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pilot mortgages

Old 01-09-2017, 09:04 AM
  #41  
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Originally Posted by Sonny Crockett View Post
Thanks to this thread I discovered Trident Home Loans

Its run by a Delta and Southwest (but I won't hold that against them )


The girls in the office that I spoke to on the phone took a lot of the pain and frustration out of the process
while I was buying a house in Texas--I thought they were very helpful and understood the airline pilot pay structure and issues most lenders cannot seem to grasp! Buying a home is about as fun as going to the Dentist but at least it's a fellow pilot and they try to provide above and beyond service which exceeded my expectations.

I highly recommend them!

Thanks Sonny! It was great working with you and I'm glad we could help! We'll get the refi done next year to save you even more!

If anyone else needs anything or wants to run through some scenarios just shoot me an email or PM.

Marty
[email protected]
767 FO, former EA-6B pilot



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Old 01-09-2017, 09:36 AM
  #42  
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Anyone know a good contact that understands VA loans AND being a pilot in the Chicago area?
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Old 01-09-2017, 10:37 AM
  #43  
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Originally Posted by WaterRooster View Post
Anyone know a good contact that understands VA loans AND being a pilot in the Chicago area?


My company isn't licensed in IL but I will PM you a recommended IL lender I got along with my cell if you want to chat pilot VA loans in general though. Maybe I can help get you going in the right direction.

Marty
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Owner, Trident Home Loans
767 FO, former EA-6B pilot


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Old 01-14-2017, 02:09 PM
  #44  
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Once you put in your papers it could become very difficult to get the mortgage. Especially VA.


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Old 01-14-2017, 06:42 PM
  #45  
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Originally Posted by usafa View Post
Once you put in your papers it could become very difficult to get the mortgage. Especially VA.


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Every lender is going to be different and some are better than others with these situations.

The typical options we give guys who are separating and going to the airlines are:
1) Buy before you establish a separation date if possible
2) Buy after you separate once you start getting your airline training pay.

Option 1 is easy and there won't be any questions asked or larger down payment required because an officer has an indefinite DOS until your separation package is approved.

Option 2 is something we do all the time. It won't require a larger down payment assuming you're doing a VA. The break in employment isn't an issue because you've been in the same line of work (pilot) for more than 2 years regardless of who you fly for. Training pay is typically around $5K which usually allows us to qualify someone like you for around a $2.8K mortgage payment once you start training.

You run into a problem if you have a date of separation and haven't got a job offer from an airline yet or you separate prior to getting hired. We can even work it if you have a separation date approved as long as you have a verifiable job offer from an airline.

Getting a mortgage is like passing a flight physical. As long as the paperwork looks good during the 30-45 day closing window no one is going to care what you do after you close as long as you're making your payments.

Marty
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Old 01-15-2017, 04:42 PM
  #46  
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Originally Posted by usafa View Post
Once you put in your papers it could become very difficult to get the mortgage. Especially VA.


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I'm a Guard guy, so no problems there!
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Old 01-30-2017, 11:56 AM
  #47  
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I've got a couple questions recently from pilots on here about how pilot income can be calculated to better qualify you:

1) If you're switching jobs we can do a verification of employment through your current chief pilot so you can use your current pay versus future training pay
2) If you're flying more than your guarantee on average and want to use the higher income we can do a simple verification of income with your chief pilot to document the higher income level.
3) We can add in retro and profit sharing income...some calculations go into it, but overall it'll help you.
4) If you're a veteran a VA loan is going to get you the lowest rate.

Just shoot me any specific questions you have and I'll do my best to help you out.

Marty
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767 FO, Former EA-6B pilot, USNA Alumni
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Old 01-30-2017, 06:48 PM
  #48  
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I am a long-time USAA member and currently overseas. I was hoping to apply for a VA loan but the issue I am having is that they won't consider my overseas income. Is there any way around this? I have been out of flying the line for a few years but planning to return soon, most likely with a regional and taking the big pay cut.
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Old 01-31-2017, 11:44 AM
  #49  
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Originally Posted by CaptYoda View Post
I am a long-time USAA member and currently overseas. I was hoping to apply for a VA loan but the issue I am having is that they won't consider my overseas income. Is there any way around this? I have been out of flying the line for a few years but planning to return soon, most likely with a regional and taking the big pay cut.
We'd just need to take a look at your proof of income and US tax returns. Best way forward is to do our quick prequal application at Trident Home Loans which takes about 5-10 mins and e-mail me your documentation at [email protected]. We'll scrub everything and figure out a way forward.

E-mail me if you'd like to discuss specifics.

Marty
Owner, Trident Home Loans

Last edited by MartyTHL; 01-31-2017 at 12:15 PM.
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Old 02-03-2017, 07:19 AM
  #50  
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Based on what I read here I looked into National Bank of Kansas City for a VA loan in South Carolina (I think they work in all 50 states). Compared them to NFCU and USAA and they had the best terms. Very user friendly application (opposite of NFCU). My lender was available any time I needed to call her with questions and was familiar with airline pay.

NBKC did require a pay verification letter from Delta which was easily obtained by emailing the Pilot Support Center. Briefly explains your pay rate, the date and amount of your next pay raise, and expected annual hours (I think they said to expect 1000 hrs).

Both the realtor and the attorney were concerned about using national / non-local banks as it's sometimes hard to get in touch with someone when you need them as well as being concerned about needing 45 days to close on a VA loan. NBKC assured me from the beginning that the loan would be processed quickly and no extra time was needed. Closing ended up coming down to the wire due to some seller issues, and NBKC had everything set up way faster than anyone expected after the very last minute appraisal.

At closing both the attorney and my realtor spoke very highly of their experience with NBKC and I couldn't agree more.

Side note: If you're using a VA loan don't forget that you can finance $3000 worth of upgrades for energy efficiency. Just don't wait until the last minute! I did and NBKC was still able to help me out with that while we waited for the seller/appraisal issue to be resolved.
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