VA Loans available in The Villages?
 

We are looking into moving sometime in the next couple years and have a question that I have hoping to get cleared up:

We have heard a RUMOR that VA loans are not available in The Villages (TV).

Is this true?

If this is true, what is the reasoning for VA not allowing loans in TV?

Thanks in advance from a (hopefully) soon to be "new TV neighbor".:a040:

VA Loans
 

You can not use a VA loan on a new home.

I think the issue with VA loans on new homes is that The Villages requires closing within 30 days of purchase and it is had to get a VA loan processed that quickly.

On resales it depends on what the seller will accept. When we sold our home before moving to the Villages our broker made the buyer have both a conventional mortgage and a VA mortgage. If the VA wasn't ready by closing the buyer would have to use the conventional one. It turned out the VA made it in time so the buyer got what they wanted.

A quick call to the sales office will give you an accurate answer.

I used a VA loan. House just has to have had a previous occupant in it. So, new houses, and show houses sold by The Villages are no. If you find a house that someone lived in for under a year, then fair game.

Oh, the VA loan cannot be used on a new home because The Villages builders will not allow the VA to monitor and inspect the actual building of the home. Once it is used, its good.

It all comes down to the almighty buck.
That's why it's a No-No as far as the developer is concerned.

Why would you want a VA home loan ?


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Lower interest rate is the first reason.

VA Loans available in The Villages?
 

That’s a very good reason. I’ll offer you what I know about this place. If you’re looking for a really nice house that’s pretty much move in with plenty of upgrades in a nice location be prepared to make a competitive offer with outstanding financials. The Villages in general is very much in demand and the nicest homes are quickly picked up. I for one would not accept a buyer looking to finance with the VA. Too much of a hassle and there’s a line outside my door looking to make a better offer.
I’m a Veteran myself so please don’t take this the wrong way.

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VA home loans requires nothing down.

VA Loans available in The Villages?
 

I get that. The Villages is not your typical Florida residential community. I don’t know anyone that puts down NOTHING. In fact more than 50% here purchase all cash. People here are the smartest of the smartest. We’ve saved our whole lives and have deferred luxury living during our working lives for a comfortable retirement in our later lives.






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All true comments about VA loans, above. One downside is the hefty "funding fee" that applies if a Veteran is NOT at least partially disabled. When a Vet doesn't have to pay the funding fee and has the zero down and lower rate it can be a very good product. Depends on each individuals situation. I've always understood The Villages (new homes) doesn't accept VA because of the sometimes-slow closing and additional inspections.

I recommend talking to a bank down here and get pre-approved for all of your options based on your personal scenario. Hurry home, lets see if we can warm it up for you :-)

no down payment

That is not true, it's the red tape and amount of time it takes and MOST new homes are already built when they are sold, too late to monitor and inspect the building.

I would recommend having your finances in order when you get down here as you stand a good chance of not getting the home you want if you're not ready to act quickly and on a new home very quickly.

I though by coming down here in May there would be less buyers, not true. They closed on 74 homes the week we purchased ours through the Lake Sumter Sales Office and it ends up May was one of the best months for sales in TV.

I don't believe you are 100% right. I don't think you can buy a new designer home that you design with a VA loan.

It wouldn't be too late to inspect then if you bought the land (like in Pine Hills).

So, what do I know, but I will stick to my story; everything worked out for me.

you can not use a VA loan on a new home because the builder is not VA approved. However you can use a VA loan on a resale no problem at all.

It has nothing to do with the builder not being VA approved. The builder does not accept VA loans on new homes here in The Villages.

Yes you can use VA koans for houses in the Villages

On used homes, not new ones.

Not True
 

I am sure I don't understand. Who owns the property that is being developed here if not the builder/developer, the Morse family?

The Villages has never accepted VA or FHA on NEW homes.