[glenn prescott]

I was just reading about TV doesnt do V.A. loans for new construction but previously owned it can be done, Does anyone know why this is ? and does anyone else feel that this is a slap in the face to Veterans ? I still plan on using My V.A.loan to purchase in the next few years ( still in the pipe dreaming stage) just it now appears My options will be severely limited

[6XNANA]

Due to strict inspection procedures (required of VA/FHA) during different stages of construction. TV does not want delays waiting for another agency to sign off . However, on pre-owned these mortgages are able to be obtained.

[Fourpar]

Originally Posted by glenn prescott

I was just reading about TV doesnt do V.A. loans for new construction but previously owned it can be done, Does anyone know why this is ? and does anyone else feel that this is a slap in the face to Veterans ? I still plan on using My V.A.loan to purchase in the next few years ( still in the pipe dreaming stage) just it now appears My options will be severely limited

Agree, but I doubt that is intent of TV. Has more to do with construction standards and required (VA) inspections during construction. Oh, and very much to do with closing costs, some of which cannot by law be paid by the Veteran.
Plenty of resales out there though, and many if not most sellers would have no problem with a VA financed sale. Good luck!

[Sparty6971]

GP: Thanks for your service. You will be welcomed by the many vets here in TV as well as the many who for whatever reason are not vets. You will learn that veterans are very well respected here and whether the VA loan can be used on a new built special for you home, (I wasn't aware of such an issue myself) you can use VA loans for the many homes of all types and prices throughout our community. Even homes that are several years old can be just as nice as your brand-new home; might have to look a while to get exactly what you want but you will find one.

Please don't think the VA load thing is a slap in the face. No way. Keep your dream alive and join us as soon as you can.

[wendyquat]

As a former real estate agent for 40 years I can tell you it is not only TV but many builders that will not go VA. The required inspections are for the protection of the veteran/buyer but can be a pain in the butt for the builders. No problem to get a VA loan on an existing home at least a year old. Good luck!

[glenn prescott]

ok I was caught off guard when I read about the VA loan not available for new homes and kind of had a knee jerk reaction to it, I wholly suspect that its the government side of things that make it unnattractive for builders to deal with them during construction, the dream is still alive and it wont be a deterrent to Me being in the villages in the not too distant future I made up my mind I would be there by my 55th b-day after visiting my parents there 3 years ago I set the dream in motion

[GaryW]

It is not mainly the inspections with the VA. It is the closing cost that the VA does not allow the buyer to pay. Unlike a conventional loan, the VA does not allow the buyer to pay certain cost. And with TV and alot of other areas they will not eat that cost, and do not need to because they are selling a ton of homes with out the need. There is also another reason for this. You need to research what a builder needs to do in order to qualify as VA Builder. If The Villages is not a VA Qualified builder they can not do New Home Sales under a VA set up.
You can buy a pre-owned home with no problem in TV. A friend of mine wanted to purchase a home in Lady Lake, but the buyer would not do a VA contract due to the terms of the VA on closing cost. Research would help you alot

[gomoho]

I am scheduled to close on my home with a VA loan June 4th. The closing costs that the seller has to pay is hype by TheVillage sales reps because their captive finance company cannot do VA loans. Go with a bonafide realtor and mortgage broker to get the facts.

[Bill & Carolyn]

Originally Posted by glenn prescott

ok I was caught off guard when I read about the VA loan not available for new homes and kind of had a knee jerk reaction to it, I wholly suspect that its the government side of things that make it unnattractive for builders to deal with them during construction, the dream is still alive and it wont be a deterrent to Me being in the villages in the not too distant future I made up my mind I would be there by my 55th b-day after visiting my parents there 3 years ago I set the dream in motion

I'm also a veteran and bought a spec home in March 2011. I could not go VA on the original loan, but was able to refi to a VA loan (and get most of my down payment back) this year. It worked out pretty well fo us because our conventional loan was %.5% and the new VA loan is 4.25%. The bottom line is our payment with the lower interest rate and the higher loan amount is only about $50 higher than it was before.

[graciegirl]

Originally Posted by glenn prescott

ok I was caught off guard when I read about the VA loan not available for new homes and kind of had a knee jerk reaction to it, I wholly suspect that its the government side of things that make it unnattractive for builders to deal with them during construction, the dream is still alive and it wont be a deterrent to Me being in the villages in the not too distant future I made up my mind I would be there by my 55th b-day after visiting my parents there 3 years ago I set the dream in motion

We retired much later than 55 and had no loan. Everyone handles their finances and their decisions and their lives differently.