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Penfed denies house loan to retiring officer

Old 03-09-2014, 08:01 AM
  #21  
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Originally Posted by rickair7777 View Post
DADT is probably the best philosophy. Nobody has ever asked me how long I thought I'd be employed.
^^^^^^^^ +1 ^^^^^^^
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Old 03-09-2014, 08:44 AM
  #22  
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I had PENFED treat me similarly. I was trying to do a HELOC on a rental. They were the only company I could find to do it.

We received a bad appraisal on the property (2 out of 3 were foreclosures). I tried working with them and even asked to escalate the matter. PENFED was suppose to mail me a form.

I just got fed up with them and sold the property for what I thought it was worth.
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Old 03-09-2014, 09:54 AM
  #23  
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Originally Posted by gr8vu View Post
Did some VA checking today and see funding fee is 1.25 for active duty with 10% down plus in most cases a 1% origination fee. Problem still remains that my written job offers don't have date of employment and expected salary. Also seemed like VA arm loans are not that prevalent. The ones I am working with only offer fixed rate quotes on line.

My conditional approval needs a letter from my commander for employment verification and proof of move. Should be able to work that.

My VA loans are offered with NO origination/broker fees and NO lender junk fees like processing or underwriting.

I also offer VA ARMs as well as VA fixed rate mortgages.

Often I can offer a credit to pay for the VA Funding Fee even at very low rate pricing.

Didn't want you to think you are stuck with the VA funding fee or an Origination Fee!

Contact me for specifics!
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Old 03-09-2014, 10:31 AM
  #24  
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Originally Posted by gr8vu View Post
Did some VA checking today and see funding fee is 1.25 for active duty with 10% down plus in most cases a 1% origination fee. Problem still remains that my written job offers don't have date of employment and expected salary.
If you have a disability rating the funding fee is waived.
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Old 03-09-2014, 04:58 PM
  #25  
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Originally Posted by PilotWife2 View Post
Just an FYI...VA rate pricing is significantly better at this time than Conventional pricing. Often I can pay the VA funding fee and all closing costs with a rate that is lower than Conventional. Just depends on the loan value and your credit scores.

As far as hoop jumping to obtain the loan, since the mortgage crisis, all loan programs involve a fairly significant amount of documenation. There isn't the big difference between what's involved for VA vs Conventional anymore.

Can you give examples? As of 2 minutes ago PenFed is showing 4.25% for both regular and VA Loans (30yr fixed).

I too had a Penfed refi go off the rails due to mismanagement on their end (original loan officer was fired, next one was brand new). By the time they recovered the rates had shot up, and they wouldn't honor the 3.125 I had initially locked in.

thx
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Old 03-09-2014, 06:49 PM
  #26  
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My favorite email from penfed was from my loan officer..."we are very busy and email is the best form of contact"...and then clarified that he was currently 2-3 weeks behind in reading emails so expect a delay accordingly.

No veteran disability so I'm stuck with the fees.
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Old 03-10-2014, 06:39 AM
  #27  
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[QUOTE=DustoffVT;1598929]Can you give examples? As of 2 minutes ago PenFed is showing 4.25% for both regular and VA Loans (30yr fixed).

Here is the pricing as of 3/10/14 at 9:30 CST. Please note rates are subject to change at any time with no notice per market conditions.

This Example is based on the following Scenario:$250,000 Purchase Price with 10% Down, Active Duty - No exemption from the Funding Fee, State - Virginia, Qualifying Credit Score - 720 and a 30 Day Rate Lock

VA 30 Year Fixed
Loan Value = $250K Purchase Price - 10% Down + 1.25% VA Funding Fee = $227,812
3.75%
NO Points, NO Origination/Broker Fees, NO Lender Junk/Processing Fees
$1055.03 Principal & Interest Payment
3.897% APR

OR

VA 30 Year Fixed
Loan Value = $250K Purchase Price - 10% Down = $225,000
4.00%
NO Points, NO Origination/Broker Fees, NO Lender Junk/Processing Fees
LENDER CREDIT to pay for the 1.25% VA Funding Fee
$1074.18 Principal & Interest Payment
4.152% APR

OR

30 Year Fixed Conventional
4.375%
NO Points, NO Origination/Broker Fees, NO Lender Junk/Processing Fees
$1123.39 Principal & Interest Payment
+$82.50 Private Mortgage Insurance
Total Combined P+I + PMI Payment = $1205.89
4.735% APR


Let me know if there are any other scenarios you would like to see!
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Old 03-16-2014, 09:30 AM
  #28  
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I had good luck with PenFed on a car loan but haven't used them for a home loan before. I did have used USAA for a home refinance and it was like pulling teeth...slow and painful. My last three loans have been through National Bank of Kansas City and were awesome. My loan officer beat USAA by at least 0.5 points each time. PM me if you would like her name and contact info.
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Old 04-18-2014, 04:21 PM
  #29  
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Update on getting a home loan within 6 months of retiring--finally closed on house after 3 months and 4 rejections (3 conventional and 1 VA). Winning lender used "second home" criteria so that my current military income was included in my debit ratio since the home was in another state from where I am currently stationed. I ended up with a 3.25% 5/1 ARM--not great but OK considering the crazy lending rules in force today.

Lots of lessons learned if anyone wants info.
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Old 04-19-2014, 07:04 AM
  #30  
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gr8vu, do you plan on paying it off as an ARM? Or riding the refi roller coaster back into a fixed? An ARM would look great on my monthly budget right now, but the possibilities there are pretty scary.
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