple – “Always error on the side of caution.”

Don’t believe everything else you read online

I know many websites advertise VA streamline loans or IRRRL’s with no paperwork. Don’t buy into this garbage!! What your reading is very old OUTDATED information. Sadly many mortgage brokers and VA lenders alike don’t care about you and consequently never update their websites. And why should they? Who wants to be the barer of bad news? This is a classic bait and switch scenario. Don’t fall victim.

Honesty will cost you customers.

I actually had a client hang up on me yesterday because I warned him that we may need to documentation for the va streamline loan he was asking for. My client basically told me I didn’t know what I was talking about and promptly hung up the phone.

Without a doubt, I could have led this customer along, waiting until we got into the loan process and THEN told him after it was too late to back out. I could have closed the loan and walked away with a nice paycheck. But that type of behavior is less than honorable.

In this life all you have is your good name. Mine is worth protecting.

The market is HOT, rates are LOW. Now IS the time to get a streamline refinance or VA IRRRL. Just be prepared to furnish a couple documents if needed.

ACT NOW!!

If your interested in getting the best VA Loan available simply fill out our quick “pre-qualification” form located on the home page of www.valoans.com

VA loan to purchase a manufactured home in Tampa Florida

Need a VA loan to purchase a manufactured home in Tampa Florida area or anywhere for that matter? Good luck! Although it may be known within the VA loan industry, most buyers are not aware of the difficulties in obtaining this type of financing.

Are there lenders willing to loan for the purchase of a manufactured home? Yes. Plenty. The problem arises for a veteran who wants to use a VA loan in Tampa Florida. We have access to any large lender you can think of, and more you would never know existed, as well as our own bank funds, and none of them will lend with a VA loan to purchase a manufactured home in Tampa Florida. The VA itself says it is fine insuring a manufactured home. It is a classic case of "He Who Holds the Gold Makes the Rules" when buying a new manufactured home using a VA loan in Tampa Florida. We know that manufactured homes in a lot of cases are made better, are more energy efficient, and definitely offer more bang for your buck. So I ask the lenders "Where is the risk?".

Here is what I recommend at this point if you want to take advantage of your VA Loan in Tampa Florida

• Keep your search limited to Single Family Residences (SFR)
• If you found the manufactured home of your dreams you should be able to receive financing from an "in-house" finance company representing the manufactured home builder, or try a local bank. Having done many constructions loans during the boom I never ran into an "in house" lender that really cared for the consumer.
• An FHA loan (we can help with that) would be another option but require a small down payment unlike a VA loan in Tampa Florida. For whatever reason more banks are willing to secure loans under the FHA loan program.

As a way to protect yourself make sure your contract has a clause that will reimburse your deposit if your financing falls through. Most real estate contracts have this clause just make sure yours does too.

If you know of a fellow veteran who has used their eligibility to purchase their manufactured home PLEASE have them share. We are here to help one another.