Homes for Sale; Veterans Need Not Apply

[The Straight Story]

Homes for Sale; Veterans Need Not Apply

FAIRFIELD, CA - Active duty and military veterans are eligible for 100 percent financing on home purchases. But trying to use that financing to buy a bank-owned home can be nearly impossible.

"I think it's absolutely disgraceful," said Vacaville realtor Robin Miller. Miller has submitted a dozen offers on bank-owned homes in the Fairfield area on behalf of Sgt. Jason Goul, who is on active duty at Travis Air Force Base. None of the offers has been accepted.

Miller contacted News10 to make others aware of the problems facing buyers seeking homes with Veterans Administration (VA) financing.

Goul, 30, lives with his wife and children in a rental house a few miles from the Travis main gate and is trying to find an affordable house to buy with a VA loan.

Nearly half of the 40 homes currently listed for sale in Fairfield under $200,000 are bank-owned. Longtime broker Kathryn Schuster said banks rarely accept offers with VA financing.

"Veterans who are serving our country, (buying) with a VA loan? Completely out of the question," she said.

Some banks actually include the no-VA or FHA financing language in the confidential agent remarks of a real estate listing. Agents say banks generally dislike VA and FHA financing because it can cost them time, money and paperwork.

http://www.news10.net/news/local/story.aspx?storyid=67855&catid=2

[TwilightGardener]

1. There's extra hoops to jump through for VA, because VA protects

the veteran's interests--having had two VA mortgage loans myself. However, the VA also offers a guarantee on the loan, so you'd think that would help the banks overcome their reluctance.

[Taverner]

6. Of course not - the banks want you desperate

From what it sounds like, you aren't scared and desperate after signing a VA loan, so they don't want you

[Gormy Cuss]

2. Fairfield is home to Travis AFB.

This story could get interesting.

[Barack_America]

3. Banks. Break 'em up and take 'em down. Not only parasitic, but unpatriotic.

[sinkingfeeling]

4. Since bank-owned homes (foreclosures) are sold 'as-is', I can't see how anybody could

get a VA or FHA loan for one. Both of those agencies require every little thing in the house to be perfect. I sold one house, less than 3 years old, to someone with a VA loan and it was the biggest pain that I said I'd never do it again.

[Craftsman]

5. Condition of home may be the issue

VA is notorious for tough inspections and insisting all repairs be made. Many of these foreclosures are not in the best of shape. Banks sell as is no repairs in many cases.