[TraceyMooreRN]

So, explain to me that the TV will not write in their contracts that they can't sell new construction FHA or VA?
Have a contract due to close 3/12- found out 3 days ago--can't use my FHA loan. Which brings cash to close up another 15,000 + and nobody seems to care or offer to help with closing cost!

[graciegirl]

Originally Posted by TraceyMooreRN

So, explain to me that the TV will not write in their contracts that they can't sell new construction FHA or VA?
Have a contract due to close 3/12- found out 3 days ago--can't use my FHA loan. Which brings cash to close up another 15,000 + and nobody seems to care or offer to help with closing cost!

I know the developer will not accept VA loans on new homes. It slows down the building and closing process I guess.

Here is a recent thread on the same subject.
VA Lender?

and another on the same subject. Hope this helps.

VA Loan Certificate In Process

[aussiemom]

Originally Posted by TraceyMooreRN

So, explain to me that the TV will not write in their contracts that they can't sell new construction FHA or VA?
Have a contract due to close 3/12- found out 3 days ago--can't use my FHA loan. Which brings cash to close up another 15,000 + and nobody seems to care or offer to help with closing cost!

Can't comment on new homes since we purchased pre-owned, but I am sure you could have used VA or FHA on a pre-owned without any problem. Were you preapproved with your FHA loan prior to purchasing? And didn't anyone say anything to you before since you would have had a prequalification letter showing it being an FHA loan? Sorry I don't have any leads for obtaining the additional $15,000. Do you have 401Ks or Roth IRAs you can tap (depending on your age of course).

[TraceyMooreRN]

Originally Posted by graciegirl

I know the developer will not accept VA loans on new homes. It slows down the building and closing process I guess.

Here is a recent thread on the same subject.
VA Lender?

and another on the same subject. Hope this helps.

VA Loan Certificate In Process

I don't understand when you say that no one "seems to care or offer to help with closing costs"?



Do you mean a buyers assist? I think because they don't have to make any concessions to sell homes here, but perhaps I misunderstand what you are saying.

Entered into contract for purchase. Paid deposit. Paid appraisal. Set to close 3/12. Realtor calls Wednesday and informs me-he didn't know I was going FHA and I can't use FHA. Their suggestion: obtain other lending or pick another house.
Doesn't seem fair- or legal---they didn't disclose that I could not use certain financing when I entered into the contract. I am set to close, I am ready--and they say they won't take FHA so the closing won't happen unless I obtain other financing- which cash to close increased 15,000 and I might have to have a second appraisal-450.00....
I was suppose to get a "builders discount" House 338,995 with builder discount 328,995. Appraisal came back at 330,000

[graciegirl]

///

[gomoho]

Gracie - I love you to death, but the fact that the builder has been so successful in creating this paradise for us doesn't excuse TV sales' agent missing the fact this person was using FHA. On most real estate contracts the type of financing has to be spelled out - not sure if that is the case with TV new home contract, but any agent worth his salt would have explored that early on. Because business is basically dropped in their laps it seems the sales agent don't try quite as hard as they need to in the real world. They need to remember if not for the buyer they wouldn't get a paycheck. And if not for the buyer's Mr. Morse would not have had the success he has enjoyed as well. So hats off to all of us that have purchased homes here to keep things rolling.

[graciegirl]

...

[rp001]

Every real estate contract I've ever seen actually discloses type of financing required. If you look closely, somewhere in it you should see the word "conventional" and that eliminates both fha and va...I've purchased 11 homes in Fl in my life...Never bought from the villages though, I purchased mine through mls..

[TraceyMooreRN]

Originally Posted by rp001

Every real estate contract I've ever seen actually discloses type of financing required. If you look closely, somewhere in it you should see the word "conventional" and that eliminates both fha and va...I've purchased 11 homes in Fl in my life...Never bought from the villages though, I purchased mine through mls..

Nope--not in the wording. Had several people review. Was told the by the Villages 'we are not concerned with your financial lending' we use a contract with specific guidelines when to close, cost, etc.

I sold Real Estate for 13 years in Virginia--yes, in Virginia we used that format- and here with resales I hear that is possilbe. Nothing is written in the new spec home contract I purchased.

[capecodkev]

At least the appraisal came in higher than your discounted sale price.

[Mack184]

Originally Posted by gomoho

doesn't excuse TV sales' agent missing the fact this person was using FHA......but any agent worth his salt would have explored that early on. Because business is basically dropped in their laps it seems the sales agent don't try quite as hard as they need to in the real world.

People hire plumbers, electricians & real estate brokers for a reason. They are professionals in their field and you are not. When you use a real estate broker you are essentially "hiring" them to be YOUR representative and look out for YOU in a process that you are not skilled in. This is a person you are supposed to have a trusting working relationship with. I agree, the sales reps are NOT doing their job if they are not asking you all the right questions at the outset and giving you all the necessary information for you to make an informed choice and purchase. It's bad enough if you get bum information from a sales rep at Best Buy when you're buying a computer. It's VERY bad if you get bad information when you're plunking down 300 large for a home.

[gomoho]

Mack184 - in Florida real estate transactions are done by "transaction agents" they do not have a fiduciary responsibility to either the buyer or seller unless a specific agency relationship is established in writing.

[Cantwaittoarrive]

When we were looking at new homes we were going to use FHA told our TV agent we were using FHA 4 months before we looked at houses, had the agent check to make sure they would take FHA, received an email from the agent saying they accepted FHA on new homes. Then we looked at inventory homes for 2 full 8 hour days, found a new home and then as we were signing the contract were told by our TV agent that we needed $50k in cash within 7 days and by the way they don't accept FHA, also if you fail to close according to the contract you will lose the $50K on deposit. Our agent did say that someone above her head could decide to return the $50K if you don't close but she couldn't say for sure that they would, if you fail to close they look at each case on a case by case basis. Well we had to do a quick shuffle with investments and we came up with $250K and just paid cash but the way it worked out it left a bad taste in our mouths

[Cantwaittoarrive]

Originally Posted by rp001

Every real estate contract I've ever seen actually discloses type of financing required. If you look closely, somewhere in it you should see the word "conventional" and that eliminates both fha and va...I've purchased 11 homes in Fl in my life...Never bought from the villages though, I purchased mine through mls..

Custom and inventory homes (new homes, spec homes) have contracts that do not have a contingency for financing, therefore they don't mention financing. On inventory / new homes the contract doesn't spell out what % you have to put down by what date, there is a spot for it but it's blank to be filled out by the agent at the time of contract negotiation, however TV really doesn't allow negotiation so in my case we found out it was $2.5K (spelled out in contract) when you sign and then another $50K (not spelled out)within 7 days (non-refundable) we found this out even though we got copies of the contract 4 months before coming to actual buy and in-spite of asking questions about deposits and FHA financing and receiving responses in writing via email.

[Mack184]

Originally Posted by gomoho

Mack184 - in Florida real estate transactions are done by "transaction agents" they do not have a fiduciary responsibility to either the buyer or seller unless a specific agency relationship is established in writing.

We had a licensed realtor, not a "transaction agent" when we bought our Florida house. However..even if you are just a "transaction agent" that should not be an excuse for not doing a good job for your client.