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9/22/2017 12:11:25 AM
Posted: 11/21/2005 3:29:39 PM EDT
[Last Edit: 12/7/2005 5:28:20 PM EDT by rifleman2000]
I am currently trying to buy a house using a VA loan, having spent 4 years active duty with the 101st and two and a half years with the Virginia Army National Guard. I have served a year in Iraq. So why is Veteran's Affairs fucking me? The house I am trying to buy is on the market for $194,950 and, IMO a good deal. The VA appraisor has appraised the house at a mere 180,000 dollars when I have seen houses for 170+ dollars in SHITTY condition. So, basically, the VA appraisors appraise my house too low, and the loan won't cover the 15,000 dollar difference, tanking the deal. Apparently, the VA is notorious for this. Anyway, anyone else have similar stories? I just want to know why the hell this guy has to fuck me, I really think I earned a little better than this.

My Congressperson will definitely here about this.
Link Posted: 11/21/2005 3:56:38 PM EDT
I dunno. I started out with a VA loan, but switched over to a much better FHA loan. I think the VA loan is good for not getting screwed in fees, and I get the sense that if you have iffy credit the VA may help out a bit but the VA appraisal is arbitrary sometimes. And the fact that it can completely sink a deal made me nervous, so I didn't use it.

I think there are better loans out there to go with.I
Link Posted: 11/21/2005 5:03:23 PM EDT
Link Posted: 11/21/2005 7:40:33 PM EDT

Originally Posted By sherm8404:
I think there are better loans out there to go with.I




+1

I had a VA loan back in 1989. It went through OK, but they sure seem to make it a lot harder than it should be. I'd shop around some and see if you can find something else that is a little more user friendly.
Link Posted: 11/22/2005 4:42:17 PM EDT
Sorry to hear about this, I'm on a VA loan right now and it went through pretty smooth.
The VA appraiser was actually about 20,000 over the selling price.
Guess alot depends on the appraiser...
Link Posted: 11/22/2005 7:30:58 PM EDT
Link Posted: 11/23/2005 12:37:06 PM EDT
If you can swing it get a private apprasial. If they differ request a meeting with VA folks and ask WTF?
Link Posted: 11/23/2005 1:57:07 PM EDT
Link Posted: 11/23/2005 4:00:10 PM EDT
Link Posted: 11/24/2005 4:26:40 AM EDT
I went througha realtor that deals almost entirely with VA loans. He knew how to deal with the VA and made the process as easy as pie for me. I think having a good realtor makes all the differenc ein the world.

Sorry to hear that you're having issues with your loan. I think the VA home loan is one of the best benefits we get for serving. Good luck though, home ownership is deffinately a positive thing. Only problem is that when something breaks, you can't call a maintenance guy to come fix it. I've had to become quite handy around the house.
Link Posted: 11/24/2005 4:35:01 AM EDT
I had no problems with my VA purchase.. can you get another apprasial?
Link Posted: 11/24/2005 8:00:31 PM EDT
My VA loan appraiser did the opposite.

House would appraise for well over $250,000.

Asking price was 170,000. (Good deal from my best friend.)

Appraiser says $170,000 it is.

Now I cannot get a second, or line of credit, for 6 months even though I know there will be equity. In 6 months, I can get it re-appraised, then either refi, line of credit, or second.

Houses are now on the way down. I will be okay, but damn.

Cannot complain about the 5.15 % intrest though.
Link Posted: 11/25/2005 6:11:30 AM EDT

Originally Posted By leatherpuke:
I went througha realtor that deals almost entirely with VA loans. He knew how to deal with the VA and made the process as easy as pie for me. I think having a good realtor makes all the differenc ein the world.



+1
I found that there are Realtors out there who almost if not never do/have done VA loans, and that can really make it difficult. Best bet is to find one who has done several, as they will know all the hoops you'll need to jump through.
Link Posted: 11/29/2005 10:17:02 PM EDT
how are the rates on va loans?
Link Posted: 12/2/2005 12:11:01 AM EDT

Originally Posted By FugitiveMind1992:
how are the rates on va loans?

It's whatever you get from the bank. The VA is kind of a co-signer.

Link Posted: 12/2/2005 10:25:07 AM EDT
Get a new apprasial from a different guy. If they ask, tell them you seem to have some sort of conflict with the original guy. Does the price fit with the realtors work? There are a few issues you could get addressed and get this cleared up.

I have used VA twice and never had a problem, it is usually trouble free.
Link Posted: 12/3/2005 7:13:18 AM EDT

Originally Posted By BadCompany:

Originally Posted By FugitiveMind1992:
how are the rates on va loans?

It's whatever you get from the bank. The VA is kind of a co-signer.




right...the VA loan isnt exaclty a "loan" persay...

its pretty much a guarantee that you can get the loan. "guarantee" might be too strong of a word but you know what i mean.

Link Posted: 12/7/2005 5:28:06 PM EDT
Update... long story short is the appraiser came up, the seller came down, and I own a house! What a nightmare! I had already put paperwork on an apartment when the word came that I could close on the house.

Link Posted: 12/8/2005 12:04:39 AM EDT

Originally Posted By rifleman2000:
Update... long story short is the appraiser came up, the seller came down, and I own a house! What a nightmare! I had already put paperwork on an apartment when the word came that I could close on the house.






You call that a happy ending? Welcome to your newest headache.


Good luck, and have fun at Home Depot.
Link Posted: 12/8/2005 4:37:01 AM EDT
Go buy a ladder, a nice 12 footer, one of those four way folding jobs for 140 bucks.

While not much use in an apartment or for the single guy, they are always useful at Christmas for putting up your new lights on your new house.
Link Posted: 12/12/2005 9:13:28 PM EDT

Originally Posted By rifleman2000:
Update... long story short is the appraiser came up, the seller came down, and I own a house! What a nightmare! I had already put paperwork on an apartment when the word came that I could close on the house.




Congratulations. We're closing on our first house (VA loan, too) at the end of the month, assuming it appraises for around 144. We're also trying to make them fix the electrical hazards. Katrina storm damage is already under contract to be fixed.

Of course, my orders only keep me in NOLA for another year and a half, so it will be interesting to see which way the value of the house goes during that time.

Have fun with your new house! What a rollercoaster, huh?
Link Posted: 12/13/2005 7:49:26 PM EDT

Originally Posted By afplayboy18:

Originally Posted By BadCompany:

Originally Posted By FugitiveMind1992:
how are the rates on va loans?

It's whatever you get from the bank. The VA is kind of a co-signer.




right...the VA loan isnt exaclty a "loan" persay...

its pretty much a guarantee that you can get the loan. "guarantee" might be too strong of a word but you know what i mean.




Igot quoted rates for VA loans at 1.25% over what I could get through regular loans. No deal there. Just the loan companies screwing the serviceman.
Link Posted: 12/17/2005 12:24:03 AM EDT
Yeah, VA loans are generally about a point or more higher than conventional. You can pay extra points though to buy down your rate. The nice things about using it though is that you can buy if you don't have any down payment at all and you can avoid paying PMI all together. If something happens and you default, it also takes 6 months before they can close on you.
Link Posted: 12/17/2005 1:08:26 AM EDT

Originally Posted By sherm8404:
You call that a happy ending? Welcome to your newest headache.
Good luck, and have fun at Home Depot.



There are times when I actually kind of miss the no-hassle apartment living... until I remember that you pay all that money and never build any equity.
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