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Old 03-10-2010, 10:54 AM
 
13 posts, read 35,438 times
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I will be moving to the Boston area in a few months and am looking to purchase a condo/loft in the metro area. I have read many horrible reviews of USAA for mortgages. As a result I am expanding my search to different lenders in Boston as well as national lenders who deal in high Cost of living areas.

It is not easy to find a VA lender in the area, and the information available regarding VA properties in the urban areas is limited.

Does anybody have a recommendation for a VA lender for this area, or perhaps a national one that deals in high cost of living areas?

Thank you very much!
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Old 03-10-2010, 11:25 AM
 
28,461 posts, read 79,189,202 times
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What do you mean "high cost of living areas"? Are you looking for a Jumbo?

You have to meet INCOME and other normal eligibility requirements, the VA loan does help with that aspect of things...

You can shop for pretty much any home you can afford, really as long as you are inside the limits of the program the size of the loan is not really a factor for the lender.

If you are talking about buying a home from the HUD / VA disposal auction that is whole other can of worms : Loan Guaranty Service, Property Management and Miscellaneous Frequently Asked Questions on the VA Home Loan Program (U.S. Department of Veterans Affairs)
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Old 03-10-2010, 12:26 PM
 
13 posts, read 35,438 times
Reputation: 11
Chet,

Thanks for the prompt response. I am not looking for a jumbo specifically, though it's not out of the question.

I am looking for a VA home lender with a solid reputation, competitive rates, and one who is familiar with the Boston area. I have usually used USAA for most of my banking, but I have read numerous poor reviews for their mortgage customer service as a result of their poor vertical integration and I am trying to find some other possible avenues.

For example, it is very easy to find a pricey ~$400K home that is VA approved and can secure financing in the NoVA/DC area. It is almost impossible in the NYC area. I am assuming Boston is somewhere in the middle, but I am honestly quite unfamiliar with lenders. I have seen several lists of VA lenders, but some of the local banks who have the highest reputations in the area do not facilitate VA loans. Additionally I do not know how difficult VA approval is to secure for a condo or loft in an urban area, though I think it would be pretty straightforward.

I guess realistically if I were looking for a non-jumbo VA loan in downtown Boston (in the Back Bay for example), is there a recommended lender.

Thanks.
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