Seller won't take my VA loan?
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We are first time homebuyers and we found a house we like. Our VA loan was in order and we put in an offer. However, the seller won't accept our offer since we are coming with a VA loan. Has any one else experienced this or know why they won't accept it? It was a foreclosed on house and the selling agent said the corporation (citifinancial) never accepts VA loans but would not give us a reason for it.
Seller won't take my VA loan?There are expenses the VA forces the seller to pay that the buyer normally pays. Sometimes the VA appraisal is lower than other appraisals. There is more red tape than other loans.
Seller won't take my VA loan?Government backed loans like VA and FHA can be slow to process and involves inspections, a tighter set of requirements, reinspections, it can drag on and on.
I would imagine the main reason that they won't accept it is the inspections and that if the house doesn't conform, the loan won't fund. And lenders will not make the repairs to have the loan fund.
Seller won't take my VA loan?Most likely because of the costs that sellers have to incurr on a VA loan and there may be issues with the property that won't meet VA standards.
However, check with the lender to see if there is any other type of financing that is comparable to the VA loan you were getting. I know in CA we have a great first time home buyer program that is actually better then VA. So before you turn it down talk to your lender.
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