[Joeint]

The wife and I will be moving to the Villages in August. Has anyone used their VA home loan benefit to purchase a new home in the Villages? I know there's a 30-day closing window can a VA loan be closed that fast?

When we were looking at homes we were told that new homes can not be purchased from the villages using a VA loan. We purchased a resale.

[Joeint]

Thanks, I'll have to check with the realtor I'm working with.

[graciegirl]

Originally Posted by Joeint

Thanks, I'll have to check with the realtor I'm working with.

Only conventional loans are accepted on new builds.

[John_W]

VA and FHA as mentioned is not accepted by The Villages on new homes. Resales you are dealing with a homeowner and should be able to use a VA loan unless they don't feel they can pass a VA inspection, then I would be leery of buying that home.

[Dan9871]

Originally Posted by John_W

unless they don't feel they can pass a VA inspection, then I would be leery of buying that home.

One of the reasons a home owner won't accept a VA loan is that sometimes they take a long time to clear and can end up not clearing in 30 days. The longer it takes for a loan to clear the longer it is until you find out if it is going to clear and it gives the purchaser more time to change their mind.

When we sold our house up north when we moved down to The Villages our realtor made the purchaser who wanted to use a VA loan also get a conventional loan to use if the VA one didn't clear in 30 days. In the end the VA loan cleared in time.

[kathyspear]

I don't know if this is still the case but in the past VA loans involved the payment of "points" by the seller to offset the lower interest rate of the mortgage. (Points could not be paid by the buyer/vet, had to be paid by seller.) Each point is 1% of the mortgage, so many sellers refused to consider VA financing.

kathy

[villagetinker]

I have no idea if this would work, but could you get a conventional loan to buy the house, then refinance with the VA loan?

[VillagerNut]

Originally Posted by Joeint

Thanks, I'll have to check with the realtor I'm working with.

Are you sure you’re working with a Realtor or a sales representative from the developer? When you’re looking at homes in The Villages you need to have two different people showing you homes since there are two sets of Preowned Listing inventories.

Only preowned homes here are allowed to use the VA loan. The developer will not allow their new homes to be purchased with a VA loan.

There are no additional costs anymore to the seller to accept a VA loan. The main reason most buyers want to use a VA loan is if they want to do a zero down payment.

[ohiosbestus]

Give it at least six weeks....Try using Citizens Bank in The Villages . Do not use WF Bank, they are horrible. Don't make the same mistakes that we made.

[tag460]

We were also eligible for a VA loan but we bought new and VA loan was not an option because they are slow to process. If you buy new house from the Villages they will give you a closing date and you must close on or before that date or you will be penalized. After checking with four different banks we selected BB&T and we were very satisfied with their rates and service.