Question: > About a week ago I posted a message about shopping for > > VA loans.
> > The great replies by J.D. Baldwin and Charles Gilley gave > > us food for thought, especially since we’re looking at > > 10 acre plots and are willing to accept an older, smaller > > home (plus I love home improvement projects and have the > > time). Unfortunately I know this is going to put me and > > the VA at odds with each other.
> > So I have a few more questions:
> > 1 — If I decide to throw out the VA guarantee and use my > > cash reserves, I assume that the lack of a VA guarantee on > > the loan is counteracted by me having to accept PMI. So > > from the lender’s perspective, eliminating the VA isn’t > > any more of a risk?
> > 2 — We were looking at a good candidate last week, however > > the home (on a concrete slab) had a weak foundation crack. > > Oddly enough we found out that the home was bought on a > > VA loan only a year ago! Does this suggest that the > > inspector didn’t see it or that the VA didn’t think it > > significant? The property itself is really nice but I > > am concerned about having to fight the VA on this.
> > 3 — Who inspects the house for the VA? Do we pick an > > inspector or does the VA send their own inspector out? > > Do we have any way of biasing the results?
Answer: One more thing, We were told, by our loan officer, that the VA loan ALWAYS makes you a better loan risk in the eyes of the mortgage company. This assumes you don’t major credit or background issues. Let me know if you have any questions.
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