VA loan on new Villages home.
 

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

He is correct. We tried the same two years ago. We wound up purchasing a resale.

VA Loan
 

VAloans are not allowed on new homes.

Before we bought in Dec 2018 I asked about VA loans and was told TV would not accept a VA loan. There is no law mandating a seller to accept VA loans. There is no such restriction on pre-owned homes but again the seller has to be willing to comply with VA requirements on the sale. The VA has a number of hoops a seller must jump through on the sale of a home and some of those hoops require the seller pay for certain things that are negotiable with a conventional loan.

TV new home loans are required to close in 30 days. No way VA could do that. We were all set to go that way ourselves.

No Va loans on new....we found that out too when we came in 2010. It also happened to us 40 years ago in Massachusetts. Builder didn't want to wait 90days for the ok from VA.

We bought our 1st home here in the Villages and then 9 months later refinanced with Rocket Mortgage to get VA loan. Now on to our 2nd home (just sold 1st home) and in approx 9 months or as soon as VA lets us, we will refinance to get VA loan again.

That to me seems discriminatory. I personally would check with my congressman, the VA, and HUD and ask them to determine if the developer got the benefit of any federal funds to build the house they wish to purchase. If the developer received any federal funding for the purchase and or development of the infrastructure that services the house including roads sewer water and electric then someone wishing to purchase by a VA loan should not be precluded. Insured I still believe this to be a discrimination against a certain class of people. Better Call Saul!

BB&T gave me $500 off my bank costs and a slightly lower morgage rate then other banks in the TV because I'm a Vet. That was three years ago, but doesn't hurt to see if it's still available.

We did get a VA loan on a new home in TV in 2013, with Ameris Bank. Not sure what if anything has changed. Another option if unable to do initially is to refinance afterwards. VA refinance right now is about 2.75%.
I suggest contacting the VA directly

Loana
 

Sugfest with mortgages at all time lows . you get a regular mortgage . then remortgage with VA if savings in 1-2 years .

VA Loans?
 

The Villages agents and company are not truthful and the homes are mostly in violation and VA inspectors will find the many problems with these new homes. Buy secondary home, the problems have been repaired and stay with a Realtor with ethics and truth.

The problem is that with a VA loan for New Constuction there are a number of additional Inspection thru the process that the VA requires. These can cause time delays for the Builder as they have to stop at certain points and wait until the VA can inspect. TV puts the houses up fast so any time delays one 1 property screws up their schedule.

Home Loans
 

There is nothing negotiable with a home built and sold by The Villages. You either take it or leave it. I was told as much by my salesman. Refinanced with a credit union shortly after closing at a full 1% less interest.

We also looked into VA loan on new home, 1. The VA can do a loan less than 30 days, maybe 15 years ago no but today they can. We were told they could do in less than that time limit. 2 The villages uses about 17 different builders, which none qualify, and The Villages have to submit paperwork etc to government which they Have refused because of certain regulations required by government. It’s all about money in your pocket, when your in business. 3 So all sub agents are told, what you were told. Only way is on a resale of a home, which we did. It’s amazing on a resale VA loan at Citizens bank did it in about 3 weeks. Good luck