Cheryl Knowlton: Hi everybody. Cheryl Knowlton, Dynamite Productions, here with Clay Johnson, Castle & Cooke Mortgage. Today we’re going to talk about one of my very favorite things when it comes to mortgage insurance, which is the VA loan, which in my opinion is the best loan in the history of the entire world.
Clay Johnson: It’s a question every realtor and every mortgage person should ask every client, just on the off chance they do have a veteran benefit.
Cheryl Knowlton: Yes.
Clay Johnson: Because there are some great benefits given as a thank you for their service to our great country.
Cheryl Knowlton: Yes. Well deserved.
Clay Johnson: Yes, very well deserved. And so one of the great things about it, we tell people, they’ll say, what makes it so good? Well, you have that very best FHA style rate on there, but then you have no monthly mortgage insurance. And I love that because it makes their payments so much more affordable for these veterans. But furthermore, you just have one funding fee which is upfront, and that can be financed either into the loan-
Cheryl Knowlton: Yes.
Clay Johnson: … or it can be paid by the seller up front, as well, on that one-time funding fee on a VA loan. But no monthly mortgage insurance, because what we’re really looking at is affordability. How do we make this affordable for the veteran? And when you can just get rid of that mortgage insurance all together on a monthly basis, it just makes that so much more comfortable for them.
Cheryl Knowlton: Absolutely. And isn’t it still true that if that veteran purchaser was wounded and has a disability, they may not have any funding fee at all or a reduced funding fee?
Clay Johnson: Yes. Reduced funding fee. And in many counties across the nation, they’ll actually waive or greatly reduce the taxes on that as well, the property taxes, which is awesome.
Cheryl Knowlton: Yes.
Clay Johnson: And we’ve been able to do that for some folks who are just… we proved that there was a disability or an impairment or something that happened during their time of service and either get that reduced or waived on those taxes, as well. So yeah.
Cheryl Knowlton: Wow!
Clay Johnson: Some great things there.
Cheryl Knowlton: Talk about a win/win.
Clay Johnson: Yes, it is. Yeah.
Cheryl Knowlton: For sure.
Clay Johnson: So if you have any questions on those, let us know. Cheryl, of course, you’ve been in the mortgage business and you know this stuff very, very well, but it’s fun to bring this to you, and if you have any questions, let us know. We’ll talk to you soon.
Cheryl Knowlton: See you.
Clay Johnson: Bye. Bye.