Quote:
Originally Posted by Rocksnap
Yes, fees are the variable. But another variable, if you hope to refinance down the road.
Since TV, for some unknown reason simply will not accept a VA backed loan on new construction. All they need to do is fill out a 1 page paper about the builder, seems simple enough.
VA backed loans have a substantially lower APR. So I will be doing a refinance soon enough, within 1-3 years I hope. When I do, I want to minimize those fees.
I went with a mortgage broker that slashes their fees for future business with them, VA backed loan or not. So for me, that’s a win win. As I will be doing a VA backed loan hopefully after the election when things settle down, as those rates are a good half point lower.
Bank of America, whom a hate to do ANY business with, has a refi program with reduced fees. But you must have, on paper, $250,000 in assets tied with them.
My broker slashes their fees for future business. Paired with a VA loan, that will yield me substantial benefits for closing costs and the lower APR.
|
The reason TV will not accept VA loans for new construction is that during the building process, the VA requires progress inspections that would slow down the machine. Also, the cost per sq.ft. in TV includes the "added value" of The Villages, which is not in line with normal cost per sq. ft. of new construction. Refinancing with ALL fees paid is offered by RP Funding and they will send a closing agent to you to sign all the documents for a re-fi or resale. Rates were competitive before COVID, no idea of their programs now, but very easy to get started on-line. They have a large office complex in Maitland if you want to go in person.