Moderator: We would like to thank you for taking the time to sit down with us today, Paul. We’re excited to learn more you and how our VA loan program can help other veterans, like yourself. Let’s get started!
Moderator: How long did you serve in the military and for what military branch?
Paul: I joined when I was 19 years old and served four years from August 2000 through August 2004 in the US Airforce.
Moderator: How long have you been working at Paramount?
Paul: I have been in the business since 2005 and was hired as a District Sales Manager with Paramount in 2013. I have since been promoted to Vice President of Sales which I love because it gives me the opportunity to educate Bankers about our military vets as well as the benefits of VA loans.
Moderator: Can you tell us what the VA mortgage program is?
Paul: We really have two types of VA loans. If a borrower is currently in a VA loan and simply looking to lower their rate and payment, we would us the VA IRRRL program (Interest Rate Reduction Refinance Loan). This may be the best thing about being in a VA loan because any time rates drop we can reduce their interest rate and payment without all the underwriting requirement other loans may require. VA IRRRL’s do not require an appraisal or even income documentation, which allows us to close quickly with ease. A traditional VA loan is a loan that every veteran should take advantage of. Not only do they allow you to refinance or purchase 100% of the value of the home but they typically come with low interest rates as well. Unlike FHA loans, the VA does not require a monthly mortgage insurance even if you are at the max LTV (Loan to Value). VA also has less stringent guidelines, which allows approval for our veterans with lower credit scores as well as higher debt to income ratios. These are just a few reasons why VA loans are a wonderful program to be a part of.
Moderator: How come veterans do not have to pay private mortgage insurance?
Paul: While all other loans may require monthly mortgage insurance, the VA loan does not. These loans are designed to help our veterans as a benefit, not a detriment. Now even though the VA does not have a monthly mortgage insurance, they do have a VA funding fee. This fee reduces the loans cost to taxpayers, considering that a VA loan does not require a down payment nor does it have a monthly mortgage insurance. You have the option to finance the funding fee or pay it cash.
Moderator: What do veterans need to do to see if they are eligible for a VA loan?
Paul: All of our licensed loan officers are trained and happy to help. If you are unsure if you would qualify or not, we can look into it for you by requesting a COE (Certificate of Eligibility) from the VA department. This will let us know if you are eligible and what your entitlement amount is.
Moderator: Thanks, Paul, for telling us your story and for spreading the benefits of the VA loan program to other veterans. We appreciate your sacrifice and service to our country.