[merled]

Hi,

We have been in touch with a TV Bank to discuss buying now if we find just the right home. I plan to retire next end of July, 2011. Of course that temp loan comes with a 20% down payment and closing costs. I say temp loan because once our house would sell the funds would go to pay off the TV home.
However after contacting the VA Mortgage Center we learned that we could get the same for no money down and possibly no closing costs. Plus with my 10% disability the pot got sweetened even more.
The question is has anyone else gone thru the process of using an approved lender for a VA loan and what are your thoughts.
We are so much looking forward to moving down and we look at homes every single day on the TV site.

Thanks, Merle

[GMONEY]

This I can tell you, If you are buying a new home in The Villages, and I do say NEW, no previous owner, more than likely TV will not allow a VA loan. If it is a previous owned home it will be no problem. But VA is the way to go if you can. If you have the loan available and they allow it that is.. I know this from a first hand experience trying it... Now if you hear something different let me kow

[getdul981]

I would also like to know about using a VA loan. We will be coming down next week to pick out the type and color and everything that goes along with a new home.

[KayakerNC]

When I inquired, I was also told NO to VA loans on new home sales.
Let us know your results.

[yobeano]

I also got a "no" at the Village Mortgage company. Would have worked out better for us too.

[sista]

Originally Posted by merled

Hi,

We have been in touch with a TV Bank to discuss buying now if we find just the right home. I plan to retire next end of July, 2011. Of course that temp loan comes with a 20% down payment and closing costs. I say temp loan because once our house would sell the funds would go to pay off the TV home.
However after contacting the VA Mortgage Center we learned that we could get the same for no money down and possibly no closing costs. Plus with my 10% disability the pot got sweetened even more.
The question is has anyone else gone thru the process of using an approved lender for a VA loan and what are your thoughts.
We are so much looking forward to moving down and we look at homes every single day on the TV site.

Thanks, Merle

If you go thru a Villages realtor-- ie a new home-- they don't participate with VA loans. Look for a pre owned being sold by a non Villages realtor

[Pturner]

So, I'm guessing you've figured out the corollary: If you buy a resale in TV and don't use TV sales office, you can finance with a VA loan.

[mulligan]

WOW... Big words for a smiley golfball. Hey p- hows nov 4-10 looking for you?

[zcaveman]

Originally Posted by Pturner

So, I'm guessing you've figured out the corollary: If you buy a resale in TV and don't use TV sales office, you can finance with a VA loan.

I think the only restriction on a VA loan is that the Villages requires the 20% down. I would suspect that if you were willing to put down the 20% you could get a VA loan in TV on a new home.

[MaryZ]

How disappointed we were last week to find out no VA loan for us at the Villages! We have picked out a lot in Buttonwood, on Dalecroft Trail, and have been sending in deposits to hold the lot, until we sell our house in Pittsburgh, and when we met with the mortgage folks at the Villages, they never said a word to us about it, well, then we thought we would try another bank,and a VA loan was suggested...well, we got approved and now find out we can't use it....we are so upset!

As soon as we sell our house, we are going to find a way to start building that home...we can't wait!

Hope to meet all of you great folks very soon!

Mary Zanic
Pittsburgh, PA

[Mickedamouse24]

VA loans can be used to purchase pre-owned homes. TV will not tell you that but if you ask the correct questions, get your own outside financing, they will allow it. My wife and I are currently processing a VA loan through ERA Mortgage in the TV area on a pre-owned home listed by TV. There were and are no issues. I was told the same thing by TV banks and decided to go outside and ask other banks. I figured, I earned the right to be eligible for a VA loan and I took advantage of it. Shop around, there are a large number of pre-owned homes listed by both TV and outside agencies. You will have no problem finding your spot in TV. Good Luck! Welcome Home Brother!

[getdul981]

In order to get a VA loan, doesn't the seller have to agree to pay some or all of the closing costs? That could be one of the reasons TV doesn't want to go that route.

[GMONEY]

Yes that is right, Under the VA, the buyer can not pay for some of the cost that they would under a conventional loan. This whole deal only in The Villages applies to a new home, it does not apply to a used or previous owned home.. From my understanding and I will verify this, Citizens is not an approved VA lender, so you would have to use outside financing for the VA on a previoud owned home. But there is also more to it than just the closing cost. I asked alot of questions and jumped on alot of desk and feet. but got the info I needed.

Even if you put the 20% down it would ne a no no. Besides if your willing to put the 20% down to go VA, why not just go conventional all the way??????

[getdul981]

We asked our selling agent her in Virginia about using a VA loan on the purchase in FL. She advised that it would be better to go with conventional because the VA would have a higher interest rate and there is some kinda fee that has to be paid (around $2500 or so) and in the long run, the conventional would be better.

[GMONEY]

That would be the VA funding Fee.. I paid it, but it wasnt to bad. The rates are not alot better because of Conventional. I got 5.25 on our VA..