Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My husband left active duty for the reserves in August. We bought a house at the end of July, but did not qualify for a VA loan b/c my husband's new job was not in the exact same line of work as his Navy job. He would have had to get a job working on a civillian ship. Nothing else qualified. We figured he was in a leadership role before, and is in a leadership role now. That should be close enough, but no. We were devastated. Over 10 years with the Navy, several deployments and he could not get a VA loan. How sad is that?
Sorry to rant on your thread. I don't know what took over me. I hope everything works out for you soon.
Your situation is exactly why I posted my original thread. That sucks! As for 'venting on my thread' you are more than welcome to I didn't see anything in the requirements that said it had to be in the same field, that would be horrible!
Thanks, Karoga. Just another FYI, I guess. There's nothing like being shocked with something in the last stages of buying/selling a home. We had to come up with 20k dollars the week before our closing, since VA loans don't require down payment and conventional loans do. We were planning on the VA loan up until that point.
You are in a really tough situation. Hopefully you find new, better buyers soon. I would not give up on getting your deposit back. People really know how to kick you when you're down. Geez.
This is good to know, my husband is getting ready to get out of the army so we're going to buy another house soon, and his mom said she thought we could use the VA loan again. We're moving so he can go back to school so we will most likely NOT have jobs lined up before we apply. But he is getting BAH from the GI Bill so hopefully, that will count!
This is good to know, my husband is getting ready to get out of the army so we're going to buy another house soon, and his mom said she thought we could use the VA loan again. We're moving so he can go back to school so we will most likely NOT have jobs lined up before we apply. But he is getting BAH from the GI Bill so hopefully, that will count!
If you have lived in your home for a few years you can get released from your VA obligation and buy another home with a VA Guaranteed Loan.
If you have lived in your home for a few years you can get released from your VA obligation and buy another home with a VA Guaranteed Loan.
Rich
According to the VA home loan website this is untrue! You have to pay off your VA loan in order to use it again. Simply living there a few years in no way makes you eligible for a new VA loan.
It did state under some circumstances if your loan is paid off and you still live in the home you can, but your post there is giving out false info to people.
According to the VA home loan website this is untrue! You have to pay off your VA loan in order to use it again. Simply living there a few years in no way makes you eligible for a new VA loan.
It did state under some circumstances if your loan is paid off and you still live in the home you can, but your post there is giving out false info to people.
Then I must have been in error. Then I was misled in 1984 when I was told because I had a certain amount of time in our current house and the house we were going to buy with a VA guaranteed loan, could be financed because the total debt on the two houses was less than the limits that the VA would guarantee.
I was not intentionally "giving out false info" and my apologies to anyone who may have been mislead.
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.
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.
We found our house the 3rd week of april, and closed on may 15 with our VA loan.
You may not hear the results of the appraisal. We contacted our loan officer who told us what it was. You might try calling and just asking.
Then I must have been in error. Then I was misled in 1984 when I was told because I had a certain amount of time in our current house and the house we were going to buy with a VA guaranteed loan, could be financed because the total debt on the two houses was less than the limits that the VA would guarantee.
I was not intentionally "giving out false info" and my apologies to anyone who may have been mislead.
Rich
You were not misled then.
Your other post only stated "If you have lived in your home for a few years you can get released from your VA obligation" and that would mislead people.
Even if you die your estate is not released from obligation of the VA loan lol
From the Dept of Veterans Affairs:
Q: Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don’t own the property anymore. Can I still obtain a VA guaranteed home loan?
A: Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I hope everything works out for you soon.
