VA Lender?

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Old 02-15-2013, 09:58 AM
AngieT2 AngieT2 is offline
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Question VA Lender?

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
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Old 02-15-2013, 10:15 AM
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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
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Old 02-15-2013, 10:15 AM
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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.
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Old 02-15-2013, 10:34 AM
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Quicken Loans do an excellent job at VA loans
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Old 02-15-2013, 12:04 PM
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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.
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Old 02-15-2013, 12:59 PM
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Originally Posted by batman911 View Post
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.
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Old 02-15-2013, 01:18 PM
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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

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

VA Loan Certificate In Process
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Last edited by graciegirl; 02-15-2013 at 05:47 PM.
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Old 02-16-2013, 10:53 AM
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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
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Old 02-16-2013, 11:38 AM
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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.
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Old 02-16-2013, 12:46 PM
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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....
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Old 02-16-2013, 01:15 PM
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Originally Posted by Lyle Gant View Post
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?
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Old 02-16-2013, 02:32 PM
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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.
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Old 02-16-2013, 04:23 PM
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But not on a new home...whole different story given the developers procedures and construction/closing schedule.
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Old 02-17-2013, 05:15 AM
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Quote:
Originally Posted by AngieT2 View Post
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.
VA Loan Certificate In Process
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Old 02-27-2013, 07:06 PM
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Default Building in Pinellas section 227 Augusta stretch

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!
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