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Thanks oldkid6. For the most part I agree with you. However, the basic considerations I lay out in this video can always be useful if you are thinking about selling your home to any investor.

Always happy to help! Best of luck with your home purchase!

That is a good point.

Thanks for the comment. Yes you correct you can do a VA IRRRL on a home that is no longer your primary residence, but in order to use any VA home loan the buyer has to intend to occupy the home after the purchase.

Thanks for the question Milky Way Galaxy 🙏 unfortunately, the VA Home Loan is specifically for your primary residence only. You must intend to occupy the property as your principal residence when you purchase the home.

Great question Sergio! As long as you are a veteran, yes you can. You would be the only one on the loan. Feel free to reach out if you have any questions or need a recommendation for a great veteran lender. 858-255-1943 Scott@homeportresidential.com

Thank you Evolutiondiaries9999! Feel free to reach out with any questions. I would be happy to connect you with a great veteran loan officer to help with your home purchase. Scott@Homeportresidential.com 858-255-1943

Thank you for the kind words Tanoshavez! I'm always available if you have any questions. Scott@homeportresidential.com

That really isn't the main point of the video, but thank you for the comment.

@@HomeportResidential LOL you're a retard. NO ONE IS GIVING OUT THEIR SOCIAL SECURITY NUMBER ONLINE.

Thanks for your comment Patrick. You would have to ask the Chief Economist from UBS.

Nevermind. I found the answer in another comment! great video

@@233carter Thanks 233carter! Feel free to reach out if you have any other questions.

Nice work 👍

I agree with you Chris!

Hey Sammy you always use the loan limits for your next purchase for the county that your new home will be purchased in.

Thanks Sammy! Feel free to reach out if you have any questions. 858-255-1943 Scott@homeportresidential.com

Thanks for the comment and while you can use your VA home loan with bad credit, missed payments can definitely prevent you from getting a loan.

Thank you Andrew! I'm always available if you have any questions or if you would like me to connect you with someone on my team who can help you. 858-255-1943 Scott@homeportresidential.com

Hey Kybble that is a great summary! If you want to give me a call or text, or shoot me an email I would be happy to see if someone on my team could give you a better quote. 858-255-1943 Scott@homeportresidential.com

Great question Jenn. It is based on the Par rate or the lenders standard rate that they offer borrowers without paying to buy it down. I hope that helps. Feel free to reach out if you have any other questions. Scott@homeportresidential.com 858-255-1943

Hey Vet45tn. Yes it can definitely be a lesser value home. If you would like to shoot me a call, text, or email, I would be happy to connect you with one of my teammates who can help you.

Hello Candance thanks for your question. While I can not give financial advice, if I were in your situation I would Not do a cash out refi. I would certainly never give up my rate below 4%. You could use a Home Equity Line of Credit, or Home Equity Loan, and both of those loan types would allow you to keep your current interest rate. To be honest I don't have any experience with a Shared Equity Loans.

Unfortunately, I used some AI software on this video that was supposed to make it look like you are staring directly into the camera... In other videos it has worked great. This one the software got it very wrong... lol I will definitely not use that feature again in the future. Thanks

Great question David! While I can't give financial advice, I can tell you that as of today 8/2/2024 the best VA IRRL rates are at around 5.17%. Most experts are expecting further rates cuts over the next several months.

Hey Crazyko7000 that is a great question. However, the answer depends on everyone's unique situation and priorities. Here are some questions to ask yourself so you can make a better decision. Does the payment amount at both interest rates fit into your budget? Do you have an emergency fund with at least 2 months of your monthly salary set aside? Do you have other savings like a 401K, or other savings account. Are you concerned with building equity in your home quickly. There isn't a one size fits all situation. It really comes down to your priorities and financial situation. I hope this helps. You can always send me an email with more questions Scott@homeportresidential.com

Thanks for watching!

I paid $75 to up my insurance for the year, it's about 6.75 a month that will be added to my mortgage. With my HELOC I am folding my mortgage down. Every 10k I fold, I save 24k in interest.

So the mortgage payment goes up when u get a heloc👀 that’s crazy if it’s true wow banks

@janedoe6071 My mortgage went down about $125 per month because I knocked the PMI off. I did have to increase my insurance coverage 10k because my insurance didn't keep up with appreciation, which cost me $75 for the year.

Hello irefuzeexx2982. You could do that. For me, I would prefer to keep my extra cash in Index Funds or an emergency fund. With any luck the FED might lower interest rates by .25% in November.

Good question @Utsusemi. You can go either way, from a 1 unit to a 4 unit or vice versa, as long as the home you are purchasing is for your primary residence. If you have any more questions feel free to shoot me an email or call. Scott@homeportresidential.com 858-255-1943

@@HomeportResidential Thank you for your response, but I guess my question was in regards to how does Entitlement work in such a scenario? 1 unit you have about 250k max entitlement. 4 unit, you have about 500k max entitlement

@@Utsusemi You do the calculation for the entitlement you used and the entitlement you have remaining based on the home you originally purchased and the next homes characteristics. For example if you purchased a 1 unit home you would use the County Loan Limit for a 1 unit home, then if you are going to purchase a 4 unit home next you will use the County Loan Limit for 4 units.

@@HomeportResidential oo very interesting so the number of units have their own allotment or allowance it seems (thank you again)

Hey Greg thanks for the kind words! I was also a Swamp Fox back in the CDR Funk, Sutherland, & Essig days from 2002 to 2004!

Thanks for the question 231smooth. I would need more information. You can shoot me an email at Scott@homeportresidential.com Or you can call me at 858-255-1943. Have a great day.

@@HomeportResidential cool thanks you too! I’ll send an email .

Thanks so much for the kind words! I just sent you an email. You can always reach me at 858-255-1943 or Scott@homeportresidential.com

Thank you for the kind words!

Thanks for your service Samuel and best of luck on getting out. I know it's a very exciting time. Feel free to give me a call or shoot me an email if you have any questions on your VA home loan benefit. 858-255-1943 Scott@homeportresidential.com

Great question Samuel. The rates on HELOCs tend to adjust with the market, similar to conventional purchase loans. In most cases the HELOC rate will be between 1/4 to 1/2 point higher than interest rates for purchases. Depending on the lender you are working with of course.

@@HomeportResidential thank you!

Thanks Papa Joe. Give me a call or shoot me an email and I will be happy to see if we can help you. 858-255-1943 Scott@homeportresidential.com

Thanks so much @fitnessproducts197. I'm glad I could help!

Hey Chris I would be happy to connect you with my go to DSCR lender in PA. Send me an email to Scott@homeportresidential.com and put DSCR in the subject

Hey Mario thanks for your comment. You can feel free to give me a call at 858-255-1943 or you can send me an email Scott@Homeportresidential.com

Hey Jeff thanks for your question. Unfortunately at the time of your question interest rates for VA home loans are still around 6.5% on average. It almost all cases it will not make sense to consider any type of refinance until interest rates came down below 6% with your current rate. Hopefully, interest rates will come down soon, but it could be 2025 until we see rates come down below 6%. Hopefully, it will be much sooner than that but we will have to wait and see.

Great question Nilocsemliw! You will use the County Loan Limit for a duplex to calculate the entitlement you used for your first purchase. For your next home you can purchase any home type you like as long as it will be your primary residence.

Thanks Detached_AZ! The bill hasn't gotten any traction yet. Bill Mahr just mentioned the Bill so the more people are talking about it the better.

Hey Phizz8694 you are correct! With an interest rate below 3% it will not make sense to Refi. If you need to take money out of your house and keep your current rate I would recommend a Home Equity Loan from Navy Federal.

Thank you so much Canadianlad88!

I'm sorry I missed your question. You do not need to be on active duty to use your VA home loan. To use your VA home loan a second time, you can either use your remaining VA eligibility like we discussed in this video, or you could refinance your first VA home loan to a conventional or FHA loan and re-use it that way. If you have more specific questions you can always give me a call at 858-255-1943

Great questions MagicHat39. You will use the 2019 VA loan limits for the County you purchased your first home in to calculate the entitlement you originally used. Then you will use the current year loan limits in the County you will purchase your next home in to calculate the entitlement you have remaining.