The Evolution of Atlas: A Breeding (and Chat) Thread

[1muttsfan]

Wow 5+ acres and 1800 sq feet! The old part of the house is definately dated, but the addition is a really nice room. I like it.

 

[Leahs Mom]

I see...I was just going by the address that said Hwy 163.

 

[speckledhen]

Wow 5+ acres and 1800 sq feet! The old part of the house is definately dated, but the addition is a really nice room. I like it.

I like the house, but the elevation is just so low, it would be a super hot summer.

 

[speckledhen]

I see...I was just going by the address that said Hwy 163.

Yeah, but those highways are, well, just two lane roads. Country highways!

 

[getaclue]

Um, when you go to sell, see if your HOUSE qualifies for a VA loan. It's not just the buyer that has to qualify now. The house has to qualify too. Usually the ad will say it qualifies for a VA loan, if it does, which opens a lot more potential buyers.

 

[speckledhen]

Um, when you go to sell, see if your HOUSE qualifies for a VA loan. It's not just the buyer that has to qualify now. The house has to qualify too. Usually the ad will say it qualifies for a VA loan, if it does, which opens a lot more potential buyers.

Cheryl, it would never occur to me that you meant that. I had to go back and read it again, sorry! There is no way in heck that this would not qualify for a VA loan. Again, I was a realtor for over 8 years, very familiar with the loan, even had several of them. Most homes do unless they're trailers. It's not a fixer upper or a manufactured home or bare land. Here is an article that tells what can and cannot qualify. Most houses qualify for VA loans if they are existing or under construction and not condemned. There is also a definition of a manufactured and modular home in the article, which we were discussing.

As a veteran or active duty service member, you’re probably well aware of the many benefits available to you, including one of your most important, and widely used, benefits – the VA loan.

You know that you can refinance your existing home up to 100% of its value, you can buy a new home with zero down, and PMI isn’t required. However, do you know what types of properties – outside of a standard single-family home – will allow you to qualify for your VA home loan benefits?

It’s important to keep in mind that just because the Department of Veterans Affairs allows for some properties to fall within the qualifications for a VA loan, may not mean your lender will approve it under their terms. Please remember to always check with your mortgage lender to ensure they can work with you to find the best fit for your financial and residential needs.

Modular/Manufactured Homes

A modular, or prefabricated, home is built in sections at a factory and reassembled on-site by a contractor. Modular homes differ from manufactured homes (mobile homes) in that manufactured homes are assembled entirely in a factory and shipped to the property as-is.

Modular homes are more likely to appreciate than mobile homes, which makes them easier to finance. Quicken Loans provides funding for modular homes with the following guidelines:

Must be attached to a permanent foundation

Must have been built according to HUD guidelines or received certification from the state in which they were built

Co-ops

Co-op is short for Cooperative Housing Project. When you’re buying a co-op property, you aren’t actually buying the real estate, but rather a share in a not-for-profit corporation. These shares allow you to occupy a unit in the co-op and become a member of the co-op community. Co-ops aren’t covered by VA loans.

Condos/Townhomes

Condos differ from co-ops in that you’re actually purchasing real estate, and they’re eligible for VA financing. However, the entire complex must have received VA approval before you can be approved for an individual unit. You can check the VA’s current list of approved complexes or have your Home Loan Expert determine your approval status for you.

New Construction

Getting a VA loan for a new home construction is tricky, but not impossible. Your builder, plan and building site must be approved by the VA, and three different inspections are required. In addition to being a VA-approved builder, they must also provide at least a one-year warranty on the home.

If this proves to be too complicated for you or your builder, one common suggestion is to build the home using a conventional construction loan, then refinance with a VA loan once the home is complete.

Property – Vacant Land

VA loans can only be used for existing homes and homes under construction.

https://www.military.com/money/va-loans/eligible-properties-for-va-loans.html


***of course, that doesn't matter if there is nowhere to go, nothing to buy. Not feeling hopeful about that at the moment***

 

[getaclue]

I didn't think it was a fixer upper, that's why I said that when you go to list it, include that it qualifies for a VA loan. I'd say at least half the homes here with acreage don't qualify, unless they're super expensive, which is why I mentioned it. It wasn't an insult, but a selling point.

 

[speckledhen]

When you go to sell your place, see if it will qualify for a VA loan.

I didn't think it was a fixer upper, that's why I said that when you go to list it, include that it qualifies for a VA loan. I'd say at least half the homes here with acreage don't qualify, unless they're super expensive, which is why I mentioned it. It wasn't an insult, but a selling point.

No, I didn't think it was an insult, just that I read your post too fast and didn't get that you meant about my house qualifying rather than us qualifying. So I didn't understand why I'd need to qualify for a VA loan since I'm not getting a standard mortgage, etc. Just a misunderstanding. I don't have that much acreage, though, not enough to be called a farm for tax purposes, so it would qualify.

Honestly, it doesn't matter, though. My house selling is not my biggest concern. Finding something I don't think is a piece of crap and less than what I have now is what would worry me...unless this place is worth more than I think it is.

 

[speckledhen]

I found this cute cabin, small, but has a separate artist's studio with stackable washer/dryer and actual bedroom in the upstairs of the studio. It has enough acreage and privacy and was great, even was a good elevation above sea level......until I saw it was in a neighborhood with covenants. Every time, there is a fly in the ointment.
https://www.zillow.com/homedetails/132-Hemlock-Ln-Blairsville-GA-30512/105425921_zpid/

 

[speckledhen]

Cheryl, again, I'm sorry I completely misread what you wrote earlier. I didn't think you were insulting my place at all, but I was just saying that most all "regular" properties would qualify for a VA mortgage. This has so little acreage, it can't be called a farm, plus the extra lot is not assembled with the original one the house is on. But, it seems most folks here are fairly well off that buy into this county. It won't be a local, I'd lay odds.

Oh, my realtor is checking to see if the Hemlock Lane property's covenants are just something minor like we have here (no mobile homes, no pigs) or something else. It's definitely a subdivision, just as ours is, and only 800 sf in the main house, but there is no wasted space for the basement stairs like ours has so the square footage is entirely useable, not to mention the extra living space in the studio I could use for my quilting and a guest room. I really like the property, as much as I've seen of it and the elevation is actually slightly higher than we are here, a real bonus. Plus, Tom really likes Blairsville, which has a hospital that takes TriCare and is in the next county east of us.

One thing: I can only see a stackable washer/dryer in the studio, nothing in the main house. Makes me wonder if there is a laundry in the house at all. That would be a problem, especially in winter.