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Started By
Message
re: Veterans...VA Loan for New Construction.
Posted on 2/16/15 at 3:01 pm to deeprig9
Posted on 2/16/15 at 3:01 pm to deeprig9
quote:
deeprig9
Are you familiar with the rules of soft second programs? Looking at a place that's zoned light industrial. It would be our primary residence but also has a small office front with tenant. Haven't been able to get a straight answer if that type of property would qualify.
This post was edited on 2/16/15 at 3:03 pm
1
Posted on 2/16/15 at 3:06 pm to Dennis ODell
quote:
soft second programs
I haven't heard that one before.
Sounds like Mixed-Use.
Residential lenders won't touch them, and even commercial lenders are wary. My only experiences with that type of property were in South Carolina. But I was in the wholesale market, which is different than if you went directly to a bank.
I had better luck getting a gas station refinanced with 30 year old tanks in the ground.
This post was edited on 2/16/15 at 3:11 pm
Posted on 2/16/15 at 3:11 pm to deeprig9
quote:
You gonna let her pick out the house?
Probably a good idea
Posted on 2/16/15 at 3:17 pm to deeprig9
2 acre track in a subdivision owned by the builder/ developer. He wouldn't sell the lots because he wanted to approve/build every house in the neighborhood. So the lot and house were in the same quote. The builder was no way involved in the mortgage process.
VA appraisers are kind of a pain. They're very strict and the closest one was an hour drive away.
VA appraisers are kind of a pain. They're very strict and the closest one was an hour drive away.
Posted on 2/16/15 at 3:18 pm to deeprig9
Yea it's a really weird situation. The building is in a residential neighborhood and looks like a house. The space that's being rented is essentially a 1000 sqft home office, but getting it rezoned to R-2 would restrict who we could rent to (we'd lose the current tenant). Are banks scared to lend on a place zoned like this in general?
Posted on 2/16/15 at 3:18 pm to choupic
I've used mine twice but not to build. VA building requirements are more strict in some areas though, When I bought my first house the garage was under the house and the builder had to put a tiled flame resistant ceiling in it before VA would write the loan.
Posted on 2/16/15 at 3:26 pm to DevilDogTiger
quote:
I used mine on new construction a little over two years ago. It was pretty easy and the broker I used encouraged it. Said there's no better loan. About 320k loan, didn't have to put anything down, 30yr fixed, no pmi, no closing cost (yeah right), 2.9%, w/ insurance and taxes its 1700 a month.
he said that because his mortgage bank he sold your loan to pays an extra point to his company if he sells government loans. Which in turn allows his company to pay him more commission. As a mortgage banker I would suggest to not go government IF you have the cash, income, and credit to qualify for conventional. A number of reasons...
The VA funding fee is going to add 2k or more onto the total loan amount and there's going to be a metric shite ton of paper work that's going to drag the process down.
Posted on 2/16/15 at 3:26 pm to DevilDogTiger
quote:
I used mine on new construction a little over two years ago. It was pretty easy and the broker I used encouraged it. Said there's no better loan. About 320k loan, didn't have to put anything down, 30yr fixed, no pmi, no closing cost (yeah right), 2.9%, w/ insurance and taxes its 1700 a month.
he said that because his mortgage bank he sold your loan to pays an extra point to his company if he sells government loans. Which in turn allows his company to pay him more commission. As a mortgage banker I would suggest to not go government IF you have the cash, income, and credit to qualify for conventional. A number of reasons...
The VA funding fee is going to add 2k or more onto the total loan amount and there's going to be a metric shite ton of paper work that's going to drag the process down.
Posted on 2/16/15 at 3:58 pm to choupic
When I was buying my house I was told by several people just to use a conventional loan instead of the VA because the rates are so low so there really isn't a benefit to use the VA. The VA loan would be a good backup if rates were to skyrocket etc.
Posted on 2/16/15 at 4:04 pm to choupic
(no message)
This post was edited on 11/16/21 at 9:18 pm
Posted on 2/16/15 at 4:23 pm to choupic
Do you have a disability rating of 50% or more?!
Posted on 2/16/15 at 4:30 pm to namvet6566
quote:
Do you have a disability rating of 50% or more?
I know this question was for the OP but does it make a difference if someone is service connected 50% or more?
Posted on 2/16/15 at 4:56 pm to Yammie250F
Yes because you will not have to pay the 2k VA fee if you are 50% or above rated.
Posted on 2/16/15 at 5:02 pm to SniperActual6
Wasn't aware of that, thanks.
Posted on 2/16/15 at 5:06 pm to deeprig9
quote:
but I know that any other kind of loan outside of VA is almost always a better option, and VA should be a last resort. That's been my experience.
care to elaborate?
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