VA Lender?

[AngieT2]

We are building a new Premier home and would love to use our VA eligibility.

The sales rep told us that we are not allowed to close with a VA loan because the homes are 'not approved' for VA. Obviously, if this was a condo I could understand, but for a fee simple home, that should not be the case.

Any recommendations for a great lender that does VA loans?

Thanks so much!
Angie

[billethkid]

check with other than what your sales rep recommends. They are first and foremost dedicated to get you to use TV owned bank. Their second priority is to discourage one from using any other lenders than TV owned bank.
I would have used TV bank except they were a full point higher on interest, And when asked what would TV have to do to earn our banking business I simply stated.."match the interest rate from out of state"....they said there was no way they could match the rate....enough said for me.

When we were getting ready to commit, we asked about using our bank from back home and they saidit was possible but was a problem as "other" banks were not as familiar with how TV likes to have things done. So we proceeded with our bank from home who in concert with TV closing legal arm worked flawlessly. The closing representative even commented that ours was among the few that ever go through the first time with all the paperwork done correctly.

Don't let the reps confuse you. You can use just about any lender that can provide the money and fill out the paperwork....I cannot comment about the sepcifics of a VA loan. However I would approach it from the VA side and not from a rep of TV.

Good luck.

btk

[gomoho]

We used John Matthews at ERA Mortgage - he was outstanding, but for some reason I think there is an issue with VA and new. We bought pre-owned and used VA eventhough a Village sales associate said it was impossisble. Sorry don't have his phone # anymore.

[jnieman]

Quicken Loans do an excellent job at VA loans

[batman911]

I believe it is because the VA requires lots more paper work and inspections. That slows down their closing process and cost the developer more time and money. I have seen other developers that will not use VA loans as well.

[gomoho]

I believe it is because the VA requires lots more paper work and inspections. That slows down their closing process and cost the developer more time and money. I have seen other developers that will not use VA loans as well.

That is what they told us about resale as well which is nonsense - we closed our VA loan in less than 30 days. The real problem is thier bank is not on board to do VA loans.

[graciegirl]

I believe your sales rep is right. I think I have heard that discussed on this forum before but can't find the link to that discussion.

I think that a builder can stipulate this ON A NEW HOME if they want to. There may be too many hoops to jump through with a VA loan that the developers don't want to deal with. They have no problem selling homes.

Resales are entirely a different issue.

Here is a similar discussion on Zillow.
Can a new home builder refuse to allow a VA loan in a new development if they are approved VA/FHA? - Zillow Mortgage Advice (http://www.zillow.com/advice-thread/Can-a-new-home-builder-refuse-to-allow-a-VA-loan-in-a-new-development-if-they-are-approved-VA-FHA/289764/)

EDITED. Found an earlier discussion on this subject on this forum.

https://www.talkofthevillages.com/forums/villages-florida-new-members-forum-115/va-loan-certificate-process-32079/

[AngieT2]

Hi Lyle,

My problem is *can I buy NEW with The Villages, using a VA loan"? I understand the $417K limits....and all the VA nuances....BUT, my big concern is will Villages Mgmt. accept my contract showing VA financing?

Thanks for the lender referral..... that will be very helpful to have.

Angie

[mulligan]

Probably not, because certain closing expenses are not allowed to be paid by the borrower, according to the VA. TV does not change the HUD-1 statement for anybody.

[AngieT2]

Probably not, because certain closing expenses are not allowed to be paid by the borrower, according to the VA. TV does not change the HUD-1 statement for anybody.

Ah ha.... this makes sense.... That's how they are able to keep us from using VA financing.... Not right, but I guess it's the old golden rule....:blahblahblah:

[AngieT2]

My customers ( the buyers ) paid all the costs associated with the VA loan.

BUT, was this on a **resale** home or a BRAND NEW HOME at The Villages?

[Sleeper]

Angie
We looked into VA also...with new home. The short answer is "no" go due to a number of factors....of which the most significant is that this builder is not "VA approved"....some builders in other new developments work at getting VA approved to attract veterans but not this builder. My understanding is there are a number of hoops the builder must jump through to obtain VA approval...including having a VA inspector sign off on several stages of the build process. NO WAY here in TV as it would slow things down. We used CB and did receive a competitive rate.

[mulligan]

But not on a new home...whole different story given the developers procedures and construction/closing schedule.

[graciegirl]

BUT, was this on a **resale** home or a BRAND NEW HOME at The Villages?



Welcome to the forum. The new group of folks building near you in Pinelles are waiting to meet you. You will enjoy living here very much. They will be invitng you to all of their parties. What a group of fun people south of 466A!

The houses are built so quickly as you know, that all of the rigamarole of inspections would be a holdback to the beautiful smooth process. It is amazing how quickly, and how perfectly they build houses. In 70 days your home will be finished with beautiful grass and landscaping and it will be immaculate and perfect inside and out.

I have heard that over half of the homes built are not financed at all, but bought outright. There are other lenders than Citizens Bank if you don't want to do business with the developer. Their bank is not the biggest and may not be able to give you the best rate.

We have a Seabrook too. PM me and stop by. We love our home here.

P.S. In my other post above on this thread, I gave you the link to a previous discussion on this subject.
https://www.talkofthevillages.com/forums/villages-florida-new-members-forum-115/va-loan-certificate-process-32079/

[rwlinn]

Our design meeting is scheduled to begin March 4 th 9 am. We still don't have a designer assigned so a couple basic questions:
1. Summer kitchen thru builder vs after build costs and will the builder rough in the propane connection, elect and water?
Any recommendations on post build contractors?

2. How long are we at the design center each day?

3. Anyone care to comment on pool being on the NE back corner on house vs. NW back corner?

4. Who is the cabinet maker/company?

Thanks from Houston - No problems here we're coming to TV!

[GaryW]

VA Loans can only be used on Resale, not on new. There are alot of places that do that for a reason....
Alot of reasons why, but mainly due to Builder is not a VA approved builder. Easy steps to become a VA approved builder. But not needed here. Under VA the seller is required to pay some of the closing cost for the buyer. That will not happen here. Also under a Deed Restricted 55 Plus community, Builders have the right to stipulate on loans. That comes from the VA. I just got off the phone with them. The houses in The Villages meet and will pass any VA inspection. But due to stipulations under VA regulations this will not happen here.

[AngieT2]

Hi All,

I found out that Costco offers mortgage services through their partners. I was able to compare rates and they were actually as good, if NOT better, than VA.

Also, hate to say it, but Citizens First bank is charging nearly $2000 in lender fees. Costco has their partners cap their fees at no more than $1000 (plus their rates were a bit lower).

I will give Citizens a chance to try to match, or at least get close to these rates. If they simply can't, then, I will vote with my feet.

:shocked:

[KayakerNC]

VA Loans can only be used on Resale, not on new. There are alot of places that do that for a reason....
Alot of reasons why, but mainly due to Builder is not a VA approved builder. Easy steps to become a VA approved builder. But not needed here. Under VA the seller is required to pay some of the closing cost for the buyer. That will not happen here. Also under a Deed Restricted 55 Plus community, Builders have the right to stipulate on loans. That comes from the VA. I just got off the phone with them. The houses in The Villages meet and will pass any VA inspection. But due to stipulations under VA regulations this will not happen here.

So, the Builder has chosen not to support the troops who have gone into harm's way to protect his freedoms as an American.
His choice, of course, but I choose not to agree.

[mulligan]

What the builder has actually chosen is to not alter his building/closing schedule to accommodate archaic government policies and procedures.

[batman911]

Our design meeting is scheduled to begin March 4 th 9 am. We still don't have a designer assigned so a couple basic questions:
1. Summer kitchen thru builder vs after build costs and will the builder rough in the propane connection, elect and water?
Any recommendations on post build contractors?

2. How long are we at the design center each day?

3. Anyone care to comment on pool being on the NE back corner on house vs. NW back corner?

4. Who is the cabinet maker/company?

Thanks from Houston - No problems here we're coming to TV!

rwlinn,

Summer kitchen is less expensive if you build it later but the down side is you will need to deal with the construction, vendors, noise and dust. Either way, ensure the wiring and plumbing is in place during new construction.

You are only actually at the design center for short periods of time. Most of our time was spent walking through models looking at different designs and finishes.

I think you would want the pool in a south exposure for the winter sun and protection from the north wind. If your two choices are NE and NW it would depend on if you like the sun on the pool in the afternoon (NW) or morning (NE).

You should check out a thread on TOTV titled New Villagers of Gilchrist which has lots of this type of information.

Welcome to TOTV and The Villages.

[GaryW]

So, the Builder has chosen not to support the troops who have gone into harm's way to protect his freedoms as an American.
His choice, of course, but I choose not to agree.

I do not believe that has nothing to do with it as far as supporting the troops, more along the lines of having to pay closing cost and so on.

[TraceyMooreRN]

Angie-
It appears the answer is NO, you can't. I am in contract with a set close date- 3/12 my realtor failed to inform me that I can't use FHA on my new construction home. After I secured financing, paid deposit and paid appraisal fee.
Lender is requesting 5 forms filled out by builder--and I was told by my realtor--SORRY, but it ain't happening. After I sold my villa cash for less to even make the deal on the Lantana happen. So, I am now seeking legal action..and attempting to come up with the other 15,000 with higher interest rate to make the deal happen!!!

I am using Suntrust Mortgage- who had no problem meeting the 30 day close date with FHA

[graciegirl]

...Say Goodnight Gracie.

[coach]

I usually just read and keep quiet but somehow I can't keep quiet this morning. When you say, "secured financing, paid my deposit and paid the appraisal fee", what amount of deposit did you pay? When I bought a few years ago, 20% deposit was due before construction starts or if buying a spec home, 20% was due within 10 days as a down payment. Has this changed? Look at your contract. How much out of pocket have you spent as of now?

[AngieT2]

Angie-
It appears the answer is NO, you can't. I am in contract with a set close date- 3/12 my realtor failed to inform me that I can't use FHA on my new construction home. After I secured financing, paid deposit and paid appraisal fee.
Lender is requesting 5 forms filled out by builder--and I was told by my realtor--SORRY, but it ain't happening. After I sold my villa cash for less to even make the deal on the Lantana happen. So, I am now seeking legal action..and attempting to come up with the other 15,000 with higher interest rate to make the deal happen!!!

I am using Suntrust Mortgage- who had no problem meeting the 30 day close date with FHA
Hi Tracey,
Wow...what a heart breaking story! I sure hope that this all works out for you!!

I am shopping Citizens First's rates/closing cost fees against other lenders (through Costco's website)... I fully 'get' that there will be NO FHA or VA financing, but I am certainly NOT going to just roll over for Citizens First, without comparing their fees/rates/etc. against other conventional lenders.

Tracey -- I really hope that there is a silver lining on this cloud for you...

Angie

[gmcneill]

Our design meeting is scheduled to begin March 4 th 9 am. We still don't have a designer assigned so a couple basic questions:
1. Summer kitchen thru builder vs after build costs and will the builder rough in the propane connection, elect and water?
Any recommendations on post build contractors?

2. How long are we at the design center each day?

3. Anyone care to comment on pool being on the NE back corner on house vs. NW back corner?

4. Who is the cabinet maker/company?

Thanks from Houston - No problems here we're coming to TV!

We completed the design process yesterday.

1. A very responsible person in a construction business heavily involved in TV told me that after build savings would save approx 20%. Yes, you can get water, electric roughed in during build.

You can do a search of TOTV forums for references and input on this, or any other matter. Fellow villagers are very open about sharing their experiences and knowledge. It is one of the best features of TOTV.

2. You could spend the entire day- or days!- there. Because this is our second new build, we thought that we would be done with design in a single day. No even close! We ended up meeting parts of every day for five days. Never felt rushed or that we were inconveniencing our design rep.

3. I would select the side that maximizes sun exposure so that you can extend the enjoyment of warmer water as long as possible. Constructing a pool after build can save you serious $$.

T&D- the same company that does "during build" pool construction- and All Seasons Pools are very popular and reputable
pool construction companies.

4. Do not know.

Try to enjoy the process!

Best of Luck! And Welcome!