In 2021, CHL began it’s deep and strategic partnership with the UDT SEAL Association. We sponsored several of its events, funded a makeover for a retired SEAL and began providing exclusive VA Home Loan education to the nonprofit’s transitioning SEALs. The new year has brought the same energy but now as a Military Lending Team, we are adding a 12-month educational platform: Wellness for Life.
Each month we’ll be working alongside SEALs to efficiently ready themselves for retirement. Beginning the modules is a course on “DeMYTHifying” The VA Home Loan. Here, Michelle Crumley takes participants on a journey through all of the misconceptions about utilizing the hard-earned benefit. She also covers the steps from beginning to end on how to execute a successful lending process.
The second course is Operation Readiness where SEALs will breakdown all incoming income, which includes their spouses’ – if applicable. This is an important part of the series as it begins the process of understanding debt to income ratio and recognizing which home will be affordable for purchase. The term “house poor” is a very real reality and it was important to us that our nation’s heroes have all the tools to avoid it.
Third, building wealth. Most of our SEALs have been so busy operating, the opportunity to build and create sustainable wealth hasn’t been on the table. We’ll cover Traditional and ROTH tsp’s and IRAS, as well as 401ks, stocks, and other investment opportunities. Following that, we’ll dig into Operational Readiness regarding credit scores, debts, real estate, history of payments and other costs. It all ties together to understanding available income and how it can all impact your ability to purchase a home and be financially secure.
In the fifth module, the SEALs will get into the nitty-gritty of the purchasing do or die moments. This includes understanding your monthly payment, what your debt to income ratio is and requirements of the purchase as well as added considerations like legal services. Following that, we’ll get into more wealth building as it applies to selling your home.
By the summer SEALs will be well into the third quarter topics which include things like knowing what funds they can tap into for a down payment on a home, what comes after the purchase and its yours, and staying ahead of any financial difficulties. We’ll also touch on estate planning a little bit, which is never too early to consider.
As we wrap up 2022 the participants will enter into understanding what can cause issues with their VA Home Loan (misconceptions of 100% financing and things which can torpedo the loan) as well as what to know about refinancing and making the final decision to do estate planning, which will be taught in a full module to wrap up the quarter.
It is our hope that through informative and engaging education, we can be a part of serving our nation’s most elite warriors as they transition and build lives outside of the service. It’s our way of honoring and thanking them for all they do and ensuring they have all they need to successfully build their civilian lives.
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Caliber Home Loans, Inc. is a mortgage servicer registered with the Superintendent of the New York Department of Financial Services. If you are a customer whose property is located in the state of New York, you may file a complaint and obtain further information about Caliber Home Loans by contacting the New York State Department of Financial Services Consumer Assistance Unit at 1-800-342-3736 or by visiting the Department's website at www.dfs.ny.gov.