Are there any different rules when buying with a VA loan v.s. a regular loan?

Asked by Misswilliamz, 98315 Sat Jul 7, 2012

My hubby and I are moving from WA to FL and will be getting a VA loan to purchase our first home, I was wondering if there are any particular restrictions we might face by using a VA loan v.s. a regular bank loan?

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, ,
Sat Jul 7, 2012
Hello,

being a former military wife myself and now specializing in mortgage loans in the state of Florida, I must say that the VA Loan product, only offered to our heroes, is the best loan product out there.

VA places certain performance obligations on the seller and as already explained by Alma, the home you want to purchase has to be in "good functional condition".

The appraisal request (ordered by your lender) can only be ordered through the online portal of the Department of Veterans Affairs. The VA then randomly assigns an appraiser to your property.

VA appraisers are trained and approved by the VA to represent them. The VA does require any significant problems with the property to be repaired before closing.

Please feel free to contact me at your earliest convenience, if I may be of any service to you.

Please feel free to check out my facebook fanpage listed below. I offer great savings to our heroes and have info of a grant of up to $ 5,000.

Best Regards,
Beate Rodriguez
Lic. Loan Originator
NMLS# 299244

Beate.Rodriguez@HGFLoans.com
Cell: 954.695.4849
0 votes
Thanks! I really appreciate the help!:)
Flag Sat Jul 7, 2012
, ,
Sat Jul 7, 2012
Hi Misswilliamz,

Alma touched on one of the differences but there are several others.

VA mortgages typically have better interest rates and they're way more flexible when it comes to credit score/history and debt to income ratios compared to conventional or regular bank loans.

VA limits what and how much a Veteran can be charged in closing costs for their VA mortgage while a conventional loan does not.

VA will allow debts to be paid off through the closing if needed so the veteran qualifies for the loan.

A VA loan is 100% financing with zero monthly mortgage insurance while a conventional loan would require 20% down in order to avoid MI.

Hands down, a VA mortgage is the best loan program available in my opinion.

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

John Burke
Senior Mortgage Banker
ENG Lending
(877)228-9069
0 votes
Thanks! I appreciate it!:)
Flag Sat Jul 7, 2012
Alma Kee, Agent, Tampa, FL
Sat Jul 7, 2012
Yes, with a VA loan the house must be in good functional condition. With most short sales and bank owned properties the Seller will NOT make any REQUIRED repairs. With a regular sale, you may be able to get the seller to replace the roof or any other "required" repair items. Not always but some sellers do have the money to replace a roof before closing.

So if you want to pursue a Short Sale or REO, you don't want to spend money on an appraisal if the roof wasn't put on in the past 10-12 years. Most roofs in Tampa Bay do not last much longer than 15 years, even with a 30 year guarantee because of our weather. Some VA Appraisers are less strict than others but I can assure you that even with a roof certification for 4 years, if a VA Appraiser says the roof must be replaced then you cannot buy it unless a new roof goes on. I've been down this road with the VA.

We have a bond program in Florida that can give you up to $7,500 towards your closing costs and downpayment. You MUST work with one of the APPROVED lenders and your income cannot be too high to get the money. You can check here to see if your household size and income will qualify you for Hillsborough County and it will list the approved lenders:

http://apps.floridahousing.org/StandAlone/FTHBWizard/FTHBWiz…

Westchase is my area of expertise and my family and I have lived here for 16 years. If you're not yet working with a Realtor, you're welcome to search "like a Realtor" by signing up for a free Listingbook account on my website: http://www.SoldOnTampa.com

Also if you're part of a relocation package or USAA or other lender incentive program, I can probably assist you and pay the fee to the relocation or lending company. You may not be required to work with a specific Realtor that they select for you, fyi.

All the best,
Alma
Alma Rose Kee, PA
Future Home Realty
Westchase Office
13029 W Linebaugh Ave
Tampa, FL 33626
http://www.SoldOnTampa.com
813.244.9898
0 votes
Thanks for all the information! I really appreciate it! :)
Flag Sat Jul 7, 2012
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