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Has anyone had experience recently on VA lending in this area? What is the wait time, % rate???

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July 29 2009 - Fort Myers
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Answers (7)

DIDN'T NOTICE THIS IS FROM JULY!

Tom, The new regulations requires the appraiser to send the NOV(notification of value) within 5 days. (LAPP)(Lender Appraisal Processing Procedure).
If they can't do it in 5 days they have to say why they can't do it and send it to someone else who can.
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November 10 2009
As long as you have all documentation in place and your COE can be readily found a closing can be done within 30 days-  No problem-  ((Many times the VA must be faxed a request for it as the COE is not listed exactly as it should be.))
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November 10 2009
I'd recommend planning on a 30-60 day escrow for closing to occur

Florida isn't an escrow state; app to close in Fla is about 21 to 30 days
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November 08 2009

I'd recommend planning on a 30-60 day escrow for closing to occur. Depending on the property, if it is on well and septic, water testing is required and a septic inspection is required. These items can take more time compared to a property that's on city water and sewage.

Hope this helps.

Best,

Steve

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November 08 2009
VA had streamlined their process over the years 3-4 weeks is reasonable if the home passes appraisal the first time and your mortgage broker gets your all the new documents in time.  We have a lot of VA loans being so near Mac Dill Airforce Base - give Kevin Reeves a call at 813-728-4992 or by email kevinsreeves@gmail.com he has been doing VA, FHA and USDA in Florida for the last five (5) years.

Thanks.
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July 29 2009
Should be able to go from application to close in 30 days.  VA loans take no longer than any other type of loan.



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July 29 2009
Hi,

The wait times are acceptable.  The bottleneck is usually the appraiser and that can take anywhere from 1 1/2 weeks to 3 1/2 weeks.  All other processes run OK.  Rates are in the 5's.  Rate is always a moving target - with volotility in the markets.  Hope that helps.

Tom
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July 29 2009
 
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