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Posted: 11/21/2005 3:56:38 PM EDT
[#1]
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 |
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Posted: 11/21/2005 5:03:23 PM EDT
[#2]
Dang. That's getting screwed alright. Sorry to hear it. I bought a $120,000 house back in '98 & the VA approved me for $150,000.
 "Arbitrary" is an apparently accurate term... |
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Posted: 11/21/2005 7:40:33 PM EDT
[#3]
+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. |
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Posted: 11/22/2005 4:42:17 PM EDT
[#4]
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... |
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Posted: 11/22/2005 7:30:58 PM EDT
[#5]
side question here. if the va appraises the hosue for more than the selling price can you either just ask for the amount you need? Also if you wanted the extra cash, could you get the loan for the over estimated amount?
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Posted: 11/23/2005 12:37:06 PM EDT
[#6]
If you can swing it get a private apprasial. If they differ request a meeting with VA folks and ask WTF?
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Posted: 11/23/2005 1:57:07 PM EDT
[#7]
You're good to go on any price below what the approval amount is. As in my situation, I needed 120k - was approved for 150k - so I submitted my 150k approval for the 120k house. And no, you cannot get a loan for whatever amount was above your need. However, if the builder is offering upgrades (landscaping, kitchen islands, better carpet, etc.) you can exceed your original estimate as long as it's below the approval amount. For instance: I need 120 for a home. I'm approved for 150. I add on a few upgrades which takes me to 125 or 130. That's still below the 150 for which I was approved so I'm still good to go. I hope this makes sense. I'm dog tired right now. |
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Posted: 11/23/2005 4:00:10 PM EDT
[#8]
 thanks. |
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Posted: 11/24/2005 4:26:40 AM EDT
[#9]
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.
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Posted: 11/24/2005 4:35:01 AM EDT
[#10]
I had no problems with my VA purchase.. can you get another apprasial?
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Posted: 11/24/2005 8:00:31 PM EDT
[#11]
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. |
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Posted: 11/25/2005 6:11:30 AM EDT
[#12]
+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. |
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Posted: 11/29/2005 10:17:02 PM EDT
[#13]
how are the rates on va loans?
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Posted: 12/2/2005 12:11:01 AM EDT
[#14]
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Posted: 12/2/2005 10:25:07 AM EDT
[#15]
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. |
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Posted: 12/3/2005 7:13:18 AM EDT
[#16]
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. |
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Posted: 12/7/2005 5:28:06 PM EDT
[#17]
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.
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Posted: 12/8/2005 12:04:39 AM EDT
[#18]
You call that a happy ending? Welcome to your newest headache.   Good luck, and have fun at Home Depot. |
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Posted: 12/8/2005 4:37:01 AM EDT
[#19]
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. 
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Posted: 12/12/2005 9:13:28 PM EDT
[#20]
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? |
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Posted: 12/13/2005 7:49:26 PM EDT
[#21]
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. |
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Posted: 12/17/2005 12:24:03 AM EDT
[#22]
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.
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Posted: 12/17/2005 1:08:26 AM EDT
[#23]
 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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