March 7, 2025 • 26 mins
With over a decade of experience, Army Veteran and West Point graduate Patton Gade is a top expert in military lending. As the National Director of Military Lending at UMortgage and the #1 Scotsman Guide Ranked VA Loan Originator, he’s dedicated to educating veterans and industry professionals on the benefits of VA loans. Patton leads a team of VA experts, working to expand homeownership opportunities for military members while breaking down common misconceptions. Passionate about service, leadership, and education, he’s a trusted advocate for veterans navigating the mortgage process.
In this episode:
- Understanding VA Loans and Their Key Benefits
- Financial Qualifications and Credit Score Requirements
- How Many VA Loans Can You Have?
- Types of VA Loans Explained
- VA Renovation Loans and the Role of Co-Signers
- LLCs, Trusts, and VA Loans—What’s Allowed?
- Debunking Common VA Loan Misconceptions: Addressing misunderstandings about eligibility, usage, and benefits of VA loans.
- The Flexibility of VA Loans: Insights from Patton Gade on how VA loans can adapt to different financial situations.
- The importance of awareness and understanding of VA loans in the real estate market.
The Norris Group originates and services loans in California and Florida under California DRE License 01219911, Florida Mortgage Lender License 1577, and NMLS License 1623669. For more information on hard money lending, go www.thenorrisgroup.com and click the Hard Money tab.
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Narrator (00:01):
Welcome to The Norris Group real estate podcast, a
show committed to bringing youinsights from thought leaders
shaping the real estateindustry. In each episode, we'll
dive into conversations withindustry experts and local
insiders, all aimed at helpingyou thrive in an ever-changing
real estate market. continuingthe legacy that Bruce Norris
(00:24):
created, sharing valuableknowledge, and empowering you on
your real estate journey.
Whether you're a seasoned pro ora newcomer, this is your go-to
source for insider tips, markettrends and success strategies.
Here's your host, Craig Evans.
Joey Romero (00:45):
Thank you for joining us again for part two of
our interview with Patton Gade,the National Director of
Military Lending for UMortgage.
Hope you enjoy now. So one ofthe biggest benefits is the zero
down. Does the VA offer more,advantageous rates?
Patton Gade (00:59):
For sure. Yeah, that's so. So, at its core, what
a VA loan is, is the VA isguaranteeing to the bank 25% of
the loan amount. So, if you do a$400,000 loan, the VA is
actually on the hook for 100,000of it. And so if you foreclose
for some reason down the road,and the bank has to repossess
your property, they don't haveto sell it for 400,000 to break
(01:22):
even. They have to sell it for300,000 at least. And then if
they only sell it for 300,000the VA is literally going to
stroke them a check and say,'here's a check for that
$100,000' so what that does forthe lending institution is it
removes a significant amount ofrisk from that loan, okay, and
so interest rate is all aboutrisk. And so a lower risk loan
(01:45):
is going to be a better interestrate. So, VA loans are
inherently lower risk, numberone, they default way less than,
than any other type of loan. So,veterans like to pay their
bills. And so that's, you know,that's, we're generally
honorable people, right? And sothey pay their bills, and so
they default less and so, andthen it's got that guarantee
(02:08):
from the VA which makes it lessrisky as well. Another thing
that that lower risk allows theVA loan to do is it expands a
little bit the creditavailability. So, if you've got
lower credit, or you got somemissteps in the past where you
you missed some payments, or youhad something happen. And, you
know, we've all had stuff happenin our life. If one of those
(02:28):
things happened to you, itdoesn't necessarily disqualify
you from a VA loan. And youshould talk to somebody that can
look at your situation and giveit a good you know, understand
what's going on.
Joey Romero (02:40):
Well, that's...
Patton Gade (02:40):
...some good advice.
Joey Romero (02:41):
That's interesting.
Let's say some of your San Diegopeople live in San Diego,
they're looking to buy a homedown there, and it's a million
dollars. So, there are you'resaying is, essentially, they're
almost getting a credit ratingfor a $750,000 home because they
know that...
Patton Gade (02:59):
Well, I wouldn't say they get a credit so much
that, but it's kind of, no, it'sbetter than, like they're
getting a rate, you know, aconventional loan at 750 is
probably still going to be worsethan a VA loan at a million,
from an interest ratestandpoint. I mean, you're just
going to get anywhere betweenhalf, three quarters of a
percent lower on a VA loan thanyou will on any sort of
(03:21):
conventional.
Joey Romero (03:22):
Wow. So, what are the financial qualifications
that they need to have?
Patton Gade (03:27):
Well, it's going to depend a little bit on the on
Joey Romero (03:28):
Often, do you submit applications that don't
the lender. There are a lot oflenders that will go down to,
you know, as low as, like, a 500credit score. And once you get
get approved?
below 620, or 600 somewhere inthat range, the reason for your
Patton Gade (03:38):
Hardly ever.
Joey Romero (03:42):
Because you're going to do all that work ahead
credit score being low ispotentially going to have an
impact on whether you qualify ornot, okay? So, if you have, you
know, if you have lates, with awhole bunch of lates in the last
you know, say, 12 months, thatcould disqualify you from a VA
of time, and you're going tohave a good idea before you even
loan. But you know, sometimes,you've had some lates in the
past, you've gotten your stuffsquared away, and now you're,
(04:03):
you know, you're crazy along,but it's going to take maybe a
year or two for your credit tocatch up and start to get
better. And so, as long as youhaven't had a bunch of credit
missteps, you know, superrecently, then you may have a
shot at a VA. But again, it goesback to what your specific
circumstances and what you mightbe able to accomplish.
(04:30):
send it in, right?
Patton Gade (04:32):
If ever, yeah, I can't think off the top of my
head, with the exception of, youknow, I've had one where
somebody quit their job, like,three days before closing, and
then that, the underwriter,obviously a couple days before
closing, we do a verification ofemployment. They're like, 'Yeah,
this guy doesn't work hereanymore.; We're like, 'Dude,
(04:52):
like, what are you thinking?
We're supposed to close alone onFriday, and you quit your job on
Monday? Like, you couldn't havewaited a week?' It's a lot.
Joey Romero (04:59):
Hey, I just bought a new Porche, is that gonna
affect?
Patton Gade (05:01):
Yeah, I've had, I've had people do that, 'Oh, my
husband just bought a newtruck.' and I'm like, 'You just
killed your whole refinance.
Like you're killing me.'
Joey Romero (05:09):
So, let's say there's, you have a, you know,
an enlisted member buys amortgage, and then he gets
shipped across the country.
Patton Gade (05:17):
Yup.
Joey Romero (05:18):
And so how many of these VA loans can you have at a
time?
Patton Gade (05:22):
So, I've the most I've ever seen somebody have at
the same time is four. So, oncethe rules are a little bit
different. So, once you haveyour first VA loan, now there is
a limit to how much more houseyou can buy, and it depends on
where you're buying, and itdepends on what the county loan
limit is that's set by Fed,Fannie and Freddie, what the
(05:46):
county loan limits are, and ineach county where you're buying
but I've seen people have up tofour VA loans at one time. So,
it's pretty cool when you seesomebody. I'll tell you a quick
story. I think I told this onSaturday. You know, I had a
young couple that I connectedwith like, six, eight years ago,
and they were told by like,three different lenders, like,
'Hey, you can't, no, you can'tbuy a second house of the VA
(06:08):
loan. It's already used.' Ilike, 'Wait a minute, that's
wrong.' And they bought theirsecond house. So, I got them
approved and got them theirsecond house. They had a fort
house at Fort Bragg, and theybought a house at Eglin Air
Force Base. And then coupleyears later, he got out of the
Army, and they bought a house inAlabama. It's now they have a
(06:28):
third house, and those other twohouses are rentals. And then
they lived in that house forabout a year and a half. And
then they're like, 'Hey, mysister wants to move into this
house, and my neighbor has ahouse for sale down the road,
you know, mile and a half, we'regoing to go buy that house.' And
so now they're in that fourthhouse, and they're basically
renting out the other threehouses. And it's literally
(06:48):
giving them enough residualincome that they don't have to,
you know, he's got VA,retirement and disability, and,
you know, they don't really haveto have a another job because,
and they're young, you know,they got young kids and
everything that are runningaround, living their best life.
With those little miniature cowsthat are, like, this big, you
know, like... it's prettyawesome.
Joey Romero (07:09):
My favorite are the goats, though, especially how
they faint.
Those arehilarious. So, in lending
Patton Gade (07:13):
Yeah...
overall, there's a myriad ofprograms. It's, you know, non
QM, you know, ARMS, things likethat. How many different types
of loans is there in the VAprogram?
Well, there'sreally only three. There's a
Purchase Loan, there's the CashOut Refinance, and then there's
(07:35):
the Interest Rate ReductionLoan. Okay, so the interest rate
reduction loan is probably thebest, best out of all of them.
Number one, you know, you go,especially right now, where
interest rates are a little bitelevated, and they have been for
a while, but everybody'sprojecting that rates are going
to come down prettysignificantly. And when that
happens, what's going to happenis the market. A lot of people
(07:55):
been sitting on the sideline. Alot of people are going to flood
into the market. And so thathouse that might be $600,000
today, when you have 10 peopleputting an offer on it, that's
going to push that price point,right. So, even though rates
went down...
Joey Romero (08:08):
Yeah.
Patton Gade (08:09):
You know, you're going to pay more for that
house, and your payment might bethe same or worse than what it
would have been if you justbought today at a higher
interest rate, and then the VAinterest rate reduction loan
when rates drop in the future,it's super fast, cheap and easy
to refinance that loan into alower interest rate. And now,
you know, your loan balancedoesn't really go up, but, you
know, but it drops your paymentsignificantly. Plus, as
(08:31):
everybody else is scrambling forhouses, your house is
appreciating in value, and thatnow you got the best of both
worlds.
Joey Romero (08:37):
And that's part of the problem, why there's such so
low inventory, right? Is peopletook that ride, even not in the
VA, you know, refi at four, refiat three and a half, refi at 2..
yeah, and, so now they're lockedinto those and they don't want
to get out of that, you know.
So, look, hold on, let me, Ilost my train of thought on
(09:01):
myself there. Okay, so, you'retalking about what I read as I
was doing a little bit ofresearch, is that, can you
actually put repairs into theprice of the mortgage and roll
that in?
Patton Gade (09:16):
Yeah, so it's something that not very many
people do. There's somethingcalled a VA Renovation Loan. And
what it is is, let's say youfind, you find a great house,
it's in a great neighborhood,but it's, you know, beat the
crap, right? It needsrenovations, or it's got that
shag right from the 70s is,yeah, with a bunch of, you
know...
Joey Romero (09:37):
Maybe they still like that?
Patton Gade (09:38):
Everybody's got that image in their mind, right?
They probably smells like smokea little bit.
Joey Romero (09:43):
The beads in between the...
Patton Gade (09:45):
Yeah.
Joey Romero (09:45):
...the hallway.
Patton Gade (09:46):
It's got that orange and brown couch...
Joey Romero (09:49):
Yes. the Bundy couch.
Patton Gade (09:50):
Yeah. So, anyway, so you find that house, and
you're like, this is my dreamhouse, if it was only updated,
right? So, so what you do is youget it under contract. And let's
say you get it under contractfor $400,000 then what you do is
you get a contractor to come inand you, before you close, and
they get a bid, and let's sayit's going to be $100,000 to do
(10:12):
a new kitchen, new bathrooms,new flooring, paint the walls,
you know, do all this stuff. It$100,000 we take the purchase
contract and we take the quotefrom the contractor, we give
them to the appraiser, and wetell the appraiser, appraise
this as if all this work hasalready been done. The appraiser
comes back and says, 'Hey, thishouse is going to be worth
$550,000 when it's rehabbed.'And we go, 'Cool' we give the
(10:39):
seller their 400,000 and we holdon to the other 100,000 we start
paying the contractor afterclosing to get off...
Joey Romero (10:45):
To boost the funds control.
Patton Gade (10:46):
And, boom, you've got everything, you know, whole
house rehabbed, and you're goodto go.
Joey Romero (10:53):
Now, does it matter what they can they put in a
pool? Can they put in anotherroom?
Patton Gade (10:56):
So, there's some limits to it. You put in a pool
and they're not gonna, theydon't like to see structural
like, if it's minor stuff, like,okay, there's...
Joey Romero (11:05):
Stuff that's gonna require a permit?
Patton Gade (11:07):
Yeah, you're not gonna do a whole lot. Well, it
may require a permit, but it's,they don't like structural
repairs. So, there are somelimits to what you can do. And
there's some dollar limits too.
It can't be a $700,000 rehab ofa, you know, of a house,
because, sure, it has to be donewithin 60 to 90 days of closing.
And you're not going to do a$700,000 rehab in 90 days,
(11:31):
right? That's a, that's aproject.
Joey Romero (11:35):
Can you have co signers?
Patton Gade (11:38):
You can, you can.
It does change the rules alittle bit. And again, that's
one of those things where, youknow, you can have a veteran and
a non veteran who are notmarried, and they can use a VA
loan together, but it's going torequire a down payment from the
non veteran. So, those, those...
Joey Romero (11:55):
So, say, like, a parent wants to help. Like, how
does that?
Patton Gade (11:58):
A parent can help.
The parent can help, sure,oftentimes it's, it's maybe
easier and more effective tojust maybe get some gift funds
from a parent, instead of themcoming in and potentially to
have a down payment whatnot.
Joey Romero (12:14):
Okay, so what about LLCs and trusts? Can they
participate in these?
Patton Gade (12:18):
So, we can't do it.
You can't do a purchase of a VAloan with an LLC, you know, but
we can do it in the trust. Youclose in the trust, and you can
refinance the trust. LLCs aretypically more for investment
properties or whatnot, and soyou're not going to be able, it
has to be closing in a personalname, essentially.
Joey Romero (12:40):
So, you know couple things that you said throughout
the conversation. What if youknow we talked about when they
move, but let's say somebody'senlisted, they get their house,
they've been living in it, andthen they get dishonorably
discharged. Do they lose the VAloan? Or what happens there?
Patton Gade (12:57):
No, once you're in a VA loan, you're good. It would
be interesting to see, I thinkI've never run across that, that
specific scenario, Joey, like,I'm sure maybe it exists. But
yeah, it would be interesting tosee if you've lost your, if
(13:18):
you're, if you've lost your, yougot a dishonorable discharge.
Maybe you're not eligible for aVA loan anymore. And I don't
know that that would necessarilycome up if you try to do a
refinance. I think once you'rein the system, you're in the
system. But I could be wrongabout that. Good question.
Joey Romero (13:34):
So, one of the other things that you said is
that a lot of people thoughtthat, oh, well, I use my, you
know, I came out, I use my VAloan, and that was sold. The
house is done. I can't do itanymore. Is that still the case?
Or can...
Patton Gade (13:45):
That's not the case. So, once, you know you
can, you could use a VA loan 30times.
Joey Romero (13:49):
Really? For the lifetime, for your life...
Patton Gade (13:52):
Sell it, buy it, sell it. It never expires.
You're, you're good to golike...
Joey Romero (13:56):
So what are the rules? Like, you have to sell
that house. And then, becauseit's not like a first time but
home buyers, right?
Patton Gade (14:02):
No, there's not really any first time homebuyer
benefit for VA. Now,essentially, you don't, that's
depending on how expensive thefirst house is and what the
county loan limit is whereyou're buying. Like, let me give
you an example. The county loanlimit in most counties today in
the United States, is 806 500.
Okay, so let's say you bought ahouse that was 400,000 the
(14:25):
county loan limits 806 you stillgot $400,000 of eligibility in
there. So, let's say you youkeep this house and you're
moving from, you know, Dallas toTulsa, and you want to buy
another house in Tulsa, you have400,000 of your VA eligibility
used, you still have that 406 ontop of it. So, you could do
another house for essentially406 without any down payment.
(14:48):
You could actually buy a housemore expensive than that,
still...
Joey Romero (14:53):
I was going to ask.
Patton Gade (14:54):
...still do it on a VA loan, but you have to put
down a 25% down payment oneverything higher than that 406.
Joey Romero (15:02):
Okay, so, alright.
So, in that example, I want tobuy a house. That's now I'm
doing well in my life. And, youknow, I we have two incomes. I
want to buy, I got 400 left inmy limit. And I want to buy a
house is 1.4 million. So,essentially, I gotta put down
250k?
Patton Gade (15:19):
That's right, 25% of that million dollars, that's
over the limit.
Joey Romero (15:23):
Okay, so not the 1.4 That's awesome.
Patton Gade (15:25):
Yeah. So, so, and, you know, as we were talking at
the very beginning, you know,you were talking about, you
know, the all the differentspeakers and everything on
Saturday, I think, you know, alot of people go, 'Well, the VA
loan is only for your primaryresidence and all this stuff.'
But really, what happens is,you've got, you've got all these
veterans out there, you know,tons of people that are
(15:47):
interested in becoming, youknow, involved in real estate in
some way, shape, matter or form.
And what I always say to peopleis like, 'You know what, the
very first building block ofthis tower that you want to
build, you know, this, thiswhole life that you want to
build. The first building blockof it is the VA level. Like
it's, that's what gets youstarted in real estate.'
Joey Romero (16:10):
What a head start you get too.
Patton Gade (16:12):
Yeah.
Joey Romero (16:12):
Because the barrier to entry a lot of the times, is
that down payment.
Patton Gade (16:16):
That's right.
Joey Romero (16:17):
And so if you eliminate that, now you're in
the game, right? And that'struly like my kids, you know, I
tell them, you know, you'regoing to buy a house as soon as
you can. That's the first thingyou're going to do, when you get
your job at a college orwhatever, you're going to buy
houses. So, I'm sure over theyears, you've come across a ton
of people that you've helped.
There's been, you know, sadstories, there's been inspiring
(16:38):
stories. What has been the loanthat has impacted you the most
from the story of the people
Patton Gade (16:46):
You know, I think, I really think it's that young
that you helped?
family that I was telling, youknow, where they were denied a
couple times, and then now Ilook back and they've got four
houses. They've got the residualincome coming in, like they both
messaged me, I mean prettyregularly. I mean, every couple
weeks or month or something. Youknow, they're on my Facebook
(17:07):
page. They're part of my life.
Never met them in person, butyou know they'll, I'll get a
Christmas card or whatevergoing, 'You know what? Patton,
thank you so much for you know,change. You've changed our lives
like I know I can always come toyou and get great advice.' And
you know, those are the thingsyou remember, right? Is the ones
that where people are genuinelythankful for, you know, the
(17:29):
impact you've made on them, andthen, you know, you've built
this relationship that lasts forpotentially years, all over.
Like, hey, you bought a house,right? How many people get to
stay in touch, care aboutstaying in touch with their loan
offs that did their house? Imean, not very many. But yeah,
(17:50):
in this, in this veteran world,it's pretty common where, you
know, I'm, I'm texting withpeople, 'Hey, happy birthday.
Hey', you know, 'Hey, saw youhad another kid. Like,
congratulations.' Like, 'I sawyou named a Patton. Like, that's
awesome.'
Joey Romero (18:06):
S,o now, being the community that you're a part of,
they're going to be all over thecountry. You're able to write VA
loans. Doesn't matter if they'rein New York, Florida,
California?
Patton Gade (18:15):
Pretty much anywhere. My company is not
licensed in New York orMassachusetts right now, but
that should hopefully changehere pretty soon. So, pretty
much, pretty much everywhereelse, all other place, we can
help you.
Joey Romero (18:23):
So, what is the one thing that. So, alright, so our
audience is real estateinvestors, realtors, other
mortgage professionals. Whatwould you want them to take away
from our conversation today?
What's the most important thingthat you want them to take away?
Patton Gade (18:42):
You know what I I'd say that the number one thing is
they're just, there a lot ofmyths that exist out there, in
the real estate world, and Iwill tell you that the VA loan
itself is the most flexible loanon the planet. And as a loan
officer, it gives me a lot of, alot of ways that I can adjust
things midway. You know, ifsomething comes up and it's not
(19:03):
necessarily good, you know, itgives me the opportunity to
adjust things. There are peoplethat think that VA loans take
forever. They don't. They don'ttake forever. Like, if I get a
contract and it's 21 days fromnow, I don't even blank 21 days
is easy on a VA loan. So, a lotof those myths in the past. You
know, people say, 'Oh, the VAappraisal is so hard.' Well,
(19:23):
guess what? The VA appraisalcomes in low, a lower percentage
of the time than any other typeof loan. Plus the VA gives you
two opportunities to affect thevalue as a realtor, you can
affect the value before theappraisal comes out, and then
after the appraisal, sometimesyou can go to the VA. So, there
are a lot of, lot of thesethings where people go, 'Oh,
these VA buyers don't have skinin the game.' Like, what?
(19:49):
Like...They left their rightleg, you know, on the...
Joey Romero (19:54):
Yeah.
Patton Gade (19:55):
On the sands in Iraq. Like, they left the whole,
they got a whole leg in thegame.
Joey Romero (19:58):
There's a reason it's zero down, you know, there
was other things that...
Patton Gade (20:02):
And so zero down isn't necessarily that the
borrower doesn't have money.
I've done some loans for someextraordinarily wealthy people
that are doing zero downbecause, they can. And like, who
cares if the seller is spendingthe bank's money or the
borrower's money, or somecombination of the two you're
getting the same number. Like,who cares? Let's you know. So,
(20:23):
that's the thing, is that the VAloan is not harder. It's not
something to be scared of,especially when it's in the
hands of a practitioner, like,Okay, is it is a tank a scary
weapon, yeah, but not in thehands of somebody that's trained
to use it, right? And a VA loanis not scary, and it shouldn't
be scary to anybody involved init, as long as you're working
(20:44):
with somebody who's trained in,you know, who knows what the
heck they're doing. And that'swhere I think a lot of the
problems of VA loans in thepast, and some of the old myths
and old wives tales, or whateveryou want to call them. That's
where this came from. Is likeloan officers just didn't know
what they were doing, and it wastheir, it was their one VA loan
that they're going to see allyear long, and they screwed it
up. And all the realtors are nowlike, oh, it was the VA loans
(21:07):
fault. No, it wasn't. It wasthat idiot, loan officer that
screwed it up, you know.
Joey Romero (21:13):
It's almost like, if I'm a realtor, like, I'd be
on the lookout. 'Oh, you're aveteran. All right, let's get
you, let's get you into a VAloan and incorporate that into
the process.'
Patton Gade (21:25):
Yeah. I mean, I've talked to realtors before. I
mean, just recently, I wastalking to one a friend of mine,
and she goes, 'Yeah, I've gotthis guy. He's a retired two
star general, and he's gotanother job after the military,
and he's making a ton of money.
He's got a ton of money that,you know, in the bank and all
this stuff.' And she's like, 'Irecommended to him that he put
in an offer as a conventionalloan, not as a VA loan, because
(21:48):
it would be more likely to beaccepted as a conventional
loan.' And he was like, 'No, onprinciple, I'm not going to do
it. I'm going to, I'm buyingwith a VA loan, and that's what,
because I'm authorized to do it,I'm using it because it's the
best loan ever,' and he actuallyhad a hard time getting an offer
accepted, because it was a VAloan instead of conventional.
(22:09):
And I think that's a travesty.
It's a travesty in our industry,and we need to do better as
industry professionals, whetherit's realtors, whether it's loan
officers, just really educatingeach other and educating, you
know, sellers like, yeah, it'snot a bad deal. It's a VA Loan.
It's not a bad thing. It can bea really good thing.
Joey Romero (22:31):
Well, you know, for all the veterans out there, you
know, listening, and especiallyyou, you know, putting your time
with us and to educate them, youknow, I want to thank you, you
know, for your service and fornot only just for your service
for your country, but also forthe service for our industry,
because I truly do think you'reproviding a tremendous service
(22:53):
to the folks that are, that areinvolved in VAs. So, how can
people reach you?
Patton Gade (23:00):
You want? The easiest way to reach me is my
cell phone. I mean, if youGoogle my name, you're going to
find me.
Joey Romero (23:06):
All right. Just, all right. Just be careful here,
if you're really going to dothis, you know.
Patton Gade (23:10):
You know what I you know my passion is, is serving
my fellow veteran. And ifsomebody wants to talk to me
about a VA loan, I mean, I tellpeople all the time. You know,
when I talk to a realtor and Itell them, and I'm honest about
this, if you're having aproblem, and you're a seller
agent, and you've accepted a VAoffer, and I'm not even the loan
officer, and you're like, wait aminute, this isn't adding up.
(23:33):
This doesn't make sense to me.
I've got questions. You know,what can we do here? You know,
what's going on? And, you know,
Joey Romero (23:38):
All right, so, so what is that contact info?
pick up the phone and call meand I'll tell you what I think
is going on based on, you know,the information that you can
give me. I'm here in service ofthe veterans. And so if I can
help that veteran buy the housethat you're selling and you have
questions about it, call me. Idon't care if I'm the loan
officer or not, I'm gonna, I'llshoot you straight. I'll give
(23:59):
you the, you know, the rightanswer. And you know, same thing
for veterans, like maybe youcan't qualify right now, but it
doesn't hurt to ask somebody,and it doesn't hurt to talk
about it.
Patton Gade (24:13):
So, my cell phone number is 623-866-3974.
Yeah, my email ispgade@umortge.com
Joey Romero (24:22):
Do you have an email?
Well, like I said,thank you so much. I really,
truly appreciate you jumping on,especially some short notice. I
wanted this to get out rightaway. You know, it was really
impactful to hear everybodyinvolved that day. I was telling
(24:42):
you yesterday, one of the reallycool things that you know,
between the speakers and betweeneverybody who knew up there,
each other on stage is, is kindof the ribbing that you guys
gave each other...
Patton Gade (24:54):
That's the most fun about all of it. That's and
that, you know, I've got a teamof like 15 guys that are, we're
all veterans, across all theservices. I mean, I've got
pilots, I've got Navy divers,I've got Surface Warfare
officers, I've got militarypolicemen, I've got signal
officers, you know, I gotengineers, you know, you name
it. I've got somebody across thespectrum. And when we get on a
(25:14):
call together, you know, it'salways that, you know, it's
always giving people a bad timeand...
Joey Romero (25:20):
I can imagine what the Army, Navy game looks like
in your office.
Patton Gade (25:23):
Yeah, it's good stuff.
Joey Romero (25:25):
So, who's, who's the drummer? You know, in rock
bands are always all, he's justthe drummer.
Patton Gade (25:31):
...the drummer is in the office. We got a bunch of
people beating drums all thetime.
Joey Romero (25:38):
No, what I meant was like, you know, Navy, Army,
Air Force, Marines, which, who'sthe drummer, who's the one that
gets razzed on the most?
Patton Gade (25:49):
I don't know, maybe the Coast Guard or the or the
Space Force, like nobody reallyknows very many of them, I have
a Coast Guard guy on my team,and then I always joke with The
Air Force guys, I say, well,that that was a good alternative
to military service.
Joey Romero (26:07):
Thank you so much.
Patton Gade (26:08):
I'm totally kidding about that. I respect,
Joey Romero (26:11):
Yes, we respect all of them. They're all necessary
and they're all great. Thank youso much. I truly appreciate it.
Patton Gade (26:17):
It's been a pleasure. Joey, I appreciate
you.
Narrator (26:19):
For more information on hard money loans, trust deed
investing, and upcoming eventswith The Norris group. Check out
thenorrisgroup.com. For moreinformation on passive investing
through the DBL Capital RealEstate Investment Fund, please
visit dblapital.com.
Joey Romero (26:38):
The Norris Group originates and services loans in
California and Florida underCalifornia DRE license 01219911.
Florida mortgage lender license1577 and NMLS license 1623669.
For more information on hardmoney lending go to
thenorrisgroup.com and click thehard money tab.
Welcome to The Norris Group real estate podcast, a
show committed to bringing youinsights from thought leaders
shaping the real estateindustry. In each episode, we'll
dive into conversations withindustry experts and local
insiders, all aimed at helpingyou thrive in an ever-changing
real estate market. continuingthe legacy that Bruce Norris
(00:24):
created, sharing valuableknowledge, and empowering you on
your real estate journey.
Whether you're a seasoned pro ora newcomer, this is your go-to
source for insider tips, markettrends and success strategies.
Here's your host, Craig Evans.
Joey Romero (00:45):
Thank you for joining us again for part two of
our interview with Patton Gade,the National Director of
Military Lending for UMortgage.
Hope you enjoy now. So one ofthe biggest benefits is the zero
down. Does the VA offer more,advantageous rates?
Patton Gade (00:59):
For sure. Yeah, that's so. So, at its core, what
a VA loan is, is the VA isguaranteeing to the bank 25% of
the loan amount. So, if you do a$400,000 loan, the VA is
actually on the hook for 100,000of it. And so if you foreclose
for some reason down the road,and the bank has to repossess
your property, they don't haveto sell it for 400,000 to break
(01:22):
even. They have to sell it for300,000 at least. And then if
they only sell it for 300,000the VA is literally going to
stroke them a check and say,'here's a check for that
$100,000' so what that does forthe lending institution is it
removes a significant amount ofrisk from that loan, okay, and
so interest rate is all aboutrisk. And so a lower risk loan
(01:45):
is going to be a better interestrate. So, VA loans are
inherently lower risk, numberone, they default way less than,
than any other type of loan. So,veterans like to pay their
bills. And so that's, you know,that's, we're generally
honorable people, right? And sothey pay their bills, and so
they default less and so, andthen it's got that guarantee
(02:08):
from the VA which makes it lessrisky as well. Another thing
that that lower risk allows theVA loan to do is it expands a
little bit the creditavailability. So, if you've got
lower credit, or you got somemissteps in the past where you
you missed some payments, or youhad something happen. And, you
know, we've all had stuff happenin our life. If one of those
(02:28):
things happened to you, itdoesn't necessarily disqualify
you from a VA loan. And youshould talk to somebody that can
look at your situation and giveit a good you know, understand
what's going on.
Joey Romero (02:40):
Well, that's...
Patton Gade (02:40):
...some good advice.
Joey Romero (02:41):
That's interesting.
Let's say some of your San Diegopeople live in San Diego,
they're looking to buy a homedown there, and it's a million
dollars. So, there are you'resaying is, essentially, they're
almost getting a credit ratingfor a $750,000 home because they
know that...
Patton Gade (02:59):
Well, I wouldn't say they get a credit so much
that, but it's kind of, no, it'sbetter than, like they're
getting a rate, you know, aconventional loan at 750 is
probably still going to be worsethan a VA loan at a million,
from an interest ratestandpoint. I mean, you're just
going to get anywhere betweenhalf, three quarters of a
percent lower on a VA loan thanyou will on any sort of
(03:21):
conventional.
Joey Romero (03:22):
Wow. So, what are the financial qualifications
that they need to have?
Patton Gade (03:27):
Well, it's going to depend a little bit on the on
Joey Romero (03:28):
Often, do you submit applications that don't
the lender. There are a lot oflenders that will go down to,
you know, as low as, like, a 500credit score. And once you get
get approved?
below 620, or 600 somewhere inthat range, the reason for your
Patton Gade (03:38):
Hardly ever.
Joey Romero (03:42):
Because you're going to do all that work ahead
credit score being low ispotentially going to have an
impact on whether you qualify ornot, okay? So, if you have, you
know, if you have lates, with awhole bunch of lates in the last
you know, say, 12 months, thatcould disqualify you from a VA
of time, and you're going tohave a good idea before you even
loan. But you know, sometimes,you've had some lates in the
past, you've gotten your stuffsquared away, and now you're,
(04:03):
you know, you're crazy along,but it's going to take maybe a
year or two for your credit tocatch up and start to get
better. And so, as long as youhaven't had a bunch of credit
missteps, you know, superrecently, then you may have a
shot at a VA. But again, it goesback to what your specific
circumstances and what you mightbe able to accomplish.
(04:30):
send it in, right?
Patton Gade (04:32):
If ever, yeah, I can't think off the top of my
head, with the exception of, youknow, I've had one where
somebody quit their job, like,three days before closing, and
then that, the underwriter,obviously a couple days before
closing, we do a verification ofemployment. They're like, 'Yeah,
this guy doesn't work hereanymore.; We're like, 'Dude,
(04:52):
like, what are you thinking?
We're supposed to close alone onFriday, and you quit your job on
Monday? Like, you couldn't havewaited a week?' It's a lot.
Joey Romero (04:59):
Hey, I just bought a new Porche, is that gonna
affect?
Patton Gade (05:01):
Yeah, I've had, I've had people do that, 'Oh, my
husband just bought a newtruck.' and I'm like, 'You just
killed your whole refinance.
Like you're killing me.'
Joey Romero (05:09):
So, let's say there's, you have a, you know,
an enlisted member buys amortgage, and then he gets
shipped across the country.
Patton Gade (05:17):
Yup.
Joey Romero (05:18):
And so how many of these VA loans can you have at a
time?
Patton Gade (05:22):
So, I've the most I've ever seen somebody have at
the same time is four. So, oncethe rules are a little bit
different. So, once you haveyour first VA loan, now there is
a limit to how much more houseyou can buy, and it depends on
where you're buying, and itdepends on what the county loan
limit is that's set by Fed,Fannie and Freddie, what the
(05:46):
county loan limits are, and ineach county where you're buying
but I've seen people have up tofour VA loans at one time. So,
it's pretty cool when you seesomebody. I'll tell you a quick
story. I think I told this onSaturday. You know, I had a
young couple that I connectedwith like, six, eight years ago,
and they were told by like,three different lenders, like,
'Hey, you can't, no, you can'tbuy a second house of the VA
(06:08):
loan. It's already used.' Ilike, 'Wait a minute, that's
wrong.' And they bought theirsecond house. So, I got them
approved and got them theirsecond house. They had a fort
house at Fort Bragg, and theybought a house at Eglin Air
Force Base. And then coupleyears later, he got out of the
Army, and they bought a house inAlabama. It's now they have a
(06:28):
third house, and those other twohouses are rentals. And then
they lived in that house forabout a year and a half. And
then they're like, 'Hey, mysister wants to move into this
house, and my neighbor has ahouse for sale down the road,
you know, mile and a half, we'regoing to go buy that house.' And
so now they're in that fourthhouse, and they're basically
renting out the other threehouses. And it's literally
(06:48):
giving them enough residualincome that they don't have to,
you know, he's got VA,retirement and disability, and,
you know, they don't really haveto have a another job because,
and they're young, you know,they got young kids and
everything that are runningaround, living their best life.
With those little miniature cowsthat are, like, this big, you
know, like... it's prettyawesome.
Joey Romero (07:09):
My favorite are the goats, though, especially how
they faint.
Those arehilarious. So, in lending
Patton Gade (07:13):
Yeah...
overall, there's a myriad ofprograms. It's, you know, non
QM, you know, ARMS, things likethat. How many different types
of loans is there in the VAprogram?
Well, there'sreally only three. There's a
Purchase Loan, there's the CashOut Refinance, and then there's
(07:35):
the Interest Rate ReductionLoan. Okay, so the interest rate
reduction loan is probably thebest, best out of all of them.
Number one, you know, you go,especially right now, where
interest rates are a little bitelevated, and they have been for
a while, but everybody'sprojecting that rates are going
to come down prettysignificantly. And when that
happens, what's going to happenis the market. A lot of people
(07:55):
been sitting on the sideline. Alot of people are going to flood
into the market. And so thathouse that might be $600,000
today, when you have 10 peopleputting an offer on it, that's
going to push that price point,right. So, even though rates
went down...
Joey Romero (08:08):
Yeah.
Patton Gade (08:09):
You know, you're going to pay more for that
house, and your payment might bethe same or worse than what it
would have been if you justbought today at a higher
interest rate, and then the VAinterest rate reduction loan
when rates drop in the future,it's super fast, cheap and easy
to refinance that loan into alower interest rate. And now,
you know, your loan balancedoesn't really go up, but, you
know, but it drops your paymentsignificantly. Plus, as
(08:31):
everybody else is scrambling forhouses, your house is
appreciating in value, and thatnow you got the best of both
worlds.
Joey Romero (08:37):
And that's part of the problem, why there's such so
low inventory, right? Is peopletook that ride, even not in the
VA, you know, refi at four, refiat three and a half, refi at 2..
yeah, and, so now they're lockedinto those and they don't want
to get out of that, you know.
So, look, hold on, let me, Ilost my train of thought on
(09:01):
myself there. Okay, so, you'retalking about what I read as I
was doing a little bit ofresearch, is that, can you
actually put repairs into theprice of the mortgage and roll
that in?
Patton Gade (09:16):
Yeah, so it's something that not very many
people do. There's somethingcalled a VA Renovation Loan. And
what it is is, let's say youfind, you find a great house,
it's in a great neighborhood,but it's, you know, beat the
crap, right? It needsrenovations, or it's got that
shag right from the 70s is,yeah, with a bunch of, you
know...
Joey Romero (09:37):
Maybe they still like that?
Patton Gade (09:38):
Everybody's got that image in their mind, right?
They probably smells like smokea little bit.
Joey Romero (09:43):
The beads in between the...
Patton Gade (09:45):
Yeah.
Joey Romero (09:45):
...the hallway.
Patton Gade (09:46):
It's got that orange and brown couch...
Joey Romero (09:49):
Yes. the Bundy couch.
Patton Gade (09:50):
Yeah. So, anyway, so you find that house, and
you're like, this is my dreamhouse, if it was only updated,
right? So, so what you do is youget it under contract. And let's
say you get it under contractfor $400,000 then what you do is
you get a contractor to come inand you, before you close, and
they get a bid, and let's sayit's going to be $100,000 to do
(10:12):
a new kitchen, new bathrooms,new flooring, paint the walls,
you know, do all this stuff. It$100,000 we take the purchase
contract and we take the quotefrom the contractor, we give
them to the appraiser, and wetell the appraiser, appraise
this as if all this work hasalready been done. The appraiser
comes back and says, 'Hey, thishouse is going to be worth
$550,000 when it's rehabbed.'And we go, 'Cool' we give the
(10:39):
seller their 400,000 and we holdon to the other 100,000 we start
paying the contractor afterclosing to get off...
Joey Romero (10:45):
To boost the funds control.
Patton Gade (10:46):
And, boom, you've got everything, you know, whole
house rehabbed, and you're goodto go.
Joey Romero (10:53):
Now, does it matter what they can they put in a
pool? Can they put in anotherroom?
Patton Gade (10:56):
So, there's some limits to it. You put in a pool
and they're not gonna, theydon't like to see structural
like, if it's minor stuff, like,okay, there's...
Joey Romero (11:05):
Stuff that's gonna require a permit?
Patton Gade (11:07):
Yeah, you're not gonna do a whole lot. Well, it
may require a permit, but it's,they don't like structural
repairs. So, there are somelimits to what you can do. And
there's some dollar limits too.
It can't be a $700,000 rehab ofa, you know, of a house,
because, sure, it has to be donewithin 60 to 90 days of closing.
And you're not going to do a$700,000 rehab in 90 days,
(11:31):
right? That's a, that's aproject.
Joey Romero (11:35):
Can you have co signers?
Patton Gade (11:38):
You can, you can.
It does change the rules alittle bit. And again, that's
one of those things where, youknow, you can have a veteran and
a non veteran who are notmarried, and they can use a VA
loan together, but it's going torequire a down payment from the
non veteran. So, those, those...
Joey Romero (11:55):
So, say, like, a parent wants to help. Like, how
does that?
Patton Gade (11:58):
A parent can help.
The parent can help, sure,oftentimes it's, it's maybe
easier and more effective tojust maybe get some gift funds
from a parent, instead of themcoming in and potentially to
have a down payment whatnot.
Joey Romero (12:14):
Okay, so what about LLCs and trusts? Can they
participate in these?
Patton Gade (12:18):
So, we can't do it.
You can't do a purchase of a VAloan with an LLC, you know, but
we can do it in the trust. Youclose in the trust, and you can
refinance the trust. LLCs aretypically more for investment
properties or whatnot, and soyou're not going to be able, it
has to be closing in a personalname, essentially.
Joey Romero (12:40):
So, you know couple things that you said throughout
the conversation. What if youknow we talked about when they
move, but let's say somebody'senlisted, they get their house,
they've been living in it, andthen they get dishonorably
discharged. Do they lose the VAloan? Or what happens there?
Patton Gade (12:57):
No, once you're in a VA loan, you're good. It would
be interesting to see, I thinkI've never run across that, that
specific scenario, Joey, like,I'm sure maybe it exists. But
yeah, it would be interesting tosee if you've lost your, if
(13:18):
you're, if you've lost your, yougot a dishonorable discharge.
Maybe you're not eligible for aVA loan anymore. And I don't
know that that would necessarilycome up if you try to do a
refinance. I think once you'rein the system, you're in the
system. But I could be wrongabout that. Good question.
Joey Romero (13:34):
So, one of the other things that you said is
that a lot of people thoughtthat, oh, well, I use my, you
know, I came out, I use my VAloan, and that was sold. The
house is done. I can't do itanymore. Is that still the case?
Or can...
Patton Gade (13:45):
That's not the case. So, once, you know you
can, you could use a VA loan 30times.
Joey Romero (13:49):
Really? For the lifetime, for your life...
Patton Gade (13:52):
Sell it, buy it, sell it. It never expires.
You're, you're good to golike...
Joey Romero (13:56):
So what are the rules? Like, you have to sell
that house. And then, becauseit's not like a first time but
home buyers, right?
Patton Gade (14:02):
No, there's not really any first time homebuyer
benefit for VA. Now,essentially, you don't, that's
depending on how expensive thefirst house is and what the
county loan limit is whereyou're buying. Like, let me give
you an example. The county loanlimit in most counties today in
the United States, is 806 500.
Okay, so let's say you bought ahouse that was 400,000 the
(14:25):
county loan limits 806 you stillgot $400,000 of eligibility in
there. So, let's say you youkeep this house and you're
moving from, you know, Dallas toTulsa, and you want to buy
another house in Tulsa, you have400,000 of your VA eligibility
used, you still have that 406 ontop of it. So, you could do
another house for essentially406 without any down payment.
(14:48):
You could actually buy a housemore expensive than that,
still...
Joey Romero (14:53):
I was going to ask.
Patton Gade (14:54):
...still do it on a VA loan, but you have to put
down a 25% down payment oneverything higher than that 406.
Joey Romero (15:02):
Okay, so, alright.
So, in that example, I want tobuy a house. That's now I'm
doing well in my life. And, youknow, I we have two incomes. I
want to buy, I got 400 left inmy limit. And I want to buy a
house is 1.4 million. So,essentially, I gotta put down
250k?
Patton Gade (15:19):
That's right, 25% of that million dollars, that's
over the limit.
Joey Romero (15:23):
Okay, so not the 1.4 That's awesome.
Patton Gade (15:25):
Yeah. So, so, and, you know, as we were talking at
the very beginning, you know,you were talking about, you
know, the all the differentspeakers and everything on
Saturday, I think, you know, alot of people go, 'Well, the VA
loan is only for your primaryresidence and all this stuff.'
But really, what happens is,you've got, you've got all these
veterans out there, you know,tons of people that are
(15:47):
interested in becoming, youknow, involved in real estate in
some way, shape, matter or form.
And what I always say to peopleis like, 'You know what, the
very first building block ofthis tower that you want to
build, you know, this, thiswhole life that you want to
build. The first building blockof it is the VA level. Like
it's, that's what gets youstarted in real estate.'
Joey Romero (16:10):
What a head start you get too.
Patton Gade (16:12):
Yeah.
Joey Romero (16:12):
Because the barrier to entry a lot of the times, is
that down payment.
Patton Gade (16:16):
That's right.
Joey Romero (16:17):
And so if you eliminate that, now you're in
the game, right? And that'struly like my kids, you know, I
tell them, you know, you'regoing to buy a house as soon as
you can. That's the first thingyou're going to do, when you get
your job at a college orwhatever, you're going to buy
houses. So, I'm sure over theyears, you've come across a ton
of people that you've helped.
There's been, you know, sadstories, there's been inspiring
(16:38):
stories. What has been the loanthat has impacted you the most
from the story of the people
Patton Gade (16:46):
You know, I think, I really think it's that young
that you helped?
family that I was telling, youknow, where they were denied a
couple times, and then now Ilook back and they've got four
houses. They've got the residualincome coming in, like they both
messaged me, I mean prettyregularly. I mean, every couple
weeks or month or something. Youknow, they're on my Facebook
(17:07):
page. They're part of my life.
Never met them in person, butyou know they'll, I'll get a
Christmas card or whatevergoing, 'You know what? Patton,
thank you so much for you know,change. You've changed our lives
like I know I can always come toyou and get great advice.' And
you know, those are the thingsyou remember, right? Is the ones
that where people are genuinelythankful for, you know, the
(17:29):
impact you've made on them, andthen, you know, you've built
this relationship that lasts forpotentially years, all over.
Like, hey, you bought a house,right? How many people get to
stay in touch, care aboutstaying in touch with their loan
offs that did their house? Imean, not very many. But yeah,
(17:50):
in this, in this veteran world,it's pretty common where, you
know, I'm, I'm texting withpeople, 'Hey, happy birthday.
Hey', you know, 'Hey, saw youhad another kid. Like,
congratulations.' Like, 'I sawyou named a Patton. Like, that's
awesome.'
Joey Romero (18:06):
S,o now, being the community that you're a part of,
they're going to be all over thecountry. You're able to write VA
loans. Doesn't matter if they'rein New York, Florida,
California?
Patton Gade (18:15):
Pretty much anywhere. My company is not
licensed in New York orMassachusetts right now, but
that should hopefully changehere pretty soon. So, pretty
much, pretty much everywhereelse, all other place, we can
help you.
Joey Romero (18:23):
So, what is the one thing that. So, alright, so our
audience is real estateinvestors, realtors, other
mortgage professionals. Whatwould you want them to take away
from our conversation today?
What's the most important thingthat you want them to take away?
Patton Gade (18:42):
You know what I I'd say that the number one thing is
they're just, there a lot ofmyths that exist out there, in
the real estate world, and Iwill tell you that the VA loan
itself is the most flexible loanon the planet. And as a loan
officer, it gives me a lot of, alot of ways that I can adjust
things midway. You know, ifsomething comes up and it's not
(19:03):
necessarily good, you know, itgives me the opportunity to
adjust things. There are peoplethat think that VA loans take
forever. They don't. They don'ttake forever. Like, if I get a
contract and it's 21 days fromnow, I don't even blank 21 days
is easy on a VA loan. So, a lotof those myths in the past. You
know, people say, 'Oh, the VAappraisal is so hard.' Well,
(19:23):
guess what? The VA appraisalcomes in low, a lower percentage
of the time than any other typeof loan. Plus the VA gives you
two opportunities to affect thevalue as a realtor, you can
affect the value before theappraisal comes out, and then
after the appraisal, sometimesyou can go to the VA. So, there
are a lot of, lot of thesethings where people go, 'Oh,
these VA buyers don't have skinin the game.' Like, what?
(19:49):
Like...They left their rightleg, you know, on the...
Joey Romero (19:54):
Yeah.
Patton Gade (19:55):
On the sands in Iraq. Like, they left the whole,
they got a whole leg in thegame.
Joey Romero (19:58):
There's a reason it's zero down, you know, there
was other things that...
Patton Gade (20:02):
And so zero down isn't necessarily that the
borrower doesn't have money.
I've done some loans for someextraordinarily wealthy people
that are doing zero downbecause, they can. And like, who
cares if the seller is spendingthe bank's money or the
borrower's money, or somecombination of the two you're
getting the same number. Like,who cares? Let's you know. So,
(20:23):
that's the thing, is that the VAloan is not harder. It's not
something to be scared of,especially when it's in the
hands of a practitioner, like,Okay, is it is a tank a scary
weapon, yeah, but not in thehands of somebody that's trained
to use it, right? And a VA loanis not scary, and it shouldn't
be scary to anybody involved init, as long as you're working
(20:44):
with somebody who's trained in,you know, who knows what the
heck they're doing. And that'swhere I think a lot of the
problems of VA loans in thepast, and some of the old myths
and old wives tales, or whateveryou want to call them. That's
where this came from. Is likeloan officers just didn't know
what they were doing, and it wastheir, it was their one VA loan
that they're going to see allyear long, and they screwed it
up. And all the realtors are nowlike, oh, it was the VA loans
(21:07):
fault. No, it wasn't. It wasthat idiot, loan officer that
screwed it up, you know.
Joey Romero (21:13):
It's almost like, if I'm a realtor, like, I'd be
on the lookout. 'Oh, you're aveteran. All right, let's get
you, let's get you into a VAloan and incorporate that into
the process.'
Patton Gade (21:25):
Yeah. I mean, I've talked to realtors before. I
mean, just recently, I wastalking to one a friend of mine,
and she goes, 'Yeah, I've gotthis guy. He's a retired two
star general, and he's gotanother job after the military,
and he's making a ton of money.
He's got a ton of money that,you know, in the bank and all
this stuff.' And she's like, 'Irecommended to him that he put
in an offer as a conventionalloan, not as a VA loan, because
(21:48):
it would be more likely to beaccepted as a conventional
loan.' And he was like, 'No, onprinciple, I'm not going to do
it. I'm going to, I'm buyingwith a VA loan, and that's what,
because I'm authorized to do it,I'm using it because it's the
best loan ever,' and he actuallyhad a hard time getting an offer
accepted, because it was a VAloan instead of conventional.
(22:09):
And I think that's a travesty.
It's a travesty in our industry,and we need to do better as
industry professionals, whetherit's realtors, whether it's loan
officers, just really educatingeach other and educating, you
know, sellers like, yeah, it'snot a bad deal. It's a VA Loan.
It's not a bad thing. It can bea really good thing.
Joey Romero (22:31):
Well, you know, for all the veterans out there, you
know, listening, and especiallyyou, you know, putting your time
with us and to educate them, youknow, I want to thank you, you
know, for your service and fornot only just for your service
for your country, but also forthe service for our industry,
because I truly do think you'reproviding a tremendous service
(22:53):
to the folks that are, that areinvolved in VAs. So, how can
people reach you?
Patton Gade (23:00):
You want? The easiest way to reach me is my
cell phone. I mean, if youGoogle my name, you're going to
find me.
Joey Romero (23:06):
All right. Just, all right. Just be careful here,
if you're really going to dothis, you know.
Patton Gade (23:10):
You know what I you know my passion is, is serving
my fellow veteran. And ifsomebody wants to talk to me
about a VA loan, I mean, I tellpeople all the time. You know,
when I talk to a realtor and Itell them, and I'm honest about
this, if you're having aproblem, and you're a seller
agent, and you've accepted a VAoffer, and I'm not even the loan
officer, and you're like, wait aminute, this isn't adding up.
(23:33):
This doesn't make sense to me.
I've got questions. You know,what can we do here? You know,
what's going on? And, you know,
Joey Romero (23:38):
All right, so, so what is that contact info?
pick up the phone and call meand I'll tell you what I think
is going on based on, you know,the information that you can
give me. I'm here in service ofthe veterans. And so if I can
help that veteran buy the housethat you're selling and you have
questions about it, call me. Idon't care if I'm the loan
officer or not, I'm gonna, I'llshoot you straight. I'll give
(23:59):
you the, you know, the rightanswer. And you know, same thing
for veterans, like maybe youcan't qualify right now, but it
doesn't hurt to ask somebody,and it doesn't hurt to talk
about it.
Patton Gade (24:13):
So, my cell phone number is 623-866-3974.
Yeah, my email ispgade@umortge.com
Joey Romero (24:22):
Do you have an email?
Well, like I said,thank you so much. I really,
truly appreciate you jumping on,especially some short notice. I
wanted this to get out rightaway. You know, it was really
impactful to hear everybodyinvolved that day. I was telling
(24:42):
you yesterday, one of the reallycool things that you know,
between the speakers and betweeneverybody who knew up there,
each other on stage is, is kindof the ribbing that you guys
gave each other...
Patton Gade (24:54):
That's the most fun about all of it. That's and
that, you know, I've got a teamof like 15 guys that are, we're
all veterans, across all theservices. I mean, I've got
pilots, I've got Navy divers,I've got Surface Warfare
officers, I've got militarypolicemen, I've got signal
officers, you know, I gotengineers, you know, you name
it. I've got somebody across thespectrum. And when we get on a
(25:14):
call together, you know, it'salways that, you know, it's
always giving people a bad timeand...
Joey Romero (25:20):
I can imagine what the Army, Navy game looks like
in your office.
Patton Gade (25:23):
Yeah, it's good stuff.
Joey Romero (25:25):
So, who's, who's the drummer? You know, in rock
bands are always all, he's justthe drummer.
Patton Gade (25:31):
...the drummer is in the office. We got a bunch of
people beating drums all thetime.
Joey Romero (25:38):
No, what I meant was like, you know, Navy, Army,
Air Force, Marines, which, who'sthe drummer, who's the one that
gets razzed on the most?
Patton Gade (25:49):
I don't know, maybe the Coast Guard or the or the
Space Force, like nobody reallyknows very many of them, I have
a Coast Guard guy on my team,and then I always joke with The
Air Force guys, I say, well,that that was a good alternative
to military service.
Joey Romero (26:07):
Thank you so much.
Patton Gade (26:08):
I'm totally kidding about that. I respect,
Joey Romero (26:11):
Yes, we respect all of them. They're all necessary
and they're all great. Thank youso much. I truly appreciate it.
Patton Gade (26:17):
It's been a pleasure. Joey, I appreciate
you.
Narrator (26:19):
For more information on hard money loans, trust deed
investing, and upcoming eventswith The Norris group. Check out
thenorrisgroup.com. For moreinformation on passive investing
through the DBL Capital RealEstate Investment Fund, please
visit dblapital.com.
Joey Romero (26:38):
The Norris Group originates and services loans in
California and Florida underCalifornia DRE license 01219911.
Florida mortgage lender license1577 and NMLS license 1623669.
For more information on hardmoney lending go to
thenorrisgroup.com and click thehard money tab.
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