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Is it too late too switch to a VA Vendee loan?
Suppose your offer was already accepted on a VA foreclosed home and you signed the loads of paperwork like 50 pages which state the terms of the down payment and loan conditions. This paperwork is for a conventional loan. You already sent the $1000 check to them a few days ago. Its only been a week.
Is it too late to back out and switch to a VA Vendee loan?
4 Answers
- loanmasteroneLv 75 years ago
In making an offer on the house you indicate the type mortgage loan you would be applying for. You did not
mention the fact that you would be applying for a VA backed mortgage loan.
In applying for a VA backed mortgage loan, there are certain requirements VA require of a seller. There are also appraisal conditions that would be required to be accomplished prior to VA final approval of the mortgage loan.
The seller is not required, at this point to amend your offer and agree for you to switch to a VA backed mortgage loan
You would be required to make an amendment to the offer and now indicate you would be applying for a VA backed mortgage loan. The seller would have to agree to this change in the mortgage you are now wanting to apply for.
In many cases this switch of mortgage loans would not benefit the seller.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
- A HunchLv 75 years ago
You can ask the seller to amend the paperwork. But yes it's too late, if they don't agree. Why? VA loans, like FHA & USDA loans, have a lot of restrictions. A seller doesn't want to deal with the restrictions unless they can't find a cash or conventional buyer.
