VA Lending with Kevin Kostoff
Nova Home Loans
Senior Loan Officer
Office: (720) 279-5900
Cell: (303) 955-0287
VA loans are one of the best ways we honor our Veterans. Conforming VA Loans are 100% loans which is contrary to today’s regulatory thinking but continue to be the lowest defaulted loans in U.S. history. Why such low default rates? Several reasons from the lending side, but in this bloggers humble opinion the most important is the character of our men and women in uniform.
From the lending side of the equation, VA Loans are better qualified than most any other loan. The reason is because we review things like child care and residual income (what is left over after the bills are all paid), that simply are not even considered in most other loans.
Occasionally, we run into market bias against the VA loan. This is mainly due to the way VA loans used to be handled. For many years, lender fees were not consistent and the VA has strict rules on which fees are and are not allowed to be paid by a veteran. Those that are “not allowable” could not be paid by the borrower and other parties to the contract would end up having to pay them. Most lender fees are pretty homogenous these days and we rarely run into this problem now.
The other stigma to VA loans was how appraisals are handled. The VA appraisal was ordered through the VA and they randomly chose one of their approved appraisers to complete the order. Sound familiar? Yep, this is the model Fannie Mae and Freddie Mac copied and we now follow a similar model for all other lending.
I would encourage a seller to consider a VA borrower as a better qualified candidate to buy their home. The qualification requirements are more thorough and the process to closing the same as other less qualified mortgage products. At the end of the day, we all owe our ability to transact real estate to the sacrifices of today’s VA borrower’s and their many brethren who came before.
So often in big business, customer service is thrown around as little more than a buzz phrase but Kevin Kostoff, Senior Loan Officer for NOVA Home Loans in Littleton/Highlands Ranch, Colorado is changing perceptions and his peers and customers are taking notice. Born in Denver and raised in Littleton, Kevin received a B.A. in Economics and an M.A. in Public Administration from The University of Northern Colorado, knowing with certainty his career would blend his love of finance with his enjoyment of helping others.
It was in 1998 that Kevin transitioned from corporate sales into the mortgage industry, getting his start with First City Financial he was hired by the owner and family friend. It was there he learned the steps he would turn into efficient systems and the words that would keep him grounded years later. “My mentor said to me to take care of your client like they are family, and they will take care of you with referrals and repeat business” said Kevin.
Now at NOVA Home Loans, where his referral-based business is thriving, Kevin treats each customer’s loan with the same care he would his own, no small task for a lender producing over 30 million in mortgages annually. Kevin starts with strong client communication, careful to convey the importance of each step in the process. “People can see that I’m genuinely interested in helping them. Whether they have been referred to me by a friend or know me as an active member of the community, they find comfort in knowing that I’m advocating for them throughout the process.”
Most often, Kevin’s recommendations for clients begin with their credit rating. “People generally aren’t aware of how impactful their credit score can be on their interest rate and how much it can cost them over time,” explained Kevin. Fortunately, NOVA provides Kostoff & Company the tools and support to not only explain hcredit but make corrections which often result in significant improvements to scores and in turn the interest rate.
Kevin’s team, Kostoff & Company, work hard to make the mortgage process a smooth experience.