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Old 03-26-2013, 10:33 AM
 
288 posts, read 452,814 times
Reputation: 162

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DBPR punishes six Southwest Florida appraisers | March 26, 2013 | Michael Braga | Inside Real Estate


These people helped to inflate property prices.
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Old 03-26-2013, 03:26 PM
 
Location: Port Charlotte, FL
3,979 posts, read 10,552,117 times
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Having some real issues with appraisers around here. I have a home that is already two weeks past the original close date because the VA Underwriter wanted the appraiser to make some adjustments and he was nowhere to be found. Then he was found in the hospital. He just got out and is now making the adjustments so that we can finally close April 1. You would think the VA appraisers would have back up people to cover when someone is out sick, but it is a very long tedious process because the VA Appraisers are few and far between on the approved list.

Several banks are telling us to give 15-30 days extra for closing dates because the appraisals are taking so long to come in. Now this article says some of them are losing their license. Hopefully we will have some new appraisers getting their license to replace them or the system will be even more backlogged.
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Old 03-27-2013, 08:15 AM
 
Location: North Port
697 posts, read 1,169,993 times
Reputation: 170
Hey Tammy ... Don't forget the " special nitrates" water test VA wants done on all well system homes!....we learned that one the HARD way eh?
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Old 03-27-2013, 12:04 PM
 
Location: Port Charlotte, FL
3,979 posts, read 10,552,117 times
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Yes, we did. It was not part of the water test on the previous VA loan, it is new. But it is only required on well water, not city water. VA and FHA have new regulations constantly.

Starting April 1 FHA is increasing the monthly mortgage insurance premium for all new loans. Starting June 3 the mortgage insurance premium for FHA is carried throughout the life of the loan rather than based on loan to value and dropped after a period of time. More and more regulations are making it tougher for people to qualify today, who could have qualified 6 months ago. To read more go to: FHA to Increase Monthly PMI Fees Starting April 1, 2013 | Homeloansintro.com

Also, if you are looking for a loan under $50k, it is very hard to find. Most lenders will just NOT do it.
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Old 03-27-2013, 03:14 PM
 
Location: North Port
697 posts, read 1,169,993 times
Reputation: 170
Quote:
Originally Posted by TamRE View Post
. Starting June 3 the mortgage insurance premium for FHA is carried throughout the life of the loan rather than based on loan to value and dropped after a period of time.
That just crazy....so...it will force people to refinance at some point...but then they must look at the cost to refinance to see if it is viable based on how long they plan to keep the house. Seems to work in the insurance companies best interest....not the consumer.

I say everyone join the Military to utilize VA loan benefits!
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Old 03-27-2013, 05:53 PM
 
288 posts, read 452,814 times
Reputation: 162
Would you not be better off to pay a down payment with a conventional vs. a VA loan, which requires a 3% fee to be added to the mortgage? It's been so long....how much does one need to avoid the insurance all together? 5%?

We had a conventional appraiser once in Tucson, he talked about the rec room 'upstairs'....ummm....we bought a ranch....no upstairs and no adjustments made by him....he just took the extra sqft out of the appraisal
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Old 03-27-2013, 10:06 PM
 
Location: North Port
697 posts, read 1,169,993 times
Reputation: 170
Quote:
Originally Posted by calico777 View Post
Would you not be better off to pay a down payment with a conventional vs. a VA loan, which requires a 3% fee to be added to the mortgage? It's been so long....how much does one need to avoid the insurance all together? 5%?)
Nope, not better..you need to put down 20% to avoid PMI. So, the mere 3-7% funding fee is peanuts..also, the PMI can be rolled into the loan. So, as far as I can see..a VA loan still wins. Based off what Tammy is saing..a VA loan is even a better option.
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Old 03-28-2013, 08:31 AM
 
288 posts, read 452,814 times
Reputation: 162
I see your point.
But since the VA loan is possible in the 400k's, 3-7% would not be peanuts
One should have the goal of paying off the home, at least with a 3% down payment, you might be on the way....or so I thought....especially if you need to sell, and the house did not appreciate, you will have to come up with the 3% on top of all the other costs, since it increased the cost of your home. If I sell the home for the same price I bought it for, at least I would get the 3% back.
(BTW, we are also VA eligible but I might just not know enough about it )
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Old 03-28-2013, 12:13 PM
 
Location: North Port
697 posts, read 1,169,993 times
Reputation: 170
There are other investment tools that the 3-7% would be much better suited. When mortgage rates are so low and the interest is tax deductible....putting that money into a 401k, stocks or other tax sheltered investment may work out to your benefit. Lastly, it is my belief that if you get the hem at or below appraised value...you will get that money back semi-quickly.

As far as the FHA/conventional loans..I see no benefit over a VA...but I'm always open for others opinions.
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