Buying a home that has a VA Loan and my current loan is conventional. Nothing but problems please help.

Asked by niceguy167, Rio Rancho, NM Tue Jan 15, 2013

I am currently buying a home and have been having problems getting the home to close. The home currently has a VA loan on it. The home was not a short sale and was owned by a bank.
I have signed a Realtor agreement to by this home and it was accepted with a closing date of January 11, 2013. My loan is ready to close and was ready to close on the 11th. However the VA is telling me they cannot get there paperwork on time and are requesting an extension to 2/11/2013. Just seams by reading that there is nothing I can do since this is VA. Is this correct? I have to keep paying rent on where I am currently living and am ready to move? From what the realtor is telling me there is nothing I can do since this is a VA government loan?

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Tue Jan 15, 2013
Yeah you have to wait for the VA to sign off on it. Unfortunately. And you know the Government, they never work fast.
0 votes
Leigh-Jo Anz…, Agent, Albuquerque, NM
Tue Jan 15, 2013
Since you presently have a Realtor, we are limited to the assistance we can provide, but I will do my best to help point you in the right direction.

If I understand correctly, you're attempting to purchase the home with a conventional loan that was previously bought by the current owner using a VA loan. Correct?

Then, you're unable to close because the VA says they cannot get all of the paperwork together and need another 30 days?

What has your mortgage lender had to say about the matter?

Syan Real Estate
Call/Text: (505) 730-8181
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0 votes
Thank you sooo much for the replies.
That is the exact situation.
The mortgage Lender (ours) says should be a problem and kind of act like this is expected and says at worst we would have to provide our pay stubs again.
There mortgage Lender is roughly the same about the matter and says they are working on the matter and we have to wait. I also had another realtor friend tell me roughtly the same except theres got extended here in Albuquerque another 90 days. I just don't want that to happen.
Thanks for the help
Flag Wed Jan 16, 2013
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