[getdul981]

Originally Posted by silvertoken

A veteran gets a VA loan to avoid private mortgage insurance, PMI. All they pay for is a VA funding fee which is 2.25% of the cost of the house. This is usuallly added to the cost of the house at closing.

Our next door neighbors from VA were here last week and found a house that they wanted to buy (new), and tried everything imaginable to get a VA loan, but were not allowed. They finally had to go conventional.

[silvertoken]

Originally Posted by getdul981

Our next door neighbors from VA were here last week and found a house that they wanted to buy (new), and tried everything imaginable to get a VA loan, but were not allowed. They finally had to go conventional.

This is why its a problem to a builder.

Yes. If you are considering building new construction or buying a spec home that is less than one year old your builder will need a special ID number. To become registered with the VA and obtain the ID number the builder will need to submit the 3 forms listed below to the VA Regional Loan Center for your state.

1.Equal opportunities employment certificate
2.VA affirmative marketing certificate
3.Identifying and information certificate – Note must be put on builder’s own letterhead.

[73Goat]

Disappointing to be sure. I can understand why TV doesn't want to build to VA spec. In another life I was a construction manager for a large builder in Texas and built VA/FHA, it was a hassle.

I don't understand why TV wouldn't file the paperwork necessary to allow the use of VA financing on spec homes tho. As I understand it this can be done even on a home not built to VA spec. They would have to get a VA 'final' inspection, but that isn't difficult.

My wife and I would like to buy a spec VA, but, based on this information, this seems unlikely.

[silvertoken]

Lyle, Thanks for making a Veterans dream come true, it was a great experiance, and fast too. Guess I'll have to make you Master Sarge in this area. Nice house great price.

[JeffBorn]

Hi Friends
My first post. We have placed a deposit on a lot on Odessa Cir and will be building shortly moving up from Winter Park FL. I have a rather reliable independent mortgage broker that indicates the VA Loan process in the Villages would be the usual 20% cash down to TV to begin the construction process and at closing your down payment is refunded as the lender will cut a check to you and the developer. Allowing the 100% financing if that is what you choose to do. Not sure what the developers position is but feel fairly confident my broker knows the process. There is a 3% funding fee for a VA loan which is basically advance payment of a sort of PMI which can be rolled into the loan. Rate is about .25% higher (4% at last discussion) than conventional. That's our current plan and we are really looking forward to being members of the community. Hope that helps, if it is correct.

[jgbama]

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. . . . . 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

Appreciate you bringing the VA Loan issue to TOTV. Would be interested on where you stand now in the process. Are you still looking at a VA Loan? We too are wanting to do a VA loan, but we have settled on going with a pre-owned, hopefully furnished, home. It will probably be this time next year before we start the process though.

I have learned a great deal from the numerous posts to your original question, which were really helpful. The lesson I learned is "get your ducks in a row".

Any update would be helpful to those of us who are considering a VA Loan, but have not started the process yet. That is why I decided to do a "post", rather than a PM to you.

Thanks again!!

[JeffBorn]

Final word on VA loans on new construction in TV. Will not happen. My mortgage broker provided all needed paperwork and offered to fill it out. The builder will not cooperate with the warranties and inspection process required by the VA. Not to be confused with the subcontractor that builds the house. The developer that oversees the process and from whom you buy the home does not cooperate.

[jgbama]

Originally Posted by JeffBorn

Final word on VA loans on new construction in TV. Will not happen. My mortgage broker provided all needed paperwork and offered to fill it out. The builder will not cooperate with the warranties and inspection process required by the VA. Not to be confused with the subcontractor that builds the house. The developer that oversees the process and from whom you buy the home does not cooperate.

I was told that too about new homes. We are interested in a pre-owned and will call our TV salesman to inquire about pre-owned listed through TV. I've gotten the impression we can use VA loan on properties listed by other realtors, but will find out about TV listed properties.

Thanks.

[billmar]

If you have the 20% down, I think you can find better interest rates with conventional. My husband and I are both veterans. We've bought several homes over the years, and only used our VA once (years ago) as we found the VA Loans take longer to get to closing. I hear this is one reason sellers don't prefer VA loans. IMO, if a seller gets multiple offers, all else being equal, they'll probably take the offer that has conventional lender financing. The VA has a reputation for making sellers jump through too many hoops.

[ladydoc]

I agree with Gracie...thank you for serving. My dear Hubs was career military and darn proud of it and I am so proud of him!

[ilvgolf]

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

GMAC and Chase both have VA loans. I have one!