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Va Loan Appraisal All Locations : Nationwide Real Estate Advice

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Showing results for va loan appraisal [Clear search]
Tue Dec 8, 2015
Alexander Grethe answered:
Hello Kathleen;

I can put you in touch with a very eperienced and resourceful lender.
Which area were you thinking of?

Have a great day,

Alexander
407-929-9674
0 votes 11 answers Share Flag
Thu Mar 22, 2012
answered:
You posted a similar question at http://www.trulia.com/voices/Financing/GREAT_home_GREAT_price_SHORT_SALE_and_HIGH_TAX-321688 but you seemed to have added a little different information and were able to squeeze your question in too (Trulia really aught to allow more characters within the initial question).

For the basis of my $1,950/mo estimate in your other question, I was using a 4% interest rate on a loan amount of $216,905 ($213,911 + 1.4% VA Funding Fee), which gives a principal/interest payment of $1,035/mo. Property taxes of $808/mo ($9.7k/year). Insurance of $100/mo ($1,200/year) = $1,943/mo.

When your offer is accepted on a short sale by the seller, it still needs to go to their own bank for review/approval. If you are the first offer, that process can take many months (3-6 months isn't uncommon), as the sellers bank needs to confirm the value of the property/compare it to the amount the seller has accepted, as well as get approval from the investor of the seller's mortgage (this isn't usually the same as who they make their payments to). After all of that is done, then the seller's bank will issue a "short sale approval" which usually matches the terms that the seller has accepted... but sometimes it is different/less favorable to the buyer and then you need to determine if you want to accept the seller's bank short sale approval terms. If there has already been a previous accepted offer but the buyer bailed out for whatever reason, and all or part of that process has already been done, then it may just take a few weeks to a couple months for the new short sale approval to be issued (there was one situation where the bank was ready to approve a new offer within 1 week - talk about a short short sale).

I am not sure how property taxes are reassessed in Pennsylvania, but it could very well be based on the new sales price. You can actually figure it out on your own. You can call up the township & county to find out what they base their assessed values on - and if a sales price for much less than their current assessment happens, would they take that into consideration. Hopefully a real estate agent from this area will chime in with exact specifics on this though. In California that is how it is done though, it's all based on the new sales price (which can drastically change the amount of property taxes - up or down).
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0 votes 24 answers Share Flag
Tue Nov 24, 2015
Rachel Dammann answered:
Loan requirements change all the time. Right now, to get an FHA loan, you need a 640 credit score. 680 is better if you can make that happen.
Good Luck!
0 votes 9 answers Share Flag
Tue Sep 20, 2011
Christopher Pagli answered:
Hi, There are some loan products that allow the purchaser to roll there closing costs into the loan such as FHA loans. As for 100% financing options (including down payment & closing costs) those are extremely rare if any these days. Depending on your needs and occupation you may qualify for some special programs like these but it's best to contact a mortgage professional directly. You can call any broker you like to inquire.

Chris
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0 votes 15 answers Share Flag
Sun Nov 26, 2017
Ron Thomas answered:
If you need to nail this down, I suggest you choose a Title Company and go visit them:
They will do a dummy HUD1 for the figures you give them, and you can see the total amount that you would need to bring to the Escrow.

Please contact a Realtor and have them represent you; it will cost you nothing, but not having them could cost a lot.

Good luck and may God bless
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0 votes 6 answers Share Flag
Thu Jan 31, 2013
Dp2 answered:
You need to do some homework. First, you should do some reading about the process of buying a property. You don't need to master every detail. You simply want to get a high-level understanding of the process and the players. Second, if you opt to work with an agent (which is a pretty good idea), then you'll need to interview a few, and select the one with whom you can best relate. Finally, your agent will help walk you through the buying process.

At a certain point, you might also want to have a real-estate attorney to review your documents. Yet, some people are just fine without doing that.
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0 votes 15 answers Share Flag
Mon Oct 31, 2011
answered:
You can start by contacting the lender and request a rate negotiation to a fixed 30 year rate. If they won't play ball, we can help you with a short pay refinance. Done several but we have to go FHA, VA or USDA.

Good Luck!
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0 votes 5 answers Share Flag
Tue May 21, 2013
Lauryn Eadie answered:
Try to meet in the middle and see if the buyer is willing. If they are not, then you should probably lower the price and proceed to settlement!
0 votes 8 answers Share Flag
Sat Sep 10, 2011
Derek Zasaretti answered:
Va houses have to be liveable and functional. Consult a local VA lender they will give you the guidelines.
0 votes 6 answers Share Flag
Fri Sep 9, 2011
Ron Thomas answered:
This is going around.

As the Seller, there isn't much you can do, other than lowering the Selling price.
Asking for another Appraisal is really not an option, the Lender can refuse to recognize it.

The Buyer is the one who can come up with the difference or find another Lender;
Unfortunately, the Buyer is probably glad that it came in low; they have leverage to get it cheaper.

What did your CMA, by your Realtor, come in at?
Did it agree with the Appraisal?

Good luck and may God bless
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0 votes 8 answers Share Flag
Sun Oct 16, 2011
Dp2 answered:
You might be able to save on the title search and policy, but that's about it. The rest of the fees are mandatory, and you can thank the government officials for that.
0 votes 9 answers Share Flag
Sun Jun 2, 2013
Doug Woodruff answered:
Bobby,
I reached out to one of the lenders I deal with on a regular basis and the anwer to your question is below. If you need any further information please feel free to contact. If you need information on a lender please let me know and I can provide you with that information as well.

Answer:
Yes- you can do what is called a FHA streamline- there is no appraisal done. But you cannot roll in closing costs- so either the borrower has to bring closing costs to the table or the rate can be raised enough to provide a lender credit to pay closing costs.
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0 votes 5 answers Share Flag
Thu Sep 8, 2011
Jon Huff & Randy Brazee answered:
Hi Ann-Marie,

I'll ask the lender I work with most, Fairfield Mortgage.

With foreclosed properties, often there is a 90 day restriction in the deed from the seller. That is, the seller is the one who restricts whether or not the next owner can sell in 90 days. This is to encourage owner occupant buyers.

I'll let you know what Fairfield says ASAP.

Let me know if you have other questions!

Jonathan Huff
http://www.homesforatlanta.com
Keller Williams Realty Metro Atlanta
m 404-492-7804 .:. f 678-815-0955 .:. jon@hfatl.com
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0 votes 13 answers Share Flag
Mon Sep 5, 2011
Gina Chirico answered:
Am I....what??? responsible to fix it? Well you can look at it a few ways.....you can fix it now and this buyer can buy the house or you can opt not to fix it, the buyer will be unable to secure the mortgage and fulfill the mortgage contingency and you'll have to wait for another buyer to come along that does NOT need FHA funding. 80% of my closed transactions were FHA lending.

How much does it cost to fix it? Did you get any estimates?

Gina Chirico, Sales Associate
Lattimer Realty
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0 votes 17 answers Share Flag
Sat Sep 3, 2011
Ron and Debbie DoorenBos answered:
You could qualify for 100% VA financing .
Keep your money and get a low 4.5% interest rate.
I have a lender that specializes in 100% VA financing 30 day closings
Ron cell 863-398-3303 ... more
0 votes 7 answers Share Flag
Wed Feb 20, 2013
Joey Witt answered:
The builders prefer that you use their lender, as it allows them to save on fees and offer discounts to you, the buyer. VA, FHA and other loans do cost the seller/builder more money, so not all sellers will work with buyers with these loans. It isn't a question of discrimination but an issue of costs they don't want to pay. Some builders are more flexible than others. You should have your Realtor talk to the builder. ... more
0 votes 19 answers Share Flag
Mon Sep 5, 2011
Christopher Pagli answered:
Hi, It partially depends on how long you've owned it, the values in your area and what else is on the market. Typically kitchens and bathrooms bring the best return, you want to make sure you will make your money back. If you bought it a few years ago and still owe a large amount you should probably price it with the updates in mind. If you have owned it for a long tim and have a good amount of equirty the consider doing the updates if they include kitchens and baths. It may not make you any extra money but can most likely get you a quicker sale. I hope I made sense to you :o)

Chris
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0 votes 13 answers Share Flag
Mon Jul 15, 2013
answered:
Fannie Mae & Freddie Mac both require a 620 score to qualify for their loan programs, other types of conventional financing usually require at least the same if not a little higher. There may be local banks who offer loan programs other than the normal Fannie Mae & Freddie Mac loan programs, where if you have enough of a down payment they may be willing to look past scores less than 620. If you are a member of a smaller community bank I'd start there... but with 15 more points you could have a lot more options and are less likely to get screwed. Unless you are in a dire situation where you have to buy a home right now (I don't know too many of those) then personally I'd recommend you continue to work on your scores. ... more
0 votes 15 answers Share Flag
Mon Aug 29, 2011
Dallas Texas answered:
Direct your questions to a mortgage broker who would be professional qualify you for a home loan based on your completion of loan application

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
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0 votes 6 answers Share Flag
Sun Aug 28, 2011
Ron Thomas answered:
Have you talked to the VA office:
Have you applied for your LETTER OF ELIGIBILITY?
If you haven't, do both.

Oh, and thanks for serving.

Lean on the VA office, they have no axe to grind and will help.

Good luck and may God bless
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0 votes 4 answers Share Flag
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