PilotWife2

I have helped many customers purchase foreclosed homes. Condition is always the biggest factor when buying a foreclosure. Typically the bank sells the home in "as is" condition, and will not do any repairs. The home has to clear the appraisal inspection....If the home is stripped or in bad shape, that can be problematic..... Did you have any specific questions? Let me know if I can be of help!

Glad to hear it worked out for you! Unless you are buying a cookie cutter house in a subdivision with a ton of recent comparable/sales, obtaining an appraisal can be tough.....

Sorry you have had this issue! Have you talked to your lender about the possibility of a reconsideration of value? If you present a strong case, they will listen. I just closed on a VA purchase with an appraisal that originally came in $80,000 (!!) too low....The Regional Loan Center (RLC) reviewed the data submitted and re-issued the Notification of Value with the $80K higher price. 16 years in the business, and I have never had an appraisal this far off or adjusted such a large amount. Sometimes the appraisers make mistakes, and if your case is valid/strong the "RLC" will help.

Hello! Where will you be buying?

The VA is protective of their borrowers, and the appraiser is to be an advocate for both the buyer/borrower and the lender. Having said that, there are the off times when the appraiser has not followed the proper steps as set by VA or considered comparable sales data that would help support value. You can ask your lender to request a Reconsideration of Value directly with the VA Regional Loan Center (RLC). The value estimate on an NOV (Notification of Value) may be changed if the change is clearly warranted and fully supported by real estate market or other valid information which would be considered adequate and reasonable by professional appraisal standards. Any party of interest may request a change to a NOV. For documentation purposes, every such request must be in writing. Only one request will be completed. The change request must be submitted to the lender for them to submit to the RLC. The reconsideration of value can be based either on “Request based on different sales data" and/or "Request based on disagreement with appraisal analysis or data.” If there are additional comparable sales to consider, your lender is to submit the homes sales on a grid format for the RLC to review. If the reconsideration is based on a disagreement with the appraisal analysis, the lender should provide a narrative explaining the items of disagreement and the reasons for believing the information provided in the report are incorrect. Disagreement(s) with items such as grid adjustments, or subject square footage measurement should be explained and any documentation available to support these disagreement(s) should also be provided. Hope this info helps and best of luck!

NBKC Bank is a part of the Designing Spaces Military Makeover show on Lifetime Network. Our first segment airs Friday 2/17 at 7:30AM Eastern Time and features yours truly! I had a chance to meet R. Lee Ermey of Full Metal Jacket fame who is the host of the show along with co-host Art Edmonds. The show helps makeover homes of military veterans, and we are proud to be a part of it. The next episode will be for a family in our hometown of Kansas City and will shoot this spring. Great experience and terrific way to help out military families and spread the word about the benefits of VA lending. Check it out!!

Thanks Marty! We all work very hard to give our customers great service, rates and closing experience. It is disappointing when the servicing side let's us down. Always helps to be aware of any issues so we can do our best to mitigate them in the future! Thanks again!

Thanks Marty! We all work very hard to give our customers great service, rates and closing experience. It is disappointing when the servicing side let's us down. Always helps to be aware of any issues so we can do our best to mitigate them in the future! Thanks again!

Thank you for letting me know this. I wil PM you to find out who your servicer is so I can let management know of the issues you are having. Fortunately servicing complaints are very few and far between with our borrowers, but important to address ASAP if there are issues. Thank you for your business!

Marty is right! Purchase Mortgage Pre Qualification season is in full swing! Rates after the holidays went down nicely -- near the levels we saw prior to the election. Note NBKC Bank lends in ALL 50 states. We can finance you anywhere you go! Let me know if I can be of any help!

NBKC Bank funds their own loans and closes them in their name. After closing, some of our loans are sold to a servicer and others we service in house. Note the terms of the loan can never be changed other than who the monthly payment is made payable. I have two loans originated through NBKC Bank. One we service and the other is serviced by Wells Fargo. I'm always here to answer any questions if my borrowers have questions post closing.

Marty is correct! If you start the claim process and we are able to verify your disability rating through filing the VA form 26-8937, your lender will not charge you the VA funding fee even if your Certificate of Eligibility has not caught up with your exempt status. Bottom line, it would be advisable to start the medical process as soon as possible and to work with a lender familiar with this process!

Hello! When are you hoping to buy and when is the earliest you could start the medical red tape? A lender is required to close your VA loan with the VA funding fee if your Certificate of Eligibility does not show you are exempt. Generally, if you have a pending disability claim at the time of closing, you typically are able to obtain a refund if the award comes in later. You would send your lender a copy of your ratings letter who in turn submits the refund request to VA. Your refund comes back to you either as cash if you paid the funding fee out of pocket at closing OR as a principal reduction if you financed it into your loan value. Let me know if you have any other questions. I have helped many borrowers in this exact situation!

You need the terms of the purchase to lock in a rate; address, purchase price, closing date, etc.. Unfortunately you cannot lock and then shop. I have been a mortgage loan officer for over 15 years and have ridden through many of these cycles. Hang tight! It tends to shake out ok in the end!

Thanks all!! I really appreciate your business and vote of confidence! I'm on standby for any future financing needs!

Are you looking to buy in the same area where you are currently AD? That makes life a lot easier. If you are buying a home that is not local to your AD employment, it makes things trickier. Have to establish your family will move into the home within 60 days of closing...If obtaining a VA loan, typically will have to qualify with double residual income (local to your home and local to your employment)....Explanation needed for underwriting to understand why you are buying a home with VA financing not in the area where you are working...Doable but makes things a little more complicated...Have helped borrowers close in this exact situation...Let me know if there is anything I can do to help! apaterson@nbkc.com

Hello! I am a mortgage loan officer and have helped quite a few members of this forum (Amy Stuhr Paterson with NBKC Bank). My husband is retired A/F and flies commercially. Almost all of my customers are pilots and I have helped many customers in your exact situation. I understand how pilots are paid as do my underwriters. Typically my pilot new hires fall in one of 2 categories; newly retired and starting with the airline (has the benefit of using retirement pay for income) OR signed on with a Guard unit (part time Guard wages available to augment skinny 1st year 1st officer pay). No income at all is going to be tough from a qualification stand point even with a sizeable down payment. PM me if you would like to discuss in more detail. I would be glad to help!