Home Buying in 75007>Question Details

Mike Wessling, Home Buyer in The Colony, TX

Can you use VA when part of requirement is to be pre approved by the bank owning the house?

Asked by Mike Wessling, The Colony, TX Sun Feb 19, 2012

part of the offer for house found is must pre qualify with bank of america to make offer

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Bank of American is horrible. Good luck with them. Just follow your Realtors advice and quidence.
0 votes Thank Flag Link Mon Apr 22, 2013
Hey Mike, you may have to qualify through the lender but you can choose to use which ever lender you want. They just use that as a precaution to make sure that you are qualified to purchase the home. If they insist you use them I typically tell clients if you don't just LOVE the home then walk away. You must fill comfortable and confident with your lender. Pressure to use their lender is not what I call comfort or confidence. Your agent should be able to help you with that as well. I am happy to help if you need anything.

Lisa Montes
0 votes Thank Flag Link Mon May 28, 2012
I agree with Judi, should not be a problem. Some of the info in a recent post may help, see the link below. Good luck,
0 votes Thank Flag Link Mon Feb 20, 2012
All of these are good answers. Ask your Realtor for the local BOA situation. In San Antonio, they are known to be very very slow. I suggest you work with a licensed local loan officer. Have your credit report pulled by them first, and then put up with the BOA hassle. That way, your lender should have the higher score. All mortgage pulls within a short period of time are supposed to count as one inquiry. You are supposed to be able to shop around for the best rate. If you have a 30% or greater VA connected disability, check out the Texas Vet program. That rate will be .5% below market.

Thank you for your service!

Barbara Coker
NMLS# 228545
Mortgage Loan Officer
Web Reference: http://www.thecokerteam.com
0 votes Thank Flag Link Mon Feb 20, 2012
Bank Of America does require that you pre-qualify through them for the loan BUT does not require that you use them as your lender. You can get your VA loan through whomever you choose to do so.
0 votes Thank Flag Link Mon Feb 20, 2012
Mike, you've been given a lot of good advice on here, however there are a few things that need to be clarified.

I'm almost certain none of these Realtors currently work for BofA, so none of us know exactly what their "standard practice" is at the time. Trust me, it's an ever changing world in the mortgage industry. You have the right to chose your Lender, so don't let that stop you from looking in the areas that interest you.

Furthermore, it's my understanding that your credit score is NOT lowered each time you check it IF it's being checked for a mortgage within a certain time fame. Contact a reputable Lender to verify that since I can't guarantee the information.

Good Luck!
Kelly Peace
REMAX North Associates
Web Reference: http://www.kellypeace.com
0 votes Thank Flag Link Mon Feb 20, 2012

Should not be a problem as long as the house is in great shape. VA appraisals are a little tougher than the standard as they want to make sure you get a great house in good condition. Some foreclosures as well as other homes might not meet VA guidelines.

We can walk you through it all step by step. This is what a great realtor on your team does for you.
0 votes Thank Flag Link Mon Feb 20, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
Sure, no reason why BofA or other large lenders can't do a VA loan.
Now the trick could be, will a foreclosure meet VA guidelines on appraisal.
Some will some won't.

If you dont have a realtor and would like me to walk you through the various scenarios we can do that with you.
There's no charge to you to use a buyer's agent.

Bruce Lynn
Keller Williams Realty
0 votes Thank Flag Link Mon Feb 20, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
You can use VA with a lot of different banks and Bank of America is one of them.
0 votes Thank Flag Link Sun Feb 19, 2012

If you like the house enough and the lender is a reputable one, then go for it. I would still recommend shopping the loan with one other lender so that you can compare to find out who is giving you the best deal. It's believed that your credit drops a small amount each time you pull your credit, but since VA loans aren't credit score driven then you shouldn't worry. Even if your credit score does drop a small amount, the financial savings that you gain from shopping around for the best lender makes up for it. But to answer the question...You can use your VA loan with any lender regardless of who you first pre-qualify with.

I work with mostly First Time buyers and about 75% of them are VA loans. I am from The Colony and specialize in this area. If you would like my help, feel free to contact me. My services for buyers are always free and you get all the benefits that you need (negotiation, guidance, advice, contract review, etc). I would HIGHLY recommend using a Broker/Realtor to help you though the process.

I look forward to hearing from you!

-Christopher Ohlig
0 votes Thank Flag Link Sun Feb 19, 2012
Hi Mike!

You can use your VA with your credit union or whom ever you choose as your Lender. Many agents will require a B of A approval - for a myriad of reasons. And "sometimes" the home buyer just ends up going with B of A since they have already been approved. My position is to speak with the listing agent. If it is a B of A foreclosure, I can understand why a B of A pre-qual would be required. Other than that, I explain to listing agent, home buyer has a strong credit history and will be using his bank and please remove the B of A requirement.

Thank you for your service!



In God we Trust
0 votes Thank Flag Link Sun Feb 19, 2012
Standard practice of BofA UNLESS you prefer to go through all their requirements and etc. best look at homes for sale without that restrictions. BofA WILL NOT ACCPET offers unless you are approved by their mortgage brokers !

Each time your credit is pulled it lowers your scores !

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
0 votes Thank Flag Link Sun Feb 19, 2012
Yes you can. You aren't required to use the bank. They just want a shot at your loan.
Barbara Coker
0 votes Thank Flag Link Sun Feb 19, 2012
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