Mar 28, 2014|
A discussion with Jake Pimley and Regan Hyde, from Red Hills Mortgage, about the various ways they’re assisting the VA in securing loans for our veterans. Visit VALoansNW.org for details.
AN INTERVIEW WITH JOSH LEAKE, EXECUTIVE DIRECTOR OF THE PORTLAND FILM FESTIVAL ABOUT WHAT MOVIES WILL BE FEATURED, WORKSHOPS THAT ARE BEING OFFERED, AND NEW FEATURES FOR 2018.
AN INTERVIEW WITH BILL RUSSEL, EXECUTIVE DIRECTOR OF THE UNION GOSPEL MISSION ABOUT THE WORK THEY DO WITH THE HOMELESS AND ABOUT THEIR SEARCH AND RESCUE PROGRAM.
AN INTERVIEW WITH JOHN BISHOP, EXECUTIVE DIRECTOR OR THE OREGON STATE SHERIFF’S ASSOCIATION ABOUT THE WORK SHERIFF’S DO AROUND THE STATE.
AN INTERVIEW WITH MELISSA MILLER AND NICOLE VINCENT WITH EMPLOYMENT SOLUTIONS WITH UCP ABOUT HOW THEY HELP PEOPLE WITH DISABILITIES GET JOBS AND HOW THEY HELP EMPLOYERS HIRE PEOPLE WITH DISABILITIES.
Automatically Generated Transcript (may not be 100% accurate)
You know listening to -- go to a series of interviews with people of interest in northwest Oregon and southwest Washington I'm your host had Douglas now as you may know if you listen to the show for a while we knew who would know that who might passion my -- charitable passion is the vets my father was in Vietnam veteran and we lost him about -- -- -- -- nine years now good lord. Do some complications he had cancer do -- exposure to Agent Orange in Vietnam. And -- my mother very difficult time getting the benefits that were do her so it's kind of become a cause that my family in general fights for as much as possible. The veterans deserve our respect his serve our help when they come back for putting their lives on the line for this great country. And today I have two gentlemen who are hoping that the vets in a different way commander from different angle there helping them get. And keep homes I have -- apparently and Reagan hide from red hills mortgage and VA loans northwest dot org how are you both. Great actually I can't thank you perhaps an absolutely have -- We'll get things kicked off lets give our listeners a little bit aback and on yourself and how you came to be in this business working for veterans. Yeah I've been in the business about ten years they have actually. Billion and a little bit longer that's how I got started into attend. And then I kind of sorted into the veterans side because of my brother he's joined the National Guard or the National Guard in 2003. And then therefore reported that I actually can no longer that we need to back up. Just pick should he didn't he join in 2000. So he's been he was in basic training during 9/11 and got the experience that. First hand didn't there's been times and teachers overseas another war not certain auction National Guard and tries black dark. You very personal reasons to support the -- Absolutely. We you know I've got to know a lot of McCain is that you served with standardized and overseas with the current conservative industry because there are in the decided industry because of -- -- and I've really enjoyed working with about helping them. When they come home and get into a home that a little bit more permanent for the lucrative purses being deployed in two billion -- they can help a few other over there and you know trying to get things done in Iraq and so it will open and an interesting that they can be done. Yes with the technology we have today there's trauma secure did acknowledge it's pretty incredible and Reagan have you being in the industry for her. 1516. Years now. And get that they're really enjoy working with a veteran alumni at the VA side of it down a mob and all the come to London how focused started focusing toward the veteran moments when not Jake and I got together its business partners and really enjoy -- -- -- So let's say let's talk about what this program does for the veterans in general. You -- have you homeowner benefits are designed to you know -- the benefit of the veterans for serving so that they can. -- -- almost no money down to you know they don't have to have a down payment has that PH doesn't necessary planned money they take care of Quito on for the lenders so it acts as -- type of insurance -- lenders. And then I give them days they incentive -- you really do something that they otherwise wouldn't you of course for the veterans which is -- percent financing. So you're there don't give back the mopping case. They fail on the long. Yes essentially -- -- doing that it works is that the DA will give a veteran 825% guaranteed meaning that it took wonder if they were to default the lender received. 25% of their life. Is covered by the -- As sick as -- as so how does your company reveals mortgage what what part do you play in that transaction. Could -- -- the -- government money and that they're just intermediary -- they insurance I should say we act as the intermediary to helped affection get to the process far end of the lender that's actually going to lend them the money. I'll put their application together and you really help them plan the best fit for for their needs. So you can take them by the hand and shepherd them through the process. Absolutely. You know who'll sit down two veteran and go to their their current situation where they wanna be what what needs -- -- you need to others. It's I come home from deployment trying to find a push for the Finley or are just being stationed somewhere. For brief period time and trying to build their rental -- maybe through that. Or there they're getting out there and now they're moving on assert their civilian -- -- and want to give back too soon become more database stuff. We'll sit down with them talk to him about what they're trying to accomplish. -- really put them in the best position possible to to take advantage of what's really pretty incredible program for them. And why should they do this program all your conventional -- -- FHA loan. It's really it's the -- putting that they're going to you have available to them FHA prime loan guarantees to mortgage and monthly mortgage insurance premium that you have to -- where does the Iran does not be in this FHFA upfront mortgage insurance premium that you also Hayward the DA has -- -- -- similar call that the funding she. In that -- that -- depends a little bit on a few things you know chief. Purchase -- home before what branch of service to Europe and and then also if if they have -- service connected disability that he's actually way exclusive -- If someone does have a -- connected disability is truly is that you know 100% financing with no mortgage insurance it's just really love most inexpensive money available to them. And so -- when we're talking about veterans I know all throughout the the government there's different definitions of of a veteran of human and applies to. Have various benefits so who is eligible for this program. Any veteran who is horribly discharge -- more than ninety days during wartime it is pretty much eligible the you know for the we're being considered under wartime and the first golf course so and so anybody that -- recently on active duty for more than ninety days. It's going to be eligible and that includes National Guard and reservists who have been activated in the sand and served in an entree into. Incapacity for more than 98 otherwise for the National Guard is if you Serbian national courteous to the -- or six year term to be eligible. I say if you're just joining us you're listening to match scope a series of interviews with people of interest in northwest Oregon and southwest Washington my -- hosts ten Douglass my guests today are -- Henley and Reagan hide from red hills mortgage. And VA loans northwest dot org. That website is VA loans in W dot org. Any focus on new Guinean and home loans insured for a for veterans for every people who helped out our great country. And of course our veterans our people that we want we want to help out. As much as possible they have laid their lives lives down on the line for us. It's really good amazing where you guys are doing so we've. We've got here that the it is the veterans that have been on active duty for more ninety days since the goal for the early ninety's there. How about credit requirements because that is a reality here you're insuring these loans -- there's going to be some limitations. So most of lenders the way you work is BA doesn't really don't have a credit score requirements. Themselves. -- further VA program the way that they look at it they just wanna see that the veteran has. It is an on time and don't have any derogatory credit for the last twelve months so you know collections no late payment for the previous twelve months. However because he would not actually lending the money each wonders can have their own overlaying and and so. There are credit score requirements and in each wonders a little bit different. We have a few hundred civil cocoa down into the -- 500 for the credit scores and -- in a lot of them that are you looking to have a credit score of 120 or higher. But that's something that looks the government says -- such an intense look at where they're out to kind of give them some advice and on what they should you or could do potentially to change their position commitment and get really into the best position possible so many. When they do apply for a longer -- they're going to take advantage of the program to back to us as possible. And get the best -- -- can't afford them so. Two critical beetle can definitely be a good challenge. In their respected each because the lenders have the ability to give these overly sweet we -- Definitely wanna make sure that that they're in the best position possible. You know the DA itself doesn't actually give us -- guidance on that other than -- just wanna see no derogatory credit the last twelve months. Right to -- Goodyear focused and you usually get that together any air patterns takes a. You could just take a little work you mean we we've worked with a lot of different veterans who have had a lot of different things going on in life you know you know commenting that we easier defection to. Been deployed before they leave it. Pay off their credit card and you know little do they know -- they're -- -- mr. you don't couple dollars worth of interest and next thing they know we have been running late and clearly mentioned and things that we work attempted to get very good result and taken off for -- So that they can get -- position by house. For the other communities. We will definitely worker concessions to it to. Coach them on the credit boom when whats there if if if anything we hadn't you know -- not discovered come up with the basic truth. What they need to do on their -- how they can improve their scores. That it is much as possible. How about today income requirements imagined you know they're coming back there. Not immediately back into work. My six a little bit to get that together but once they've got that job when you look at that four didn't come requirements. Do you their income country you know what they're looking for is incumbent is going to be very dependent on how much they want to spend. -- you know how much they need to spend a buyout of clear what they're looking for but cut. You know most lenders is to find their. The back -- some kind of job in and out of their first taste of they'll they'll take just got information there and go from there CEO did. Depending on what kind of job it is to -- the commissioner earnings come that requires -- a lot of overtime work. You know the can have a little bit more of a challenge there because he -- no way to guarantee utility commissions are gonna be -- over time work but there's there's some. -- -- -- -- -- -- -- -- -- -- -- Are they going to input is going to cooperate let's listen and give us some more background on what -- -- -- -- gonna look like. Put them we've been you know we've done quite a few loans -- broke the profession to come back from being deployed as part of just being discharged and and and coming back into civilian job. And -- using employment letters and -- like -- and getting them back to work can and getting him into outright away so. And so for anyone who's ever had the fun of -- going into the process of the loans. You did that the joyous figure now you're a debt to income ratio. And does it is a little bit of a special situation is these guys soon in the -- ladies have been. You know overseas and maybe like they have multiple that -- have been gone how do you figure that out and is there any kind of allowance for refer them. Yes it is to give the fact that the -- is ensuring -- loans -- -- are a little bit more lenient on -- That they would be -- a conventional credit to allow for higher debt to income ratio and the other programs that are out there. Do one thing that is unique to GA is that they take a more holistic approach to -- come perspective. In the fact that they want to know that the country has enough money to. Did he bill and to let that after after their their mortgage payment their car payments have been quick Patrick. Camilo does have we don't want actual little -- to jump through so to speak of -- making sure that you they have enough what they consider residual income. And that's something that we can out of touch and go through and and when there'd be almost to have basically a budget and make sure that the money's gonna be available for them it and make sure that they're -- biting off more than they can -- the house payment. Yes I think we've all seen the trouble we -- -- Arafat -- Yeah they're monitored very very eager to -- -- money -- they think even even -- yes yes. And also how about co signers -- is since this is -- benefits veterans when you're the co signers -- people who are veterans now that'll work. Customers are tough feat and you can't have somebody -- that lived outside the home big cosigned put it. You -- you have an affection and and their partners that wanna buy out together and and then they're not married. -- there -- -- provision to do that if it's gonna usually take a little bit of money down in that situation. Essentially the way that the DA looked at it is they're going to ensure that veterans interest but then the non borrowing partner. -- to bring in enough. Down payment to to cover up what -- -- you would have been covering in the insurance perspective out of the program so it's typically there's there's a way to do it it takes a little bit extra work but it can't be done and and console from -- current case by case. And how about having them multiple loans. Yet at -- -- that a lot of the a lot of action committee and -- they don't really realize that they could have more than one vehicle at a time. I was home in the for a lot of years they've there was just compound it and everybody's had a good you know he could only have one view on at a time. Pruitt who waited tentative PA guarantee for work now it is possible perfection out more than one -- We've done quite a few of those are you guys are stationed back -- that. -- out of a little bit cheaper back there and then they're looking to move out is that you know back home and a northwest and can still you could be eligibility to Dubai take home and keep the home where -- station before his the -- or something of that nature so. Again it's it's a case by case situation. To make sure that there's enough. Entitlement their production to it to cover the departures -- -- term making it can definitely be a great way for a veteran Q. Keep in Africa pay out somewhere else and and print it and go get into new home. Right right. In LA since this is -- a situation where these holds are being insured is there limit as to how big a long -- It typically -- PA rule insure loans up to 4171000. So troops pretty significant -- can -- very. Well yes yes yeah and most areas you can have spoken by a lot out. There are a couple period and then northwest through they can go above that -- in the Seattle area there's a couple counties in the Dubai accounting. And you can go higher than that in the enough. Bidders also PH Jumbo mortgages and you can go over the course seventeen but just a little bit different way to do it that's gonna require a little bit of money -- -- still. But still not as it you know it's still going to be cheaper option for the veteran -- to do that and then CA conventional loan. If you're just joining us you're listening to -- to open a series of interviews with people of interest in northwest Oregon and southwest Washington I'm your host Ted Douglas. I guess today our Jake -- and Reagan hide from red hills mortgage and VA loans northwest dot org that's VA loans in W dot org. They focus on helping to get the veterans into homes or keep their homes or improve their homes obviously at home loans. -- get them insured through the VA and and shepherd them through the whole process. So let's talk about the long process to begin with -- the application center. The other difference profits part of the process and have such a deal -- -- it would just would be for the veteran Q -- some of the Microsoft. And can bring in their DD 214 or their statement of service to you establish clear their eligibility in the program. DD 214% color. You know what they've served out there where they served accomplished and they served in -- under what condition they were just charged. -- official serving they can get statement service from the commanding officer and it will cost the same thing. From there into the GA we're gonna request a certificate of eligibility and that's gonna basically tell us how much. I'm entitlement to the veteran -- available in a novel and dictate Q. How much home they couldn't buy it. To a certain extent you know to pick out a few -- in the past it and and and they have not so -- about refinance their home. -- that entitlements coming to be tied up puts the previous home and now eleven and there are so so -- that death certificate of eligibility is really the first process. Typically refer the PowerPoint and we have an initial contact with the veteran. We're also going to go over kind of where -- -- compiled you know -- income right now what -- they're working how much time they've been on the job and and really just to. A pre approval PowerPoint. -- and usually put the credit -- Go -- the kind of report with. Addressing the issues that are there if there are any. I -- and come up with a plan how to correct me if they need to be corrected. Some from you know from the -- that's really kind of different steps to be -- you'll find how much eligibility have available figure out where your credit. In the not too kind of cursory movie review of in com. And you can't you understand and get a feel for it from from various it looks like thinks can move forward you know whether to refinance or purchase there's a couple of different directions we can go. You know from -- purchase Buick if possession ill equipped -- qualified they wanted to move forward and then others on the -- depression and it's very curious that. We go go go ahead and -- you know to the application. And provide us with there is there actual cup income and -- documentation. Which would what that's gonna give us there we don't tell us exactly what they qualified for so that they're not out there shopping for home today they don't they can't get too. -- -- And not have community. You know the process is it's pretty straightforward to it's not very much different from. Any other type of loan other than making sure that that eligibility is there. And then also calculating out residual income. And the debt ratios which in other conventional black and how to residual income portion. The -- that's really easily done little to McCutcheon and perhaps there really worry about from their perspective they just. Need to bring it took -- pace and some some tax returns maybe and that's that's pretty pretty straightforward and and and definitely they're there is done DD 214 if they don't have other DD 214 week and help them requested from. That's archives. So there's there's a processor that I'm most most people a -- veterans have been ingrained in them to keep that do not lose it when news. This is important have yes yes most people have that. But if they don't spend ten there's a way to definitely get it we can we can do that. I think Greg there where you say the U will be you know helped them figure that out it's it speaks the whole process that you're there to kind of hold her hand and walked into this whole thing so. You know it isn't looking bacon and home alone are looking at my house is so daunting. That if you don't know. You know how work you don't know some lease terms we've been talking about it could be really intimidating but. You guys are there to say like it's all right if you don't know we're gonna walk you through this we'll make sure you understand at all by the end. Yeah we're really here to you know as a resource for. For the veteran you know want to ask questions you know -- I really encourage people especially you know someone who's never purchased a home before. You know I've spent question what does this mean Larry's saying what stepping -- what's might you -- DD 214 I mean -- -- -- before the end you know for somebody conserving and never perceived what yet and peers who were really here just to take into as many questions as possible and never went to have anybody that could come I didn't really understand what you said. Because that the other the first meeting can be you know a lot of information yeah if -- takes -- for -- thinking and then end. We want Q. Make sure that the they feel comfortable with what they're doing and record and an anorexic and focused on moving into that new home and then. And settling down. Well certainly when -- -- he was someone who does this all the time which you guys do you. You know all the shorthand you know all the terms in all the stuff and when you hear that you don't know what it is it can eat you know sometimes it can be a little intimidating to say like excuse me I don't know what half of what you just said meant to include -- -- just Cuban whatever. Let me help you guys are creating an environment where you can do that and that -- dump. Yeah absolutely I mean there's there's there's the -- is a dumb question and so on hey you know he's the -- -- a small questioner big question or something new that I can't afford it still don't understand -- not so we're here for it is it is really be that resource and you know help educate everybody could hit the cooking -- you know whether prior refinance their home due to him. Did you guys just just you know what what the benefit to them and what -- managed to them. Well I can tell you that I hit. Really appreciate the the help -- given our veterans and in getting them in homes and and you know. Getting people into homes and veteran affairs -- two giant issues right now you get -- can attack claimed both the same time now. Absolutely you know with the what do my -- gone through a lot of the I don't trend that we hadn't -- -- guy that you served with -- -- -- a lot of daunting task that they they have. Come to go through -- I come home that does this shouldn't be one of them should be some that's pretty simple straightforward. Absolutely it will fantastical isn't really appreciate all the the fantastic work you do and and in helping our veterans they certainly deserve the respect -- deserve the help and I have earned every bit of itself. It's wonderfully you're doing that and if your veteran listening and you were instantly what we're talking about here you're trying to get into a home and just seemed kind of baffled by element. I know that there is help and there is there's a both financially and educationally here go to VA loans at northwestern dot org that's VA loans in W dot org and the fine folks over there and red hills mortgage will help walk you through the process and you don't have to feel like -- You're thinking you're lost to see there these dazzle wolf. Actually help you and not make you feel stupid and that its in house which is. That's early years habitat on your your ads are posters or we will make. You feel stupid yeah. That's. Fantastic well thank you both for coming on the show today. And -- all right so again VA loans in W dot org to find out all about -- if you have a veteran friend or family member of the you know is trying to get into a house maybe send in this direction CC if we can't and make a lot of connection there and get some help form. All right -- hit that'll do it for this edition of mattress company Entercom communications public affairs program I'd -- in your host Ted Douglas. They give a nonprofit or public affairs organization they would like to let others know about please email media microscope @entercom.com. And intercom starts -- an. And please put microscope in the subject line so it doesn't get snagged by my spam filter according go directly to this station's website click on the community -- submit your information there. Also be like -- this program again you can visit our podcast page of metro scope PDA exec -- you'll find this in the last couple months -- the -- -- And please feel free to post it to your FaceBook you MySpace your blog you Twitter your Google+ whatever you got blistering get this information out to as many people as possible. Well thank you again Jake thank you Reagan thank you all so much for listening this is -- mattress -- And. I can't neon. Time. Yeah. You can't do my eyes see. Love me. Paying.