Essential VA Loan Tips for Real Estate Agents and Homebuyers with Aaron Kloss from LoanDepot

Welcome to the premiere episode of "Just 2 Minutes" with Kamil Sarji, your go-to real estate expert and host. In this exciting first episode, we chat with Aaron Kloss from LoanDepot about some game-changing insights in the world of VA loans.

Are you a real estate agent looking to expand your knowledge and gain an edge in the market? Or perhaps you're a veteran looking to make the most of your VA benefits? This episode is packed with valuable information just for you!

Highlights:

• Chivalry in Action: Get to know Aaron Kloss's perspective on everyday chivalry and why he believes in keeping it alive.
• Favorite Milkshake Flavors: Discover Aaron and Kamil's top milkshake picks – a fun icebreaker you don't want to miss!
• VA Loans Explained: Aaron delves into the unique benefits of VA loans, including the little-known "Tidewater" process that can help veterans secure their dream homes.
• Real Estate Insights: Learn how LoanDepot is revolutionizing VA loans and how these changes can benefit both agents and buyers.
• Overcoming Appraisal Challenges: Tips on handling tough appraisals and ensuring your clients get the best deals.

Join us as we dive into a fast-paced, informative conversation that's perfect for anyone in the real estate industry. Whether you're an agent looking to join a dynamic brokerage or a client ready to buy or sell, this episode is for you.

Don't forget to subscribe, like, and share with your network. Let's grow together and make real estate dreams a reality!

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Whether you're a seasoned agent looking to stay ahead, a newcomer eager to learn, or a client seeking reliable real estate advice, "Just 2 Minutes" offers a wealth of information in a convenient and enjoyable format. Join us as we explore tips, tricks, and insights from industry leaders and professionals that can help you navigate the dynamic world of real estate.

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Stay Connected:

• Website: Gold Door Realty
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• YouTube: @realtorkamil

For more information on joining our team or how we can assist you with your real estate needs, reach out to us today!

Transcript

0:00

All right, so welcome. This is the first just two minutes. It's basically me interviewing people in the industry and pretty much just two minutes of random questions. So here's the timer. Pretty psyched I get to be in the first two minutes. Okay, here we go. And Um, all right. So imagine you're going somewhere, right, walking into a store. And if you could see the future where this guy, because it's like stuff that happened to me, where this guy doesn't even acknowledge or say thank you, would you still open a door for him as he's walking in? Yeah, I do. You know, I still want to keep myself as chivalrous as possible. You know, I always stop let people cross the street even though they don't wave or say thank you But I will mumble something under my breath though. How about that? Um, yeah, I wouldn't I wouldn't know you're all set I could see the future and I open a door for this guy If it was a lady, of course, i'd open the door for her. I don't care if she says yes or no, but uh guy Yeah, he's uh Okay, so that's one question. Uh second is um Frap Frappuccino? Um, a frap, slash cabinet, slash milkshake. Uh, which, which flavor would you get? Well, I call it a milkshake. Milkshake. And uh, if it's a milkshake, you can put whatever ice cream you want in it. So I'm definitely a um, probably pistachio. Pistachio? Oh, that's awesome. I love it. Yeah, I like, uh, I like Oreo. That's, that's good. The only problem is little nuts are going to get caught in the straw. Yeah, yeah. Um, peanut butter to anything. Oh shoot, it's like 30 seconds. Okay, uh, if you were to play a, if you were to play a sport, would you play, uh, the spearing where you like throw the thing or disking? I love frisbee, but javelin? I'm sorry, I'm throwing the spear. Yeah, I agree, me too. You gotta throw the spear. Cause the other one you gotta like, spin around and like, throw it. So, alright, cool. Uh, shoot, ten seconds. Um, what kind of sport would you play? I grew up wrestling, so I love it. It's my favorite sport. Oh shoot, I'm not gonna mess with you. Wow, all right, so what do you think? I love it. My only thing was this started vibrating. Is that gonna ruin anything? No. All right, good. All right, cool. So we'll just continue on and talk about That's awesome. That's fun. Oof, that was like a lot of adrenaline. Yeah. You gotta go quick. Oh, gosh. You're gonna have to have a time. How many questions can you get there? All right. So, back to the industry, you were talking about some cool things that you guys offer for a VA. You want to tell us about it? Loan Depot is really going to start focusing on creating our own VA department. All right. So, we always had a tremendous renovation department, first time home buyer department, so on. But now we're putting a lot of focus on VA loans. All right. I think industry as a whole has not been, accepting of, only 25 percent of veterans use their benefit and it's the best program that's out there for a buyer. Absolutely. Yeah. You know, there's so much that the VA offers that. Sometimes lenders and realtors don't even know., one thing is something called Tidewater, right? You know, I, I hear a lot of realtors going, well, the VA appraisal is so tough. They question everything so tough, like FHA and so on. But do you know that a VA appraiser is going to give you the opportunity to present extra comps if he thinks it's going to come in short prior to him making a final decision. So he'll go out there and look at the house and he'll say, You know, this is probably going to come in lower than the purchase price. And we are starting to see that in this market right now, a little bit in certain areas, but they'll give us a call and say, Hey, you got 48 hours to give me some better comps than what I'm using. And I'll include them in my appraisal. That's huge. You know, no other program does that. Yeah. It's always tough. Like when I'm listing a property and I know that I'm listing it really high and we get offers that are really high, I have to prove ourselves for the price. So it's like, I've got to get the numbers and, but being on the other side, being the buyer, working with them and getting a lower appraisal, that's. That's also tough. It is tough. Cause they could lose the deal, if the seller won't agree and the buyer can't afford putting money up front, extra money up front. we have ways of fixing that problem. So for all my real estate agents out there, if that happens, you get appraisal that comes in short, no matter what program. Give us a call at Loan Depot. We have solutions for that, where if your buyers or your seller is not willing to lower the purchase price and your buyer doesn't have the money, there are other options that we at Loan Depot can help 'em out with. Awesome. I love finding ways and solutions, around things. That's, that's, you have to think out of the box in this market. Yeah. You know? Mm-Hmm.. It, it's a tricky market., there's a lot of opportunity out there though. But you do have to think out of the box a little bit. Not to give names or like, did you have a crazy VA story where. Yeah, actually, you know, the great thing is about VA loans is there's no cap to how much you can borrow where conventional FHA, they all have a cap. You can only go up to a certain amount and then you have to go into what we call a jumbo loan. And with Jumbo Loans, sometimes they'll require more of a down payment, the interest rates might be a little bit higher, but VA, there is no cap to how much they can borrow. And Loan Depot, we're one of the only lenders out there that will do a VA renovation loan. So we had a veteran, come to Loan Depot at one point wanting to convert a dentist office, a commercial space that used to be a single family, back into a single family. And the price on this house was almost 2 million. So we were able to do a VA renovation for the veteran. He was able to buy it up to two million dollars. And he was able to do it with 100 percent financing and no PMI. Wow. What a mansion. Right? A mansion? Yeah. Nice looking house? It wasn't a mansion, but it was in a place where it costs mansion prices to end up buying a single family home, you know? Yeah. So, it was pretty amazing. Oh man, I remember we had a VA loan, the buyer was using a VA loan, and the lead paint on the house, we got that taken care of, and then the appraiser came back and was like, 200 feet away, there's that shed, there's like peeling paint on that, that needs to be taken care of, and we're like, oh my gosh! Would you know, that the VA can overrule anything that the appraiser puts on there? So for instance, you're doing a VA loan and there is a deck that's just rotted and falling apart. The appraiser puts it on there that needs to be removed. The seller refuses to do it. The buyer doesn't want to do it prior to owning the home. You can actually petition and go to the VA itself and say, Hey, listen, they're going to get rid of this thing as soon as he owns the home. He just doesn't want to spend the money prior to owner owning the house. The VA can overrule that appraisal and let the buyer actually go in and buy that home, even though that work needs to be done. That's amazing information. So like how long is that process? And how does an agent get connected with the VA? The agent doesn't have to do anything. Your lender is going to do it. Okay. Okay. So we have to actually go to the VA themselves and say, Hey, listen, look at this appraisal. This house is a huge benefit to our buyer. Right? whole thing is we want to help veterans get into homes and so does the VA. So if, they're going to lose a great home that they're getting a good deal on that's going to benefit them because of a deck, the VA says, don't worry about it. Go ahead and purchase the home, you're going to remove it, and we'll take care of it, you know? So, the VA can overrule anything, you know, as long as it makes sense to the veteran. Does it happen for FHA? Is there any type of things like that? So VA has a lot of power? Yeah and control over the appraiser, correct? It's the only program that you can do those things. I know Because they can't touch the appraisers like you can't like Convincing strict conventional strict they go by the appraisal and the story where the va is more What can we do to get a veteran into a home that's going to benefit them? That is awesome think outside the box, you know, and that's why we love va programs But a lot of people don't know that stuff. They just see va like, oh, that's going to be a hard loan to close I'm moving on i'll take the conventional offer You Yeah, but in a lot of senses VA loans are easier to close than conventional and FHA, especially if something goes wrong. okay, so that's one thing talking about the appraisal with the VA what other things the VA can influence as far as the whole process. What else can they do? Well, a lot of things people don't know about is sellers concessions, right? Yeah, so You You know, FHA 6 percent sellers confession or concession conventional. It's different depending on how much they're putting down, but for most part, it's 3%. But when you go to a VA loan, they can have all their closing costs taken care of with no limit. Plus they get an extra 4 percent for doing things like paying down the veteran's debt. So say the veteran wants to get into this house, but they got a lot of debt and they can't quite get into that. And the seller's like, man, I really want to help this, veteran out. I'm going to give him a seller's concession. We can pay down their debt to help them get pre approved. Wow. That is something you definitely can't get with any other program. Wow. All right. As an agent, there's so much information that, we know about, but, , we have the lender, we have the home inspector, we have the insurance, all these other things that's not in our world. It's good to connect with people like you guys in the industry and your side of the deal to understand and become better at what we do. So we have an edge over others. Well, it's kind of the same for us, right? So just like real estate agents, you have new real estate agents, you have real estate agents that have been in the industry for a hundred years, maybe not a hundred, but 20. You know, things change, right? So programs change. So we need to be constantly educated. So what Loan Depot is doing now is offering a VA certified loan officer. So we're actually going through three to four classes where they're going to get really in depth with all the benefits of VA loans. I have to actually pass a test in each one of these classes and then our loan officers can get VA certified so that you know, when you're working with someone that they know all of the little loopholes and tricks and, you know, to the trades of doing, you know, a VA loan. Wow. So we're very excited about the initiative. We are offering online classes through all social media for realtors to go ahead and tune in where they're going through some of these tricks, the VA loans. We're very excited about this new department that we're creating and we're going to be. Going at it a hundred percent. So awesome. If you're watching this and you're a veteran, thank you for your service, there's so many, so many opportunities for you, especially with the VA loans. So , it's good to have those and it's really cool how they're taking care of the veterans and the best part, the head of our new VA department are all veterans themselves. Nice. So. It's very exciting to work with them. very professional. They're passionate about this and I can't wait to grow it. Awesome. Well, thank you very much for, you know, putting up with me and my questions, my random questions in the beginning. I love them. Any questions for me? Yeah. How did you start this awesome building that I'm sitting in right now? Oh my goodness. Um, Yeah, it was a lot of work. I was really looking for a small place for my brokerage, but I saw this, it was about the same price, but , same price doesn't mean that everything is done and ready. Same prices. Okay. You put on all this money and then it's like, but I did see the opportunity with this place. Like, you know, building a co op here. For the community to come in and use it for agents to become automatic members in the shake place Like that's going to be awesome. And then our office like So yeah, if you're out there watching this video, you've got to stop down and see this place Camille has done an amazing job. It is beautiful in here Tons of great space in here if you need an office, uh, I definitely recommend coming down and seeing camille. Oh, thank you Thank you. Thanks for having me. Yeah, absolutely. Yeah Thank you. Thank you. We'll shake hands, look at the camera. We point like that. Okay, awesome. I love it. Great. Except for my stuttering in the middle of it.