Home Buying in Adams Park>Question Details

Oftrue, Home Buyer in College Park, GA

Will the VA approve a my loan, if the house looks perfect, and move in ready, but the bonus room is unfinished?

Asked by Oftrue, College Park, GA Thu Mar 14, 2013

--
This question was asked from this property: http://www.trulia.com/property/3009529993-1630-Boulevard-Lor…

Help the community by answering this question:

Answers

5
BEST ANSWER
Hi Oftrue,

Thank you for your service.

I looked at the listing & the bonus room is really just the attic that is being converted into additional rooms. In my opinion the bonus room wouldn't need to be finished for a VA approval because it's not part of the actual living space. You could finish it later or leave it as is and use it as an attic.

The rest of the house is amazing & for that price seems like a steal.

Check out my recommendations here on Trulia from some of my past clients by clicking the following link.

http://www.trulia.com/profile/johnburke/#__rec


Please feel free to contact me for more information or help. You can also find info on my VA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
(877)228-9069
1 vote Thank Flag Link Fri Mar 15, 2013
Thanks John, dang this property was listed for only 7 days, and my agent inform me today that its under contract. I just got my pre approval level of $150,000 at 3.5 on Tuesday, and discovered this property today on 3/15/2013. Hopefully I will still have a shot. Meeting my agent for my buyer consultation on 3/16/2013.
Flag Fri Mar 15, 2013
Most likely you will be able to; however, take a picture of the room and submit to your mortgage company and discuss the situation.
1 vote Thank Flag Link Fri Mar 15, 2013
Where is the bonus room located? If it is at the terrace level or basement and its studs and no flooring then probobly not. If its in the actual living area, say on the second floor then it might be problematic. Here is what you may want to do. Contact the VA and ask them as they can give you a definitive answer. If I can be of any more help to you, please contact me.
0 votes Thank Flag Link Fri Mar 15, 2013
Is the bonus room a bedroom that is framed and unfinish? Give me a call in the AM and i will get you the underwriters guidelines.


BUYING A HOME (The process start with the Banker not the Realtor)

Start the process right 1st by talking to a Licensed Mortgage Professional to determine who much home you can afford and whether you are credit wordy and is there an ability to repay the loan.

The Mortgage Professional will give you a conditional approval letter to take to the realtor.

Once the realtor has found your home you should get it inspected to determine if it’s structurally safe (have the realtor recommend one locally) and be sure to ask your realtor to negotiate a home warranty paid by the seller.

Now is the time to determine and negotiate you rate and terms with the Loan Officer who is responsible to order an appraisal that you will be responsible to pay for prior to the arrival of the appraiser.

You’re Mortgage Professional / Loan Officer will be responsible to guide you the rest of the process and should not take more than 30 days.

DURING THIS PERIOD DO NOT TAKE ON ANY ADDITIONAL DEBT UNTIL THE LOAN IS CLOSED AS YOU WILL BE DENIED THE LOAN.

Wherever you're located in this nation, you can trust you're working with a reputable mortgage banker - not a fly-by-night operation. Here's why.

Bank of England is partners with every major investor on Wall Street; allowing us to provide the best rates and terms on all mortgages.

We are approved by the Better Business Bureau and Bank of England /ENG Lending is the only mortgage bank among its competitors that is owned by a FDIC insured bank and did not need government bailout to remain solvent.

Bank of England loan officers don't simply facilitate the loan process; they act as "financial advisors," helping clients assess their finances on a larger scale. Whether you're self-employed and need a low-doc mortgage loan, or you're searching for the best rates on a jumbo home loan, your loan officer is here to find your perfect solution.

Get the facts about home mortgages from the experts at ENG Lending. Learn about different types of home mortgage loans and what to expect during the mortgage application process. Plus, find information about the current mortgage market and which mortgage myths you should never believe.
Let ENG's experienced Mortgage Bankers help you find a solution for your financial needs. Call or Email me to get a FREE copy of the top 25 question you must asked your loan officer before you do business with them. Benefit from my 21 years of experience answering the most common mortgage questions.

Lowell Sterling
Mortgage Banker
NMLS# 968898
LSterling@englending.com
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Cell: 214-418-7022 | Fax: 214-614-4637
Bank of England /dba ENG Lending: NMLS# 418481
0 votes Thank Flag Link Fri Mar 15, 2013
If it has the # of bedrooms required by the local codes. The safest way to get your answer is to talk to your loan officer who is doing your loan. Each sale is different..
0 votes Thank Flag Link Thu Mar 14, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer