U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-26-2009, 09:56 AM
 
148 posts, read 492,722 times
Reputation: 83

Advertisements

We have been approved and have a comittment letter from our lender and we are doing a VA loan. Even though we have the comittment letter, could VA still deny the loan? I mean, I know VA has to appraise the house and if the house's purchase price is more than the VA appraisal, they won't approve it, but is there any other reason VA might not approve the loan?
Reply With Quote Quick reply to this message

 
Old 02-26-2009, 10:14 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,098,079 times
Reputation: 952
It's not just value with the appraisal but condition as well. VA has some of the highest property standards out there, of course to protect the borrower. And of course if anything significant were to change with the application such as a change in job, a change in income, anything like that.
Reply With Quote Quick reply to this message
 
Old 02-26-2009, 11:57 AM
 
148 posts, read 492,722 times
Reputation: 83
So theoretically, we should be ok since we are having a house built and we will have it inspected prior to closing so the condition shouldn't be a problem. Dh is also a SFC(p) not likely to get demoted and not going to retire for another 3 years. This is our first home so I think we've jumped through all the hoops, and I know since we are building a house the mortgage lender will verify employment and check credit again before it's completed. We've actually paid off a couple of credit cards and paid down on a few bills to reduce the balances so hopefully that will help, not hurt. I am just nervous I think that somehow VA would go behind the lender and say NO for some reason.
Reply With Quote Quick reply to this message
 
Old 02-26-2009, 01:40 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,098,079 times
Reputation: 952
I don't see anything based on what you've written that would make me think that you have anything to worry about.
Reply With Quote Quick reply to this message
 
Old 02-28-2009, 02:08 PM
 
163 posts, read 598,188 times
Reputation: 85
I am currently going through the process of a VA loan and trying to buy a foreclosure, now thats fun stuff. LOL your right they have very high standards.
Reply With Quote Quick reply to this message
 
Old 02-28-2009, 03:15 PM
 
2,549 posts, read 4,284,938 times
Reputation: 1497
Quote:
Originally Posted by bls8195 View Post
I am currently going through the process of a VA loan and trying to buy a foreclosure, now thats fun stuff. LOL your right they have very high standards.

lol...We are looking at doing the same thing. We are in the beginning phases of putting in a contract though. This seems like it will be more interesting than when we bought a forclosure with a FHA loan.
Reply With Quote Quick reply to this message
 
Old 02-28-2009, 05:23 PM
 
Location: NOVA
4,521 posts, read 4,974,914 times
Reputation: 1912
Quote:
Originally Posted by mrsclmn View Post
So theoretically, we should be ok since we are having a house built and we will have it inspected prior to closing so the condition shouldn't be a problem. Dh is also a SFC(p) not likely to get demoted and not going to retire for another 3 years. This is our first home so I think we've jumped through all the hoops, and I know since we are building a house the mortgage lender will verify employment and check credit again before it's completed. We've actually paid off a couple of credit cards and paid down on a few bills to reduce the balances so hopefully that will help, not hurt. I am just nervous I think that somehow VA would go behind the lender and say NO for some reason.
Mrs C, truth is anything can throw a house purchase off track which is why the realtors wait until the deal is done before breaking out the champagne.

A house inspection can derail a house purchase but what NORMALLY happens is that the inspector finds some things, home owner fixes them, and life continues on the home sale. Some additional items are required for a VA loan vs. other loans. Example is that the garage ceiling must be finished (have no idea why). An experienced realtor should be que-ing on your nervousness and calling you more often to keep you in the loop vs. an experienced buyer.

I have never heard of ANOTHER credit check once you're in the 'approved status'. The VA loan process does take longer than other loans (everyone in the business knows this and it's okay). The VA loan is great in that the seller has to pay a few costs, a lot of the costs are wrapped into the loan, there is no PMI, and the rates are usually pretty competitive within the market rates.
Reply With Quote Quick reply to this message
 
Old 02-28-2009, 06:12 PM
 
Location: Fly-over country.
1,765 posts, read 6,242,451 times
Reputation: 903
i've done two VA loans, one built on spec, one purchased from "new inventory."

they've gotten better and much quicker between the two purchases

biggest stoppers would be flood zones, under appraisal and over appraisal -- so I hear that's a problem in this market, my builder who added some things on concession was very worried the house would appraise way over the sale value, and the VA would get suspicious. It appraised a littler higher than we expected, but the VA didn't blink.

I *think* they will look at your plans in the construction phase?
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top