Trying to buy a house in NOVA. I've been told by several Realtors I can't buy a house because I want to use (and pre-qualified) a VA Loan.

Asked by Duck, Sterling, VA Thu May 26, 2011

They are saying I must have a conventional loan, which I don't want to do. What can I do???

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JoAnn Thaxton, MRP’s answer
JoAnn Thaxton…, Agent, Port Royal, SC
Thu May 26, 2011
Are the homes in bad condition? VA does not want "us" (I'm a marine wife) living in unsafe conditions. So items such as broken windows, rotten wood, incomplete/rotten flooring etc would not pass a VA appraisal. If these reasons are not why they are not helping you perhaps you just need a different agent. I would be happy to find you an agent who is familiar with the VA loan process in your area to assist you. Just let me know....
JoAnn Thaxton
Realtor,Remax By the Water
1 vote
Thomas Meric…, , Fairfax County, VA
Fri Aug 3, 2012
How embarrasimg to be associated with incompetence. Not all Realtors® are created equal. Frankly, your VA loan maybe one of the smartest loans to use at this time. With a VA loan, you have minimal down payment requirements, can get a seller subsidy up to 6% (normal is 3%), I believe up to 9% total; with the additional subsidy which may be used to pay off debt, upgrades among other things. For first time users, no down payment requires a 2.15% fee, down payment of at least 5 percent but less than 10 percent requires a 1.5% fee, and down payment of 10% or more requires a 1.25% fee. For subsequent users, no down payment requires a 3.3% fee, down payment of at least 5 percent but less than 10 percent requires a 1.5% fee, and down payment of 10% or more requires a 1.25% fee. The BIGGEST future benefit maybe that the Loan is Assumable! That means that you can currently borrow money at a click above 3% Interest (LOWEST Ever basically), then in the future when rates are higher, you can play banker and pass along some savings or allow a Vet that could not purchase otherwise to buy your property, with you making the intererest. In the event that they do not pay, you foreclose on them, regain the property and either sell it, rent it or keep it.…

Here are the Assumable Rules for a VA Loan. As always, Realtor's® do not provide lending, insurance or make any claims to play lawyer and you should contact a professional in any such field to assure accurate and competent current information.
0 votes
Andrea Schatz…, Agent, Ashburn, VA
Thu May 24, 2012
You ABSOLUTELY can use your VA "ticket" to purchase at home in NoVA. Shoot me an email as I have a fantastic VA Mortgage Rep that can help as well as myself as I have transacted several VA loans in the area.
0 votes
David Burnham, , Washington, DC
Thu May 26, 2011
I agree with JoAnn. You are probably running into homes that are being sold as is or have other defects. Since most of these will not qualify for a VA loan without the seller doing some repairs, they will not accept a VA loan. Additionally, VA loans can ake a little longer to close, but the difference is rather small. Have your agent ask before showing the homes. Most homes should allow VA.
0 votes
Martin H. Th…, Agent, Tysons Corner, VA
Thu May 26, 2011
Hello Duck,

Have you talked at all with a loan officer about getting pre-qualified for a VA Loan?

If you don't have a lender, I can recommend a few for you to talk with, and I can answer any question you have about the process.

Martin Thomas
Avalar Smart Choice Realty
0 votes
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