Has Anyone used VA to purchase a new home?

Mrs. Tuberski · July 21, 2009, 20:32

Tuberski and myself are in the process of buying a new Home. We are going to use his VA to secure the loan. As far as it goes, we have never done this before. Does anyone have any information on stuff like inspection and the likes of what the VA inspector would be looking at. The lender is telling us that we must have a VA inspection/apprasial to make sure the property passes. What excatly are they looking for besides the the obvious? Any ideas? Comments?

Ben Kenobi · July 21, 2009, 20:49

Do you have a friend who's built houses before?

It would help for the inspection. That way you can be sure that things like the foundation etc, etc are all up to snuff.

Ben Kenobi · July 21, 2009, 23:01

Bump because KH was being an ***.

SlowwHand · July 21, 2009, 23:41

As usual.

Think of V.A. vs. F.H.A. as you would the V.A. hospital vs. the county hospital.
Very little difference, other than one handles veterans exclusively.

Dis · July 22, 2009, 05:06

should just be a normal inspection. If there are major things not in city code, they might not approve it I suppose.

I haven't used mine. I almost had to use it to get the loan for my first home. As I wasn't making much money at the time (and single), but I managed to get the loan. The credit market being what it is today- supposedly, I may have to use it when I buy a home next year- hopefully.

Blaupanzer · July 22, 2009, 12:04

Inspector is making sure the value is there in the home vice the price asked. In theory, he is protecting the guarentor's interest, in this case the Government's. I used my VA loan guarantee years ago with no real problems in the loan process.

Lefty Scaevola · July 23, 2009, 09:14

Originally Posted by Mrs. Tuberski

Does anyone have any information on stuff like inspection and the likes of what the VA inspector would be looking at.

They inspect for many code issues, and many other matters affecting value. They pay particular attention to the water heater, HVAC, electrical, and other things that blowup or burn down a house. They can be quite frittersome, and will require matters on their list be fixed by seller, rather than passing them on with a price reduction to buyer.
Their appraisals have a bias towards square footage in the main house, undervaluing other factors, such as yard, garage, maid's quarters. As a buyer this can either work to your advantage (levering a price reduction from seller) or disadvantage (seller ditches VA/FHA and the buyer and waits for a a buyer with conventional financing). As a seller some years ago of some older properties with small older houses on relatively large yards, I simply refused to deal with VA or FHA because of their bureaucracy. They are easier for buyer to get along with, as long as you are not in a hurry to buy.