VA Loans for new home purchase

[KateNelson]

I'm a veteran and would like to use my VA Guaranteed Loan to purchase my home. I was told by my agent that The Villages didn't accept VA loans for new home purchases only for pre-owned homes. Is this true? How can they restrict that? Why do they care where I get my loan from? I was not planning on using Citizen's First bank. I was using my own bank who does handle VA Loans. Any body else ever encounter this problem? Thanks for the help!

[CHESTERFIELDROSE]

We also encountered the same problem. It's there way or no way no matter what bank you use. We were lucky to find an awesome pre-owned and in a better location than the new homes. Good Luck!

[gomoho]

Same here. Bought preowned so we could use VA. They sell enough on their own they don't need to accommodate a veteran.

[Indydealmaker]

I'm a veteran and would like to use my VA Guaranteed Loan to purchase my home. I was told by my agent that The Villages didn't accept VA loans for new home purchases only for pre-owned homes. Is this true? How can they restrict that? Why do they care where I get my loan from? I was not planning on using Citizen's First bank. I was using my own bank who does handle VA Loans. Any body else ever encounter this problem? Thanks for the help!

I believe that it has something to do with rules regarding Seller Concessions that The Villages does not want to deal with. Sales of existing homes, of course, would put those rules onto other than The Villages.

When I was in Real Estate, it was not at all uncommon for a seller to refuse to sell to a buyer who wanted to obtain government guaranteed loans

[Portia]

I am a veteran and NO you can't us a VA loan on a new home in TVy.....just closed on my pre-owned house.....

[wendyquat]

Steve is partially correct! Another factor is the construction restrictions. Any new construction must be inspected by VA approved inspectors during several stages. If the construction does not meet VA standards, it must be ripped out and made to qualify. Obviously, this would be too tedious and restrictive for TV. Many other builders don't build if you are getting a VA loan. I believe it is still true that once a new home is at least one year old, it may qualify for VA but will still be subject to passing a VA appraisal. As restrictive as this sounds, it is meant to protect a veteran from poor construction techniques! You may buy pre-owned via VA loan.

[logdog]

A lot of builders all around the country will not accept VA loans because of numerous problems with VA appraisals and the impact on closing dates. See:New Home builders shy away from VA loans due to appraisals (http://phoenixrealestate411.com/uncategorized/va-financing-and-new-home-builders/)

Its really a shame that a program meant to help vets turns out hurting them. Another example of unintended consequences when the government steps in.

[graciegirl]

Nope. No VHA or FHA loans on new homes.

Read previous thread.
https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/new-homes-cant-close-fha-71543/

[getdul981]

You can always purchase and then re-finance later. May cost you a little, but it may save in the long run.

[asianthree]

nope.. nada... zip..you can refi later on a new home but do the math first