va loan

Guest 0.10 Dollars($)

I had recently purchased one newly constructed home which was inspected by the VA at the time of construction, I have some complaint items but builder is not doing anything to correct them, is it possible that VA can provide some help in this matter?

colin · Posted: Mon May 14, 2007 1:18 pm Post subject:

Hi Croagh,

Welcome to Mortgagefit forum.

If inspection of this newly constructed home was done by a fee compliance inspector assigned by VA at the time of construction of the home then it can be possible.

VA has complaint processing procedures which can be used to make the builder rectify defects which as per VA are builder's responsibility.

Colin

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

But you will have to register a complaint within 1st yr. of ownership of the home with VA. Let me also tell you that VA does not have direct authority to compel the builder to make the corrections.

However, if the builder refuses to take steps to correct problems which VA considers to be his responsibility then it can take administrative sanctions against such builder & stop any further business with the builder.

If complaining to VA does not yield the desired result then you may have to take legal action against the builder.

Miller

Guest 0.10 Dollars($)

I need to ask one question about my loan, if I sell my property to a person and that person will assume the existing va loan, then would I be automatically released from personal liability of repaying the loan?

Guest 0.10 Dollars($)

When did the loan close Hruby?

If it closed after March 1, 1988 then you will have to notify the VA or lender and request approval of the assumer of the loan and be granted release from liability.

And if it closed before this date then the new person can assume the loan without the need of getting approval from lender or VA.

Guest 0.10 Dollars($)

What is VA refunding

blue · Posted: Mon May 14, 2007 1:50 pm Post subject:

Hi Eggle,

Welcome to Mortgagefit discussion board.

If a veteran is facing problems with making payments then VA purchases the loan from the lender. This is known as VA refunding.

VA will only refund if;

a) Veteran is facing financial problem because of situations which are beyond his control and
b) At present borrower's situation is improving and he will be able to make payments in near future but lender is not willing to wait that long.

Do let me know if you have any other questions.

Thanks
Blue

sara · Posted: Tue May 15, 2007 12:17 am Post subject: RE: va loan refunding

Hi Eggle,

There are two aspects which VA considers prior to refunding a VA loan. One is to help out veterans keep their home. As such, VA purchases the house from the mortgage company. So, the veteran has to make payments directly to the VA and then they can get back title to the property.

Another aspect is that, VA wants to recover the money for which it has guaranteed the home. Thus, it purchases the home and then resells it to retrieve the money. The VA provides for the option of refunding on the basis of the following factors.

The borrower has tried to get out of default and avoid foreclosure.
He cannot avail a deferred payment plan and is still unable to make the monthly payments.

Hope this will help you.

Take Care

Guest 0.10 Dollars($)

I am stationed overseas. If I buy a home in my county & my spouse occupies the property in my place will it be accepted by VA?

colin · Posted: Thu May 17, 2007 2:31 pm Post subject:

Hi Krissinel,

Welcome to Mortgagefit forum.

To get a VA loan it is a requirement that you certify your intent to occupy this property as your home. But even if you are stationed overseas your personal occupancy requirement will be met if your spouse occupies the same.

You can go ahead with your plans of purchasing the house.

Colin

Guest 0.10 Dollars($)

is someone aware of how the va compromise claim payment works.

carnahandavid · Joined: 21 Dec 2006 Posts: 239 58.40 Dollars($)

Hi Kacseryor,

VA compromise claim will pay the deficit amount if proceeds from sale of your house are not enough to pay off the loan you have on the house.

Let me also tell you that VA will only pay if you do not any other funds from which you can pay the deficit amount. And you will remain liable to VA for repayment of this amount.

Guest 0.10 Dollars($)

i am planning to get a va loan, how an i get certificate of eligibility

colin · Posted: Tue May 22, 2007 12:52 pm Post subject:

Hi Santana,

Welcome to Mortgagefit forum.

You can get the Certificate of Eligibility from your lender. They have access to the Automated Certificate of Eligibility system, an internet based system which can establish eligibility & issue a certificate online within a very short time. And only those for whom VA has sufficient amount of data in their records can be processed through this system.

You can also apply for the certificate by submitting a completely filled VA Form 26-1880 known as Request for a Certificate of Eligibility to the Winston-Salem Eligibility Centre. With the form you also need to submit proof of military service. Please go through this page to know more about the process of getting certificate of eligibility: http://www.mortgagefit.com/eligibility-certificate.html

Colin

Guest 0.10 Dollars($)

please someone explain how the irrrl works for va loans.thanks

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