To on the beat, everyone.
I'm over here with jts and company mortgage professionals.
The man behind the brand, mr. jeff farnham.
Welcome to the show, my friend.
Jeff farnham: hey, good morning.
I love talking about va issues and things that we can help them with within the community, and what's available for them.
Let's talk a little bit about va loans.
What is a va loan and how is it different from a normal loan structure?
Jeff farnham: okay, so a va loan is designed for the veterans themselves, right?
And you have to be a qualified veteran to be eligible for it.
So it's a great loan product.
If you compare it to conventional or fha, there's no down payment required.
We'll do 100% financing under that for the veterans.
There is a better interest rate.
It's probably the lowest interest rate of all the mortgage categories, typically.
It's just a great benefit and just another way of supporting the veteran.
Troy: i think it's super important, because you being an ex-veteran as well, it's something that your firm love to get behind, because this is one of the products that you have at your office.
Jeff farnham: yeah.
We're so proud of our veterans, right?
And we have a great air force base here that has a lot of veterans, both active duty and retirees coming in.
But our veterans did so much for our country, right?
So this was something that congress put in place years ago as a way to benefit them.
The government ensures that loan, so we're able to do that 100% financing option.
The underwriting's a little bit easier, and just a great, great option for them.
Troy: well, and this is something i want to say to everyone at home.
Having a local person to take care of you, especially when you are a veteran, it's great to have someone you can say, "hey jeff, this is what's going down.
This is what i need to do."
Instead of dealing with a national organization, why is it better to go local?
Jeff farnham: yeah, we see this almost every day.
We have veterans call us, and we have people that ... conventional borrowers call us.
They've been working with an 800 number, a national lender.
What we see in our office, and we track this, our rate is better, our closing costs are better, but more importantly even than that, they understand.
When you're dealing with a 1-800 number, you're talking to somebody on the phone.
They don't know you.
It's very difficult to get all the questions answered, then the dynamics of that loan put together.
So sitting down face to face, and being local, and understanding every number is so important.
Troy: well, when i knew we were going to be talking about this, i looked up a few other questions i wanted to ask you.
The specific perks when it comes to the va loan versus another type of loan, like fha or conventional?
Jeff farnham: so the biggest perk is that you don't have to put any money down.
A veteran can if they want to.
So you don't have to do a down payment.
Another big benefit is there's no monthly mortgage insurance tied into that.
So if you took a $100,000 loan, for example, fha versus va, and had the exact same interest rate, the payment on the va is going to be less because you don't have that monthly mortgage insurance in there.
So it's, again, and then the interest rate is going to be a little bit better than, say, fha or conventional.
Can a veteran have more than one va loan?
Jeff farnham: yeah, that's a big misnomer.
They think they've used their va benefit before and they can't use it again.
You can have your eligibility reinstated, and you can actually have two simultaneous va loans going.
So if you had somebody that bought out in california, and then they're being transferred here and want to do the va loan again, if there's enough eligibility available, it is possible to have a second va loan.
Well, can we just touch very quickly on the eligibility?
Jeff farnham: mm-hmm .
Troy: because people may think that, "yes, i was in the armed services for several years.
I'm considered a va."
Jeff farnham: right.
Troy: what are the steps that you go through to see if they are qualified?
Jeff farnham: so that's something we do.
We'll check for them, and most people know.
If you've served during a wartime period, or were in theater on active duty, then you're, more than likely, you're classified as a veteran.
Where we run into some issues is those that served in the national guard, and maybe have only been in for three years or four years, and never served during any type of wartime period.
Jeff farnham: they may not be an eligible veteran.
They may think they are, but they may not be.
So that's a check we do very early on in the process to make sure that you meet the requirements.
What do you love about this business?
Jeff farnham: one, i love helping people.
I love the opportunity.
I teach my staff, every day when we get up, we have the opportunity to help someone, and we get a great emotional benefit out of that, a lot of psychological benefit out of that.
We love seeing first time home buyers start out.
We love seeing retired couples downsizing.
We just, we enjoy what we do.
Troy: well, we appreciate you, jeff.
Jeff farnham: yeah, thank you.
Troy: thanks for coming in again.
Jeff farnham: yep.
Troy: if you want to find out more information, there it all is up on the screen for you.
Jts and company