The VA Loan Debate: Analyzing Dave Ramsey's Perspective
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- čas přidán 2. 08. 2024
- America's #1 Female VA Lender Analyzes Dave Ramsey's position on VA loans.
Dave Ramsey is not known to be the biggest advocate for VA loans. He and his team shake their heads and often look flabbergasted when a Veteran says they are doing a VA loan with zero down. What is this all about? In this video I cover each of Dave Ramsey's points about VA and examine if they make sense.
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Timestamps:
0:00 Intro
0:45 Dave Ramsey's Criticism of VA Loans
1:00 1. Zero Downpayment Is Bad
2:40 Why He's Wrong
6:00 2. VA Loans Have A Lot Of Fees
6:30 The Loan Has Less Costs...
9:30 Military Towns
10:05 3. Interest Rates Are Higher Than Other Loans
10:30 Its Untrue In Most Cases
12:45 So What Does He Think of VA Loans?
13:25 Take His Advice With A Grain of Salt
15:00 Just Listen To Professionals
There is no single way to do anything that is right for everyone. Life and people are way more nuanced than he allows for.
100%
This is very true. I like a lot of his principles but i feel bad for a lot of the people who call into his show because he sticks to his generic rules for everyone and ends up giving bad advice to a lot of people.
It is the old saying of if all you have is a hammer everything looks like a nail.
You did my loan and I love my new home. Thankfully u also allow autopay. Thanks for all the help in helping me change my life for the better ❤
Happy Holidays to you, your team and your families 🇺🇸
❤️❤️❤️❤️❤️Happy Holidays:) appreciate you and am so happy for you ❤️🏡🎉
Another great video Jen! Thanks for all you do!
Equity is imaginary money if you’re not selling!
Agree as is being "upside down"
I have been trying to get my partner to watch videos related to mortgages and all this stuff. Finally she love your videos 😅 Thank you !!
Thanks for all you do Jenn. Still on the hunt...🎉
I totally forgot about his credit hang up, found that a bit extreme. He and his daughter Racheal have a few hang ups but his steps to get debt free really work well. I disagree with a lot of what he says (more the political crap than financial) but the 'Baby Steps' really work.
I think he is great at helping people pay off debt but beyond that ....
@@JenniferBeeston And you Jen have been very helpful, I'm glad I found your channel I've learned while debating my move. Thank you
Thank you, Ma'am .
Great video and fantastic breakdown
Thank you:)
Another video destroying him and I love it ❤
Thanks for the video. I listen to the Ramsey show and agree sometimes, but disagree other times. Just have to use what works for you. Ramsey is very one-size-fits-all approach when in reality that’s not the case. And since he’s made sooo much money, why would he change what he says? “Follow the money!”
Yeah, if he actually gave advice that was relevant to today, he would make less money because it would be similar to what everyone else is saying. His stringent approach and my way or the highway rationale is what’s made him a multi multi multimillionaire so my guess is, that is why he sticks with it. Agree with you 100%
They had us get a mortgage insurance qoute for our va loan
That is terrifying as there is no mortgage insurance on va. The only quote you would have needed is for homeowners insurance (for if house burns down etc). Crazy times
I love Jennifer ❤
The spice must flow!
The spice is all today;)
Great Video, but I have question to ask. As a Veteran using my first VA loan and assuming a 20% down payment, will my funding fee be reduced by less than the 2.5 % ??
If you are doing VA and putting down 20% and do not receive VA disability the funding fee is 1.25% . If you get VA disability the funding fee is waived. You want to make sure the lender is showing you rate and fees on both conventional and VA and discussing the refinance options down the road. Always happy to show both sides 707-478-0637 Also here is the link to the VA funding fee chart www.va.gov/housing-assistance/home-loans/funding-fee-and-closing-costs/
For the funding fee if you get a small percentage for hearing the fee is wavered?
Great Video! Your right on all the points you made about VA, I do disagree to the whole message about Ramsey not being nuanced & allow a 0% down payment. We’re missing the point, no one should choose a lender that offers 0% you’re not ready to buy a home if you can’t put at least %3 You will struggle.
Example ( 400k home 3% Down = $12,000 ) There’s 7 baby steps for a reason
3% does not make you more prepared to buy or own a home. The key is debt to income.
🤗
What about 15 yrs mortgage 25% takeaway home income ?
Tune in tomorrow;)
Can I change from an FHA to a conventional if my score has gone up before my
depends on where you are in the transaction but if you are just preapproved we can flip preapproval. If you are like 2 days before closing on a house no as there would not be enough time
I have a house in Texas I’m looking at that’s $240k, how should I go about it? Do I use the VA loan or regular loan?
I have $100k to throw at it that I’ve been growing in a brokerage account.
My coworkers say put 0 down, and I intend to keep this house as getting restationed in Texas is very likely as USCG
I think it really depends on what the potential rental amount is long-term. If you’re likely going to be moved… can the house with a renter cover the mortgage payment? If it can do so with zero down, I would keep the money in your bank. Ultimately though you have to do what you’re comfortable with. It is very rare that conventional makes more sense than VA but if for instance, you’re thinking you may end up in California and need your full and entitlement that would be a different story. Overall, it’s a a conversation, feel free to reach out. we’re happy to get you on the path home 707-478-0637
@@JenniferBeeston is the fee to use the loan $12k for non disabled veterans?
I was told there are enough units in Texas like in Houston and Galveston that I could bounce up and down for about 9 years, at which point I’d retire there
@@MooMoo69556no 12k fee. Not even sure what that could be but disabled veteran is no funding fee. Also on VA we waive our lender fee
@@MooMoo69556 for non disabled veterans first time use with zero down is 2.15% and 1.25% if you do 10% down.
@@JenniferBeeston what if I do 20% down on a 15 year fixed, ballpark what would that be for interest and fees on a $250k-300k house. Thankyou for the help :)
Yes if youre buying a house for 1 year...just rent. Dave is a marketer notba financial expert.
Ramsey is a fraud. He makes millions telling people to stop spending and pay their bills and then calls his self a financial guru. Ramsey is being sued for millions because he pushed garbage products on his clients and the few times I have heard him speak, made me cringe and shake my head. He thinks everyone should follow his advice when almost all of it is either common sense, or nonsense.
What you are missing is that when you have to sell for an extenuating circumstance during market downturn, be ready to bring large amount of cash to closing or you are trapped. Essentially you are insuring that during a market downturn you are not trapped. I’m with Ramsey, and a USMC Veteran. Don’t get trapped.
If you're bound to such things just rent.
Extenuating circumstances are the name of the game while your in. If you served you would know. After leaving I prefer to keep my money instead of paying tons in interest. Conventional loan with 20% down, 15 year fixed then close the loan. Even better, A FEW DAYS after closing add 10% additional cash to principal and then make the payment as scheduled. If it is your primary home it is the safest way to do it. I wish the VA home loan was better but honestly it is not. Some exceptions exist but it’s the best way to not pay 150% interest over the course of the loan. Save that money and invest.
Nobody knows real estate like you do....👌
"I love your sincerity and honesty with your clients"
"Pops"#truschoolsports🥊🥊
Churchill does not like VA Loans.
Personal experience
I had a frightful experience with them. I felt Swindled! They told me that they couldn’t give me a VA loan and pushed for an FHA. I paid for survey, inspections…Everything, only to be denied. I ended up using another finance company and I have been in my new house for almost a year. Churchill Mortgage is a waste of time. 💯
Glad you escaped them. @@dude41302
We did a cash out re-fi, but also felt cheated, the cost was very high. Also at the time we had 3.875%, we were first offered 5%, and having great credit we did not understand, we had to buy it back to 3.875%. Yea I wish I knew about Jennifer’s Chanel before we did it.
Im convinced hes anti VA because hes so anti-governemnt. This man has so many cognitive dissonances. He mentions all these hidden fees...there is literally just one fee and its not hidden. Its just wild that a financial guru can be wrong about so many things...
It is alarming. However, I think that people are realizing it. There was a story recently in the Wall Street Journal on how people are realizing that his advice does not make sense in today’s modern world.
Ramsey is an elitist!!
You will love the Thursday video;)
so will all your videos going forward be a diatribe against a guy who own $600 million in paid for real estate?
She's just clearing the air and educating people with facts. Dave has some good tips, but his net worth doesn't mean he knows everything. He's not a mortgage lender so you can't take what he says to heart.
and Jenn is the top of her field in the US and people should listen to experts in the field they need advice. Don't ask a plumber about your heart problems or a surgeon about your plumbing issues.
@@abanks202 exactly what air needed clearing? did i say she is telling lies or not using facts? has any of her advise been used to amass over a half a billion $ fortune? no? i'll take advise from someone whose teachings has. do you think i assumed he knows everything based on his net worth? is a 15 year mortgage with 20% down bad advise? a like from the poster for the response to my comment but but not for my comment? a reponse to my comment from the poster would have been appreciated.
@@pl460 do you think someone who has amassed over a half billion $ fortune doesn't have the expertise to to give advise on money matters? where is her nationally televised show? i'll check it out. he has never pulled his own teeth or ever advised anyone to do so. but you did get the like from the poster that i didn't.
I use to love Dave’s content until this past year or two. They’ve loaded their roster with squishy weak personalities who appear to be divorced from reality. They just blow off how bad inflation has been for those who do not have much assets. Home affordability is at all time lows but believes anyone can do a 15 year fixed payment less than 25% of their take home pay with a 20% down payment. Less than 10% of the population can do that on an AVERAGE home.
I agree there roster is lackluster at best. Totally out of touch.