Over the past couple of weeks I was working with a woman who was active in the Army; she was approved for a VA loan through Wells Fargo. We made an offer on a loft downtown, two weeks before closing Wells Fargo notified us saying the building was not VA approved… It would have cost the owner of the building quite a bit of money to get the building approved by the VA and it would have taken up to 3 to 4 months for the process. The woman did qualify for other loan programs but the interest rates were much higher, so she couldn’t make the payments. We ended up canceling the Agreement on the non-VA approved building and finding her a great new town home that was VA approved.
VA loans are a great vehicle for many people who can’t get traditional loans and can benefit from the lower down payment requirements, however sometimes there are restrictions such as the above case that come with the VA loan.
Kellie Clifford
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