Welcome to Daily Mortgage Rates LIVE! In today’s episode, we’re focusing on VA loans—a powerful home financing option available to veterans, active duty service members, and their families. If you’ve served in the military or are currently serving, this episode is a must-listen.
We’ll delve into the unique advantages of VA loans, including the benefits of no down payment, competitive interest rates, and no private mortgage insurance (PMI) requirements. Learn how VA loans can make homeownership more attainable and affordable for those who have served our country.
Our expert guests will walk you through the eligibility requirements, the application process, and the latest updates that could impact your loan options. Whether you’re looking to buy your first home, refinance an existing mortgage, or make improvements to your current home, this episode will provide valuable insights and practical tips.
Tune in to Daily Mortgage Rates LIVE! and find out how VA loans can help you achieve your homeownership goals with the support and benefits you’ve earned through your service.
For more episodes visit: https://themortgagecalculator.com/Page/Daily-Mortgage-Rates-LIVE-Video-Podcast
About The Mortgage Calculator:
The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as over 5,000 Non-QM mortgage loan programs using alternative income documentation!
Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!
Our team of over 350 licensed
The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as thousands of Non-QM mortgage loan program variations using alternative income documentation!
Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!
Our team of licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages...
Episode Transcript
So welcome everyone.
(00:01):
My name is Kyle Hiersche.
I am the COO of The MortgageCalculator joined here by our
president Nick Hiersche and ourCSO Jose Gonzalez.
We are a lender that specializesin non QM loans and what we do
every weekday at 11 a.
m Eastern on this show is gothrough our actual live mortgage
rates and then we do a deep diveinto a different loan type.
Today's loan type is going to beVA loans.
So I'll see you all.
Get into that here shortly.
(00:21):
But first, we'll go through thelive rates.
So Nick, if you're ready, let'sgo ahead and pull up today's
rates and see what they arelooking like after, uh, the news
this week.
Uh, so a lot of news, but notmuch change in the rates.
Uh, still pretty much the same.
Uh, we'll check out all therates for today.
(00:42):
It is September 20th, just after11 a.
m.
Eastern.
So all the standard rate sheetsare live here for the standard
programs.
If you'd like a full breakdownand itemized loan estimate, it
goes through all the fees thatgo into the APR.
Please get with one of our teammembers.
They'd be happy to send thatover.
We will do a comparison today ofa standard scenario.
We'll set up a single familyhome.
We'll set up 500, 000 purchase,400, 000 loan amount that
(01:03):
corresponds to 80 percent loan,20 percent down payment.
We'll use an estimated creditscore of 760 and an estimated
debt to income ratio of 40percent as we do every day.
So let me share my screen.
And we'll get through the ratestoday.
So again, about the same as itwas yesterday.
(01:24):
Our first option here, mostpopular option, 30 year fixed
conventional for a primary home.
Most common option people thinkof when they think of a
mortgage.
Rates as low as 5.
625 today.
Final APR 5.
915.
And if for any reason ourcustomer doesn't qualify for a
standard conventional option,typically the next option we
want to quote is an FHA option.
FHA allows more leniency oncredit issues and a higher debt
(01:47):
to income ratio overall.
For However, it does require afront end yearly mortgage
insurance.
FHA coming in today, 4.
75.
Final APR, 5.
688.
So if our customer qualifies forboth, they may consider FHA if
they're willing to do themortgage insurance and our
customers that need to use it.
Definitely a great option.
Very comparable to conventional.
And our VA options are next foreligible vets and active service
(02:12):
members.
If you are eligible, theseprograms are amazing.
Great.
Since it was 4.
99, final APR with the standardfunding to be here, 5.
275.
So notice when we compare APR,VA is going to be the best
option, uh, better than FHA orconventional for eligible vets.
Definitely a great option.
And moving on to our finalstandard option, USDA.
(02:32):
USDA is only for properties inUSDA eligible areas.
That's the rural areas of thecountry.
The property's eligible and theborrower's eligible.
These are great options toconsider.
USDA comes in at 4.
875 today.
Final APR, 5.
598 with all the fees included.
So it's a touch cheaper than FHAif our customers, um, comparing
them both side by side and alsotouch cheaper than conventional
(02:53):
here.
So great option for those ruralareas.
And that rounds out the standardoptions that every banker lender
has.
And if our customer doesn'tqualify, unfortunately many
banks have to deny them, but wehave 5, 000 other options
starting with our non QM faultdock option for a primary home.
And that's going to be for ourcustomers that for any reason,
don't qualify for conventionalneed to use alternative docks.
(03:16):
We can switch to this program,use bank statements, 1099s,
asset related, P& Ls, all kindsof different options.
Rates today coming in at 6percent for a bank statement
option, finally PR 6.
309.
So we're within a half a point,a little bit less than half a
point here with switchingbetween conventional and
switching to alternative docs.
So a great option for ourborrowers that need to use it.
(03:39):
And we can also use all docs forinvestment properties along with
tons of other options So firstup is the alt doc coming in
today 6.
375 rate where bank statement orsimilar final apr 6.
694 For an investment propertyand we'll compare that to The
other options so there's nogovernment options for
(03:59):
investments So no usda fha orva, but we do have conventional
rates as low as 6.
125 today final apr 6.
452 So that's a little betterthan our all doc options, which
is typical.
And, uh, for the first time in alittle while, a little better
than our DSCR favorite option.
So our DSCR stands for debtservice, cover ratio, no
(04:21):
employment needed, no incomeinformation needed from our
borrowers.
We just use the estimated rentsfrom the appraisal to determine
a DSCR ratio.
The estimated rents cover theestimated expenses, AKA the
property will cashflow monthly.
That's a ratio of one or higher.
For this demo, we use a ratio of1.5, and the most common option
is a three year prepaymentpenalty.
So this is the most commonversion rates as as 6.25 today,
(04:42):
file a PR 6.541.
Just a touch higher thanconventional, but still most
investors prefer DSCR.
And we can sweeten the deal witha five year prepayment penalty
on some of our programs comingin today at 5.875 final a PR
6.193, which actually beatsconventional, which is amazing.
And we do have a no prepaymentpenalty option.
(05:04):
So rates as low as 6.
375 with no prepayment penalty,LAPR 6.
694, which is just a touchhigher than conventional.
I'd still say 100 percent ofinvestors would choose the no
prepayment penalty option andperhaps would choose to add a
prepayment penalty to sweetenthe deal.
And the final two things wealways go over are new programs,
30 year fixed second mortgages,the alternative to a HELOC for
(05:26):
many customers that have a lowrate first mortgage and need
some cash out.
You get cash out of a primaryhome, rates as low as 8.
125, final APR 8.
527, which is going to be lowerthan a HELOC and fixed rate.
And we can do the same for ourinvestment properties, get that
cash out, as opposed to a HELOCat a rate of 9.
5 fixed, finally go to 9.
(05:48):
739.
So those are our options fortoday, but let's get into our
deep dive topic again, back tothe basics this week.
VA loans, we always do our livepricer, which, uh, we have to,
you know, set everything thesame.
So it's a standard 20 percentdown, which is not typical for
(06:10):
VA.
Very seldom do we see VA doing20 percent down because they
have all kinds of benefits,including 0 percent down.
So, Jose, let's talk about someof the tips and tricks we can
use for VA.
Instead of just our standardcookie cutter scenario.
Absolutely.
I'm not going to share with youthe regular VA, uh, loan quote,
because you already shared thatI'm going to share all the
(06:33):
different outside the boxsolutions that we have for the
VA loan.
So let's jump right into it.
VA loans, as you all know, isfor our active military or, uh,
our veterans.
And also, by the way, for thespouses of deceased veterans as
well.
So our first option here is forthe VA borrower with a 500
(06:57):
credit score or should I say lowcredit score because 500 is the
minimum credit score but still100 percent LTV.
7.
25 is our lowest cost option.
6.
875 is our lowest rate optionfor a hundred percent LTV
finance, uh, VA financing with aminimum 500 credit score.
(07:22):
Now for our manufactured homepurchasers, VA loans, definitely
amazing, um, great pricing 6.
75, almost that par.
And, uh, you can buy that downall the way to 5.
125.
That's an amazing rate sheetthere.
(07:43):
For those VA buyers looking to,uh, make their home their dream
home, or they're looking topurchase a home that may have,
uh, condition related items likevandalism, missing components
that normally were not allowedto be, uh, to close with regular
financing.
The VA renovation loan is thesolution.
(08:05):
6.75 is your lowest cost optionat a cost of 0.449 points.
And you can buy that down again,all the way to 5.125 at a cost
of 2.699 points for a VArenovation loan purchase.
Now if they really need thatdream home, couldn't even find
(08:27):
one that they could fix.
Well, the VA one time close loanpurchase.
is an amazing option as well.
This, uh, loan allows you topurchase the lot.
In other words, purchase theland and also build the dream
home all in one loan.
(08:48):
And for those of you out thereconsidering a manufactured home,
by the way, there is a VA, a VAone time closed, uh, loan is
also applicable for manufacturedhomes by the land.
Put the manufactured home, thenew manufactured home on the
lot.
And that's your one time closedconstruction loan for
manufactured homes.
(09:09):
Uh, 6.
75 lowest cost option.
And you can buy that down allthe way to 5.
125.
Now, uh, for, uh, this isanother outside the box, uh,
solution here, the high LTV.
VA cash out loan.
This one allows you to go up to100 percent LTV on a cash out.
(09:32):
The standard is 90, 6.
75 lowest cost option.
And you can buy that down allthe way to 5.
75 at a cost of 1.
949 points.
And then so you could compare,put a little context into the
situation, the VA cash out hereat a 90%.
(09:54):
You can see substantially loweron the rate 6.
25 at a cost of 0.
221.
And you can buy that down allthe way to 5 percent at a cost
of 2.
721.
And our last option here is ourVA rate and term streamline
refinance.
Uh, this one, uh, Is known asthe Earl, uh, and is the option
(10:17):
that does not require anappraisal, nor will it verify
borrower income.
And this is a VA to VAtransaction only.
6.
125 is your lowest cost optionand you can buy that down all
the way to 5.
5 percent for your VA EARL.
Rate internally financed up to100 percent LTE.
(10:38):
So look for the MortgageCalculator for all your VA
loans.
All right.
Thank you, Jose.
I don't see any questions here.
So no questions.
We'll go ahead and wrap it upRemember that we do this at 11
a.
m Eastern every weekday where wego through the live rates and
(10:58):
then do a deep dive into adifferent loan type Happy friday
everyone So we will see you nextweek on monday at 11 a.
m Eastern for the next episodeof daily rates live with the
mortgage calculator.
Have a great day, everyone
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