[Juliebythesea]

A resale home with VA mortgage should have absolutely no problem closing in 30 days
Just did one
It all depends on your mortgage broker
message me I’ll put you in touch with a very good one

[angelbaby]

I’ve lived here for 17 years and I’m on my 4th home. My husband and I have always got a VA loan. These were for preowned homes . I’m not sure how it works for new. As far as type of Bank we always used the one we chose.

[Jolson]

Originally Posted by spd2918

Hello all,

My wife and I are planning to move down in about 6 months. I asked my Villages salesperson about a VA loan for a new home. He told me the new homes go up too fast to comply with the VA inspection process, thus no VA loans for new homes.

I found this to be an odd statement. I wondered if the salesperson was looking to profit from me using his bank vs mine.

Thoughts?

PS I searched for this information on this site but got no results

We couldn’t do the VA loan either due to the inspection process. But now that we are moved in and rates are dropping like crazy we are considering refinancing.

[esteelenov]

Our son is retired Air Force and is considering a move to The Villages. One of the Villages salesmen told us to check with their bank about "a Hero's Loan". There is a program that gives veterans and first responders special rates for loans, checking accounts, etc. You might want to look into that.

[yankygrl]

Originally Posted by spd2918

Hello all,

My wife and I are planning to move down in about 6 months. I asked my Villages salesperson about a VA loan for a new home. He told me the new homes go up too fast to comply with the VA inspection process, thus no VA loans for new homes.

I found this to be an odd statement. I wondered if the salesperson was looking to profit from me using his bank vs mine.

Thoughts?

PS I searched for this information on this site but got no results

10 years ago when we bought our first home in TV, we applied early and were accepted for VA Loan. Sales Rep NEVER said anything about it being ok or not. 3 weeks prior to close date we were finally informed TV doesn’t accept VA Loans on new home purchases period. We were in TX, had to apply to Citizens for quick loan approval. We closed late and were going to be charged “late fees”. We balked and said forget it, rather not close then play that game, they dropped fees (they’re not going to lose a sale). Should we have gone to our personal bank for the loan, probably (USAA). Anyway everything worked out. It’s all a game to the developers and the sales reps work for them NOT YOU. you can use VA Loan on purchase of resales whether using TV rep or outside realtor.

[EviesGP]

And you might find the same answer with an FHA loan? I too, bought at the end of 2018, but it was contingent on selling my townhouse up north. The prospective buyer went thru FHA, and my association was not setup for that. Hence, it was a bit of a painstaking process to complete(2-3 delays), which pushed my closing about a month or so late. Both avenues are actually looking out for the buyer, but they require a lot of paperwork.

[RetVets]

That is because the seller, TV, doesn't want them and they are not required to accept them. We used VA on a resale not listed through TV and closed in under 45 days.

[Pbthrockm@msn.com]

Not true on VA loan. Use your VA loan. Inspections turn around as quickly as any other. And use your own lender. You want to assure your appraisal comes in where it should be and not inflated because a seller wants a high price and the value is not there.
VA loan is great benefit.

[scottvs1961]

Originally Posted by spd2918

Hello all,

My wife and I are planning to move down in about 6 months. I asked my Villages salesperson about a VA loan for a new home. He told me the new homes go up too fast to comply with the VA inspection process, thus no VA loans for new homes.

I found this to be an odd statement. I wondered if the salesperson was looking to profit from me using his bank vs mine.

Thoughts?

PS I searched for this information on this site but got no results

It is not really the issue of how fast they close. I tried going VA through Navy Federal Credit and they had everything ready and could have closed just fine and in time.

I was still told by The Villages sales rep I couldn’t go with VA. It boils down to closing costs. The VA requires the seller to pay specific closing costs that the developer is not willing to pay. Conventional loans don’t have the same seller requirements.

It simply boils down to money.

[Eebnhab]

You may not be able to get a VA loan for a new home, but Citizens Bank does offer reduced interest rates for veterans. Worth looking into to see how their rates compare to VA rates. May be comparable.

[nikonuser1]

If you are processing through Citizens First, they have a discount for veterans, You must ask them for it though. They do not offer it freely. It's about an eighth of a point.

[evluoma]

A VA loan has increased inspection requirements. Also there is a much slower approval process. In my personal experience, a VA loan will take between 6 to 12 weeks before being approved to close, much too long for how quickly houses move in the villages. After living with selling a house to a couple getting a VA loan, I would never do it again. The Bank in the villages is much, much quicker but it is quite expensive. I financed via an online lender. I asked ahead of time length of clear to close period, and it was quicker than the bank in the villages. My savings on a 15 year loan was over $30,000 for a 15 year loan. Good luck!

[ron32162]

Nothing to do with building too fast. Its the appraisal that the VA does on new homes and the Villages knows it will not appraise at the cost they are selling for and the time it takes to close and the loan . Its money out of their pocket because VA will not pay for ,Notary public fees.
Recording fees (if $17 or more)
Buyer broker expenses.
Transaction coordinator costs.
Cost of termite inspection (Only resales for VA loans).

[bpascani]

Originally Posted by spd2918

Hello all,

My wife and I are planning to move down in about 6 months. I asked my Villages salesperson about a VA loan for a new home. He told me the new homes go up too fast to comply with the VA inspection process, thus no VA loans for new homes.

I found this to be an odd statement. I wondered if the salesperson was looking to profit from me using his bank vs mine.

Thoughts?

PS I searched for this information on this site but got no results

We bought a resale and considered VA, but then we talked to Citizens First Bank. Tracy Simpson was our Mortgage Loan Officer, and she was FABULOUS! We got a couple of discounts, and excellent service from her, and the others in her office. She is located in the offices at 950 Lake Sumpter . Her phone number is 352 259 3249, email TracySimpson@MyCitizensFirst.com . Make sure you tell her you are a veteran. Also, we initially contacted USSA for oue insurance. Their quote seemed high, so, once we met and went with Tracey, she introduced us to Liz/Elizabeth . I don't remember the name of the company, and my husband isn't home, but she found major issues during discovery of the 1st house we were 10 days before closing on, and we were able to walk, free and clear. Tracy would be able to tell you how to contact her, I think. Best to you on this journey!

[spd2918]

Thanks for all the replies.