Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   Mortgage / New Home (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/mortgage-new-home-314258/)

vintageogauge 12-23-2020 10:11 AM
Quote:
Originally Posted by Dlbonivich (Post 1876699)
Honestly they do not have to accept an FHA loan, but most can close in 30 days if you use the right mortgage broker. I would see no reason a resale owner would not accept an FHA. It can be used the same as a conventional, really no different. Most people equate FHA with seller having to pay closing costs, but that is negotiable. Really no other additional requirements, unless your house is in serious disrepair. I have my FHA buyer completely qualified before we look, then the only outstanding qualifiers are the appraisal and insurance. Andrea Bonivich, Sellstate Superior Realty
They are referring to a new home not a re-sale.

EviesGP 12-23-2020 10:11 AM
I'm not sure about the timing of it all, but yes, many sellers/builders will not accept FHA or VA. I sold my townhouse up north to someone who was using FHA. It was quite a pain, as they kept coming back with requirements. Specifically, they looked over our association documents(deeds/covenants, etc), and required changes(which, luckily, my association agreed to). The good news is, once those changes are made, it's easier to sell again to another buyer using these methods. The bad news is, once stories like these get out, more will not be willing to not accept those!

Curtisbwp 12-23-2020 11:05 AM
I have bought and sold a few houses in TV and my experience has been that TV is on top of all of their dealings.

badfog02554@gmail.com 12-23-2020 12:04 PM
As we search for houses in the villages our representative was informative and candid that the new homes of the villages were not able to go FHA.
I believe that several of the lenders that work with the villages properties offer a very similar product to an FHA loan

retiredguy123 12-23-2020 12:06 PM
Quote:
Originally Posted by msilagy (Post 1876638)
This is one of the reasons a real estate lawyer is needed when you buy or sell a home. Florida doesn't use them - up north no one makes a purchase/sell without a lawyer so things like this can be avoided. Seems like one is needed now,
I think that depends on what you mean by "up north". I have never hired an attorney to buy a house.

NavyVet 12-23-2020 12:48 PM
Quote:
Originally Posted by Marine1974 (Post 1876687)
Very shocking a veteran who served his or country cannot access his VA eligibility to buy a home in the villages with a no money down and use a
VA loan . Can someone explain this ? VA loans are not that hard to process anymore and can be completed in 30 days . The bank who is the lender handles the paperwork and hands over the cash to the seller . Makes the villages not that appealing to a veteran to move to if VA loans are not acceptable. There is no mystery to a VA loan . Sorry to hear .
Agreed. I think it sucks that Veterans can't use their VA loan benefit here. The number of Veterans in TV doesn't matter. I'm sure there are other Veterans who were 'turned away' because they couldn't afford 20% down on conventional loan. Heaven forbid The Villages don't get their 20% up front.

charlieo1126@gmail.com 12-23-2020 02:10 PM
There are many other developers that don’t accept F HA and VA loans that is there right , for so many people on here that whine about socialism, they seem to always worry about the Morse family finances and how they should operate there business , I have been in other condo and golf club communities most didn’t take VA loans . I’ve sold many properties and always turned down both VA or FHA , my properties were no more then 3 years old including 5 in villages they all sold in less then a month and if we remember the different houses bust , people with no equity in there homes walked away very quickly and FYI I am a vet

retiredguy123 12-23-2020 02:40 PM
Quote:
Originally Posted by charlieo1126@gmail.com (Post 1876842)
There are many other developers that don’t accept F HA and VA loans that is there right , for so many people on here that whine about socialism, they seem to always worry about the Morse family finances and how they should operate there business , I have been in other condo and golf club communities most didn’t take VA loans . I’ve sold many properties and always turned down both VA or FHA , my properties were no more then 3 years old including 5 in villages they all sold in less then a month and if we remember the different houses bust , people with no equity in there homes walked away very quickly and FYI I am a vet
I am all in favor of providing good benefits for veterans. But, I think the VA loan program has done a disservice to many young military people. It presumes that buying a house is always better than renting and that houses are always a great investment. And, it teaches them that it is a good thing to buy a house with no down payment. I don't think these things are true and neither do most reputable financial advisors. I would never buy a house with no down payment, even if I could.

KRM0614 12-23-2020 03:12 PM
Quote:
Originally Posted by BobsBurgers (Post 1876469)
Is it legal for the villages to refuse finalizing the closing of a new home based on an FHA mortgage? Especially when this this was never disclosed prior and we are 2 weeks from the date with everything packed and ready to go!
Did you read the purchase contract ? Get a lawyer NOW

KRM0614 12-23-2020 03:13 PM
Quote:
Originally Posted by John41 (Post 1876482)
Looks like they can

Warning
Most prospective buyers with FHA-insured mortgages check whether sellers will accept such financing beforehand. Homes listed in the Multiple Listing Service will also always note whether the seller is willing to consider such offers. In addition, owners selling their homes are free to choose just what sort of offers based on mortgage financing they will accept.

Considerations
There's no law that can compel a seller to accept FHA financing, though sellers artificially limit their buyer pool by doing so. Buyers, though, can help their cause by agreeing to an "as is" appraisal, for one. They might also consider asking for less in seller contributions to help with closing costs. Currently, they're limited to 3 percent of the sale price. It also helps when sellers understand that the FHA has noticeably streamlined the paperwork process.
This is not an MLS situation villages has closed loop

KRM0614 12-23-2020 03:15 PM
Quote:
Originally Posted by charlieo1126@gmail.com (Post 1876516)
You are correct , something is missing in that post and speaking for myself I would never in any of my homes sales accept an FHA buyer , but that’s just me .
Why ? Can anyone ever give a complete answer ?

Are you a Florida realtor ?
Why not FHA too much transparency ?

KRM0614 12-23-2020 03:20 PM
Quote:
Originally Posted by BobsBurgers (Post 1876527)
No, nothing missing at all. Brand new villages home, been searching with our salesperson for many months for just the right one. Not a mention in the contract or from the salesperson until the final closing documents are being prepared. This is NOT ok.
I would not close with the Villages. Sales staff does not represent you they represent the villages ! They do not have a fiduciary duty or disclosure !

FHA is more stringent that’s a sign !
If you have your mortgage with citizens that’s a mistake you’ll regret too! I bought my house not a Villa in 2019 with more defects than took 14 months to quasi repair ! I’m going to sell in 2021- the prison the quarry the high HOA the bond the sewer the lies make it untenable if I break even I’ll be happy! Pretty sure someone here will contact them about me being honest too!

Run run run get your deposit bank but get a FL lawyer but not near the villages most are in their pocket

KRM0614 12-23-2020 03:26 PM
Quote:
Originally Posted by BobsBurgers (Post 1876469)
Is it legal for the villages to refuse finalizing the closing of a new home based on an FHA mortgage? Especially when this this was never disclosed prior and we are 2 weeks from the date with everything packed and ready to go!
Walk away from this ! Don’t trust village contractors !

Bilyclub 12-23-2020 03:38 PM
Meds please...

retiredguy123 12-23-2020 03:40 PM
Quote:
Originally Posted by KRM0614 (Post 1876866)
Why ? Can anyone ever give a complete answer ?

Are you a Florida realtor ?
Why not FHA too much transparency ?
It's pretty simple. If you accept an offer with a loan contingency, you need to take the house off of the market while the loan is being processed and approved. FHA loans take longer to approve and they are more likely to be rejected by the lender than a conventional loan. So, sellers are more receptive to an offer that does not have an FHA loan contingency.


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