Comments on: VA Loan no guarantee to buying a home

By: Ernie

Ernie — Wed, 07 Apr 2010 21:20:30 +0000

I understand Lori had frustration with this, though I urge people to consider giving more than 3 days before deciding to ban something forever, especially something that helps veterans.

What ever did happen to your loan Lori?

By: Ronnie

Ronnie — Sat, 05 Dec 2009 14:09:34 +0000

Kathy accurately describes the environment. 1) underwriters are ignorant of VA guidelines, even the most experienced underwriter. VA regulations are clearly written and easily performed. I had to teach Bank of America’s underwriters.

2) Bank of America abuses veterans, take the VA appraisal ($400), and at the same time behind closed doors work to sell the home to another buyer, and at the same time reduced the price $5000.00 to the non-veteran buyer. The veteran, in this instance me in Lakeport CA has paid for all inspection, all expenses, and then Bank of America sells the home to a favored buyer 3 days after telling me no deal, 2 days before the mover pulled up to my apartment.

3) Bank of America reason for denial: I, the veteran, did not show I would live in the home – even after BofA requested and I submitted moving documents showing I was on the way to my new home.

4) Then BofA sent a denial letter/statement saying that my future student loan debt indicated that I would not be able to pay my home mortgage. Thus, denial.

5) then 2 days later BofA sold the home for $5000.00 less that I, the veteran had already signed a contract for.

So, yea, Kathy is correct. The VA loan is easy to do. Ignorance, greed, and underwriter lies and dishonesty is the problem. Ronnie

By: Mariah

Mariah — Tue, 17 Nov 2009 12:02:36 +0000

In my experience I had no problems buying a house under VA loan BUT now that my faily is having financial hardships, we do not qualify for the Obama Loan Modification Program because VA loans are invested by Ginnie Mae and Ginnie does not qualify under Obama’s program.

I have experienced no benefits with the VA loan expect no down payment when purchasing, something I anyway did when I bought my home. I did give a down payment.

Veterans are nothing to America. They are only good while on active duty, when they “need you”; afterwards, when no longer “useful” to this Nation, you are totally forgotten and disregarded.

So much for being a Veteran.

By: Lori

Lori — Fri, 02 Oct 2009 14:47:10 +0000

We are trying to sell our home to someone with a VA loan, but somewhere in the process something stopped. We signed our side of the papers on Tuesday but the buyers were not able to. Here it is Friday and no one knows what is going on. If I were to EVER sell another house in the future, I will NEVER accept an offer with a VA loan. I thought it would be nice for the new homeowners (first home), but now I see the nightmare behind it all.

By: Kathy McKnight

Kathy McKnight — Mon, 17 Aug 2009 17:27:10 +0000

I am realtor close to Fort Bragg, NC and VA loans are most of the buyers in this area. VA loans kept our market out of the trouble associated with many areas in the nation. They are not difficult guidelines just have to make sure you have a lender that is familiar with the ins and outs. Now days, FHA and VA loans have very similiar criteria.

By: P. McNeeley

P. McNeeley — Wed, 17 Jun 2009 07:26:18 +0000

I wouldn’t hit a dead horse in the ass with a VA Loan even in todays market. I’d rather deal with the wolves of a conventional loan.

By: Randy Stamm

Randy Stamm — Mon, 25 May 2009 10:59:58 +0000

I have been trying to purchase a loan in Mesquite Texas outside of Dallas and it has been a nightmare to deal with the Dallas VA. I dont know what the guidelines are and then they give you the run around. Someone needs to fix the issues because the VA doesnt. I think after this with mine I am going to learn to help other Veterand with this like I sdo to help them get their benefits and Social Security. If you know of anyone in this are please refer them to me @ harely20012sport@aol.com

Randy Stamm
SFC, USA (ret)

Author
” A Soldier’s Dying Heat”
http://www.authorhouse.com

By: Eric Kandell

Eric Kandell — Tue, 19 May 2009 19:42:35 +0000

I have been doing VA loans for 12 yrs and have never, even in today’s market had a harder time doing VA financing than I have conventional or FHA. To be honest in today’s market VA is even easier when compared to the other options out there.