The Trident Realty Group has partnered with one of the top lenders in San Diego, Alex Caragiannides at Prime Lending. Prime Lending performs purchase and refinance loans in all 50 states with a focus on VA and FHA loans for service members and veterans and have closed VA loans in as little as 15 days.
Mortgage Banker
NMLS# 317494
The Trident Realty Group is a disabled veteran owned business, operated by Dan Chapman and Mike Chiesl, both former Marine Corps Captains, Naval Academy Graduates, and Iraq War Veterans.
Contact us directly at TridentRE@gmail.com or 858.777.9817
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San Diego Finance
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2012 VA loan limits – Lowered to 477k for San Diego County
Last modified on 2012-03-31 23:19:40 GMT. 2 comments. Top.
The VA loan limits for 2012 have been posted on the Department of Veterans Affairs (VA) Home Loan Limits website. Loan limits for counties in the contiguous United States will range from $417,000 to a maximum of $625,500, depending on the median county home price. Loan limits in some counties have decreased but this does not impact IRRRL transactions which can remain at current limits.
The VA is alerting lenders that it is possible that Congress may pass legislation in the near future increasing the limits but no estimated date for this to occur has been given. Please note that the limits apply for loans closed from January 1, 2012 through September 30, 2012: Click on this link to see the entire list.http://www.benefits.va.gov/homeloans/loan_limits.asp.
The San Diego County limit was lowered from $537,500 to $477,000.
2012 LA and Orange County Limit – $621,000
The Trident Realty Group, owned and operated by former USMC Captains Dan Chapman and Mike Chiesl, is partnered with Prime Lending, a direct lender in all 50 states and specializes in VA loans. For more info: call 858.777.9817 or email TridentRE@gmail.com
VA Streamline Refi – IRRRL Facts for Veterans
Last modified on 2012-03-29 01:24:41 GMT. 0 comments. Top.
IRRRL stands for Interest Rate Reduction Refinancing Loan. You may see it referred to as a “Streamline” or a “VA to VA.” Except when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower interest rate. When refinancing from an existing VA ARM loan to a fixed rate, the interest rate may increase.
No appraisal or credit underwriting package is required by VA. You should be aware, however, that lenders may require an appraisal and credit report anyway.
A certificate of eligibility is not required. Your lender may use our e-mail confirmation procedure for interest rate reduction refinance in lieu of a certificate of eligibility.
An IRRRL may be done with “no money out of pocket” by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs. (Remember: The interest rate on the new loan must be lower than the rate on the old loan unless you refinance an ARM to a fixed rate mortgage).
Any lender of your choice may process your application for an IRRRL.
Some lenders may contact you suggesting that they are the only lender with authority to make IRRRLs. Remember – Any lender may make you an IRRRL.
Some lenders may say that VA requires certain closing costs to be charged and included in the loan. Remember – The only cost required by VA is a funding fee of one-half of one percent of the loan amount which may be paid in cash or included in the loan.
You must NOT receive any cash from the loan proceeds.
An IRRRL can be done only if you have already used your eligibility for a VA loan on the property you intend to refinance. It must be a VA to VA refinance, and it will reuse the entitlement you originally used. You may have used your entitlement by obtaining a VA loan when you bought your house, or by substituting your eligibility for that of the seller, if you assumed the loan. If you have your Certificate of Eligibility, take it to the lender to show the prior use of your entitlement.
The occupancy requirement for an IRRRL is different from other VA loans. When you originally got your VA loan, you certified that you occupied or intended to occupy the home. For an IRRRL you need only certify that you previously occupied it.
The loan may not exceed the sum of the outstanding balance on the existing VA loan, plus allowable fees and closing costs, including funding fee and up to 2 discount points. You may also add up to $6,000 of energy efficiency improvements into the loan.
NOTE: Adding all of these items into your loan may result in a situation in which you owe more than the fair market value of the house, and will reduce the benefit of refinancing since your payment will not be lowered as much as it could be. Also, you could have difficulty selling the house for enough to pay off your loan balance.
Some lenders offer IRRRLs as an opportunity to reduce the term of your loan from 30 years to 15 years. While this can save you a lot of money in interest over the life of the loan, if the reduction in the interest rate is not at least one percent (two percent is better) and lots of new loan costs are rolled into the new loan, you may see a very large increase in your monthly payment.
Beware: It could be a bigger increase than you can afford
No loan other than the existing VA loan may be paid from the proceeds of an IRRRL. If you have a second mortgage, the holder must agree to subordinate that lien so that your new VA loan will be a first mortgage.
The Trident Realty Group is owned and operated by two former Marine Corps combat veterans and is partnered with Prime Lending. Together they have performed hundreds of VA loans for active duty military and veterans. We can be contacted M-F 9-5 at 858.777.9817 or via email at TridentRE@gmail.com
VA
VA Reduces Funding Fee from 2.15% to 1.40% Effective Nov. 18th
Last modified on 2012-03-01 18:24:25 GMT. 1 comment. Top.
Effective Nov 18th, VA funding fees will be reduced for active duty, retired and National guard personnel.
Depending on status (active duty/retired vs. reservist) and whether it’s a first time user (vs. second and all subsequent users) the funding is reduced from 2.15% to 1.40%.
What this means to your typical first time buyer (i.e. first time user of their VA loan)applying for a $250k loan..is their closing fee is reduced from $5375 to $3500.
Disabled veterans (even ZERO percent), pay NO funding fee.
Contact the Trident Realty Group at TridentRE@gmail.com. TRG is owned and operated by two former Marine Corps Captain and Naval Academy Graduates. You can also contact us Mon-Fri at 858.777.9817
VA
Streamlined Bank Of America Short Sales San Diego
Last modified on 2010-10-13 07:38:26 GMT. 0 comments. Top.
Bank of America Now Using Equator System
Bank of America short sales are renowned for their difficulty in obtaining approval. In fact, many homeowners have found themselves in limbo waiting for the short sale to be completed for months on end worrying about the possibility of foreclosure. There are mulitple reasons why Bank of America short sales are known to be lengthy and cumbersome:
1. Delay in the homeowner turning over required documents to complete the short sale.
2. Lack of experience with the realtor and/or negotiator in pushing the short sale through.
3. All parties lacking the necessary experience with the Equator System – Bank of America’s online processing database.
When it comes to pushing Bank of America short sales through in San Diego, homeowners will want to hire an experienced team that specialize in short sales. Here at The Trident Group we have multiple short sale negotiators and have the ability to push Bank of America short sales through in as little as 21 days. Please feel free to contact us at anytime for a free consultation if you are considering a short sale, especially if your loans are with Bank of America.
