Hey guys, this is Cole and Jamie Boling with The Boling Group at Keller Williams One Legacy Partners in Topeka. We are excited. We are going to do some interviews here. Today, we have Nathan Coker. Nathan is one of our preferred lenders, who we have done a handful of deals with this year and we have been just super super impressed with. He has knocked the ball out of the ball park every single time. So, today, we want to bring on Nathan and have him introduce himself, talk a little bit today about VA loans, what VA loan even mean, what it takes, how you get one, and so welcome Nathan! Hi Nathan! Hi, thanks for having me. Absolutely, so tell everybody a little about you. Sure, sure, my name is Nathan Coker, I’m with Smart Home Lending. We’re a small brokerage out of Overland Park, Kansas and our typical fashion is we do VA, conventional, FHA, USDA loans and we are a brokerage so we have about 15 different lenders we can work with to get our clients the better deal. Awesome, awesome, and you have a pretty good background around VA. Can you talk to us a little bit about that? Well, I’m very passionate about Veterans. I’m a Veteran myself. I’ve been in the Kansas National Guard for almost 18 years now so helping Veterans out to get into homes, get the best deal possible, and make it as streamline as possible, as quick as possible, so then the cause stressors for our Veterans is a passion of mine. Awesome, absolutely. So, what is a VA loan? A VA loan is provided to our Veterans, it’s a government backed loan that gets our Veterans into the best home possible and best deal possible. So, kind of a little about some pros and cons of the VA loan. The VA loan is a no down payment loan. They allow for higher debt-to-income ratios, they have competitive terms. When I talk about competitive terms: lowest interest rate, lowest monthly payments, and lower loan amounts and closing costs as a whole. They do not have private mortgage insurance (PMI) requirements, it’s affordable and limited closing costs, no pre-payment penalties, the loan is assumable as well so if you have another Veteran that’s getting in the home, rates kind of hike up, another Veteran can get into that interest rate that you may have or at now. Also, VA loans are reusable. That is a misconception that once you use it it’s gone; no, you can actually continuously use it. There is different variables for that being able to reuse the VA loans. Some of the cons are obviously we have a VA funding fee with that and how that works is first time use if you’re going to put a 0% down loan, 2.3% of that is going to a VA funding fee. Now, you can actually have that on top of the loan so that’s not coming out of pocket which is nice. 5% is 1.65% and 10% is 1.4%. Subsequent use or second use if you’re putting down less it jumps up quite a bit, 3.6%. Again, 5% there makes it 1.65% and 10% will drop it to the 1.4%. So, if you’re going to use it again, it’s obvious to benefit you to bring a little bit more money to the table. 5% at least cuts that down almost in half. Jump over to another con is it’s only for primary residence. You can’t use this for an investment property or a second home. That’s kind of a misconception. A lot of people think that they can do that, well, unfortunately you can’t. But, the other con is seller’s perception. Real estate agents and the sellers they represent can sometimes look unfavorably on offers from VA borrowers. We see that a lot nowadays. At one time, there was some truth to the belief that VA loans took longer to close or the appraisals were stingy. Today, those beliefs are largely misplaced. Automated underwriting has largely removed barriers and accelerated the underwriting times. Just like any business process, standardized inputs into the computer processes and modeling leads to smoother and faster operations. Awesome, awesome. So, you would say that it’s better for somebody that is qualified to get a VA loan to get a VA loan over a conventional or an FHA loan for many reasons; one of them being, you mentioned, no PMI, right so a lot of people don’t understand that there’s private mortgage insurance if you don’t put 20% down on most loans and then on FHA, which most people don’t go FHA if they have that much down typically, but they would have some kind of extra fees which makes this a better deal. Is that correct? Yea, absolutely. So, obviously there’s a whole bunch of variables when you look into the mortgage product, you’re going to attempt to get. Not necessarily if you’re a Veteran is the VA the best option, always. You know, if you’re coming to the table with a lot of money down, conventional mortgage is probably going to be the best route. But, you know, there’s different variables when looking at a client to provide them with the best mortgage opportunity. Awesome. So, one of the things that we heard and I know that is a big reason we like to use Nathan is because he is a Veteran, he’s actively working on his reserve here in the state of Kansas and he, Thank you for your service! Yes, Thank you for your Service and so he’s in the muck, right, he’s in there with you, he understands the process on both sides of the table which makes him a great asset and a great ally for you as a consumer to use. So, how can they get ahold of you, Nathan, if they would like to do business with you? Absolutely, so, you can check out our website at smarthomelending.com, my email is nathancoker@smarthomelending.com, it’s very simple. You know, caveat, yes, I have been in the muck with a lot of our Veterans. The best thing about being a Veteran myself is when I’m asking questions: I know what questions to ask, I know what form to ask the Soldier for and stuff like that. That makes us a little bit more streamlined, a little bit quicker and able to guide them through the process if I have to help them get documentation. That’s why VA loans, I’m very passionate about, again, because you know being able to help a Soldier through the mortgage process smoothly helps every body. Awesome, awesome. Yes, and I can vouch for that too because we’ve had some of our past clients say he has been, you have been great to work with, you’re really good at communicating: you take their phone calls, you answer their questions, you truly take the time so we really appreciate everything that you do for us and our clients. Absolutely. Well, thank you Nathan for joining us today and we look forward to working with you on the next deal soon. See you later. Thank you. See ya.
785-230-5513 (Cole) 785-230-5340 (Jamie) 316-734-9650 (Jason – services KCK and KCMO). Team@TheBolingGroup.com