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For any of you who have gotten VA loans in the past, would you be able to estimate how many weeks it was from the time of the VA appraisal to closing? Our house was appraised two weeks ago, and we never heard the results of the appraisal. We do know that the underwriter for the buyers bank requested all Certificates of Occupancy from our town clerk's office, so would they do that if the appraisal came in too low? I'm hopeful that it's a good sign. Thanks.
I was told that our appraisal was ordered and waited 2 weeks for the appraiser to make the appointment to come out. Then I called VA itself and found out that when the appraisal is ordered it is sent by computer to the appraiser and that appraiser has 7 days to do it & submit the results back to VA and they send it to the bank the same day they get it. That's when I found out that the loan officer had never even ordered it to begin with. I raised cain and within 24 hrs it was ordered & the appointment was made the next day. If yours was already done, the loan officer at the bank should already have it. You could assume that the amount was fine but after what I went through I would make my Realtor contact that loan officer to verify it was indeed okay. We were notified of scheduled closing date as soon as it came back okay. There may be different requirements in different areas as to what else is needed but you should certainly know if the appraisal was high enough for the loan by now. Good luck!
I closed on a housing two days ago using the VA loan. The loan officer told me that this would be required from day 1. I'm Air Force so I just pulled off some document from online showing that I was elgible to re enlist and I typed up and signed a letter saying that I would re enlist. That was it, and it took about 5 minutes.
I was amazed at how quick the whole process took. Only about 20 days total.
The loan officer clearly didn't do their job here. I am a loan officer and military spouse and I specialize in VA loans. It is our job to first look at the ETS date on the LES to make sure it is not within 12 months of the "closing date". If it is, as the original poster said, you have to state that you plan to re-enlist OR prove that you have a new job in the same line of work. However, the specific requirements depend on the lender that you use. Some lenders will accept an offer/acceptance letter, while others will require you actually START that new job and show a paystub. If it is not in the same line of work, you have to have been on the job for at least 12 months. In a nutshell, if you are in transition, it is VERY difficult to get a VA loan. You will want to close before your ETS is 12 months away or AFTER you have started a new job. Hope this helps and I'm sorry that you and others have discovered this AFTER you purchased! Moderator cut: Advertising and self promotion not permitted per Terms Of Service
Last edited by Poncho_NM; 11-12-2009 at 03:18 PM..
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