Home Buying in 85014>Question Details

Bill, Home Buyer in 75077

After selling my house to buy new one, the lender told me I was not eligible for a VA loan on the closing day of new home.

Asked by Bill, 75077 Thu Aug 15, 2013

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Bill. For what it's worth...I bought a home under the Oregon Veterans. When the wife and I divorced I was given the option of renewing my eligibility because in Oregon, divorce is considered out of the control of Veterans. I mention this to alert you to State Veteran's Loans as opposed to Veterans National VA Loans. Leo
0 votes Thank Flag Link Sat Aug 24, 2013
Brutal, I am sorry to hear that. I would be happy to help you out, please email me or check out our website if you want some assistance in attaining a VA loan.
0 votes Thank Flag Link Tue Aug 20, 2013
Did the person buying your old house get new financing? If they received new financing
and didn't assume your VA loan then you should be able to get a new certificate of eligibility
from the VA. Please advise of the details.
0 votes Thank Flag Link Fri Aug 16, 2013
Hello,

Bill, this does sound a little odd, that VA jumbo approval should have been taken care of months back. Let me know if I may help you , we are a direct VA lender and close fast, I am available any time to assist with any questions you may have to try and turn this around !

City North/ Desert Ridge Location
Timothy Potempa
Sr. Loan Officer
potempateam@novahomeloans.com
Office/Cell: 623.570.0781
Fax: 602.464.7396
NMLS:454708

5450 E. High Street Suite 260
Phoenix, AZ 85054
0 votes Thank Flag Link Thu Aug 15, 2013
Is the property you were buying in Maricopa County, AZ? This sound so squirrelly...they should have had the VA approval / eligibility items documented and resolved before the appraisal was done.

Call me and I will help you every way I can? 623-340-0934 Korene Clopine-Seaman NMLS # 218520 KLCSLoanTeam.com We are Direct Lenders, WE CLOSE LOANS!
0 votes Thank Flag Link Thu Aug 15, 2013
Bill

Thanks for your service to our great country! I'm sorry your loan didn't go well, can't imagine the frustration! An attorney might be the best place to reach out to determine liability someone could have, as Realtors that piece is outside of our scope.

Did you try other loans? I have a number of lenders with some fairly create packages that I would of pursued prior to throwing in the towel, hopefully they were explored. Some are no down payment to low down payment like the VA.
0 votes Thank Flag Link Thu Aug 15, 2013
Just to help clear up a few details. I questioned my VA egilibility at the beginning back in January to the lender. She said she would check into it. While my wife and I were looking for a house to buy for the past 6 months, we have received several approval letters from the lender telling us we were approved for a jumbo VA loan. We went through the whole process, sellling my home to purchase another. We closed on our sale on Friday then came Monday to close on new home. They said some paperwork has been delayed that the investors need to see. She assured us and the seller that everything was approved and good to go. It was just a matter of paperwork coming across the table. The lender even went so far to ask the seller to lease it to us for 3 to 4 days until paperwork is done. Then 3 days after our scheduled closing, the lender tells me, I am not eligible for the VA loan. It is a jumbo loan, so I could not do the terms of a conventional with larger down payment etc.. So basically, we sold out home and were now homeless. I have a family of 5. We stayed with good friends for 3 1/2 weeks and kenneled our 2 dogs ($1400 bill), put all our furniture etc. in PODS. We finally decided to lease a house. Had to sign 1 year lease.
I feel the lender was definitely deligent and should be liable. Anyone have any suggestions?
0 votes Thank Flag Link Thu Aug 15, 2013
Hi Bill,
If I understand your situation correctly, your VA eligibility would have to be re-instated with the VA. Proof that your previous home loan sold and was paid in full would be the supporting documentation to re-instate your VA eligibility. I specialize in VA loans - if you'd like further assistance, please feel free to reach out to me. Thank you!

602-332-0420
leo@vipmtginc.com
Web Reference: http://www.loansbyleo.com
0 votes Thank Flag Link Thu Aug 15, 2013
Bill, I want to thank you for your service and sacrifice. I find that very disappointing that you would not find out until the last minute. As a Senior Mortgage Banker, I can tell you that issues can come up that were not know before but I would need to know more information before I took a shot at anyone.

I would be very pleased to speak with you and give you information on your options, time frames, etc. I never want to tell a client "NO" when it only makes sense to find the options and say not now but We can help you at this time, these circumstances, with this loan program. I am sure this was very upsetting but we will work with you to make it sure you don't have surprises again.

I am a Mortgage Banker in metro Phoenix, AZ. I lend in both Arizona and California where I will be pleased to help you. If you or someone you know is looking for financing options, please feel free to contact me or pass along my information. 623-340-0934 Korene Clopine-Seaman NMLS # 218520 KLCSLoanTeam.com We are Direct Lenders, WE CLOSE LOANS!
0 votes Thank Flag Link Thu Aug 15, 2013
Hey Bill!

Thank you for your service to our country. If you would like to call me, I think I know what is happening and would be happy to assist you with your questions.

Matthew Potter
Stunning Homes Realty
P) 480-343-7894
F) 888-822-0151
matthew@stunninghomesrealty.com
0 votes Thank Flag Link Thu Aug 15, 2013
Hello,

Bill, I would need to know a little more as to way they said no. I am available any time to help.

City North/ Desert Ridge Location
Timothy Potempa
Sr. Loan Officer
Office/Cell: 623.570.0781
Fax: 602.464.7396
NMLS:454708

5450 E. High Street Suite 260
Phoenix, AZ 85054
0 votes Thank Flag Link Thu Aug 15, 2013
I'm also a veteran. I'm not quite sure that I understand your question. You're welcome to call me at (602) 617-6872 to discuss.

James Reynolds, REALTOR
HomeSmart
0 votes Thank Flag Link Thu Aug 15, 2013
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