VA loans are a wonderful benefit to Veterans. However, working with the VA isn’t necessarily a wonderful experience.
Last Friday we found out that hubby’s VA entitlement has not been restored from a home we sold back in 1995.
For those not familiar with VA entitlement, this is money a veteran is entitled to receive toward the purchase of a home. The VA guarantees they will pay the lender a specific amount of money, should the veteran default on their home loan. While the VA has stricter requirements, Lenders really like the VA loans and Veterans like the benefit as well. In most cases, it requires no down-payment on a home and in our case, this was a great benefit. Since we had money out-of-pocket for the sale of our Illinois home, we didn’t have nearly enough for a down-payment on a home here in Texas. The VA loan allowed us to purchase a home now vs. waiting months and months while we saved money toward a down-payment.
The Lender began work on trying to get the entitlement restored and hubby began working on it as well, by sending an email to the VA.
On Monday, he made a phone call to the VA and they informed him there was another form that he needed to complete. The form he completed provided him some of the documentation he needed for a VA loan, but the second form has a specific box to check stating we no longer own the home. Seems the VA could create one form to take care of everything, but they are part of the U.S. government and why make something easy when you can make it more complicated.
The gentleman at the VA told hubby to complete the form, check the box and fax it to him. They couldn’t expedite anything for us, but guaranteed his entitlement would be restored by the 23rd. So that is what hubby did immediately after ending the call.
Fast forward to this morning.
Hubby received a phone call from a woman at the VA who was responding to the email he sent them Friday evening. According to her, we needed to fax over our HUD-1 or a disclosure from the bank stating we sold the property. While I certainly understood their request for documentation, they were requesting documents from 21 years ago and although it’s possible I still have the paperwork, it is most certainly in storage and very likely buried under boxes and behind furniture. This wasn’t a request that made me happy and I found myself wondering why the lender didn’t provide the VA with documentation the when the house sold 21 years ago. Then again, I suppose it’s possible they did and the VA didn’t do anything about it. Regardless, we were now in the position of digging up old documents to prove we didn’t own the house.
As hubby began making phone calls to try and track down documentation, I emailed the lender providing them information regarding the morning phone call from the VA. A short time later, the lender called telling me she was completely confused. It seems that not everyone at the VA is on the same page since the lender was able to get into the VA portal and it now listed our entitlement as restored. Things that make you go, huh!
Our loan has been approved, the lender has all their paperwork in place, except for one little thing. The appraisal!
The appraisal is a pretty major piece and we knew from the beginning that it would be the difference between closing on the 26th or moving closing out 1-2 weeks. Still, knowing the VA Entitlement issue is resolved has allowed me to breathe a huge sigh of relief and I can easily deal with a delay in closing. After all, there is a very bright light at the end of the tunnel.
While we wait for closing, we are shopping. Not buying anything, as purchases have to wait until after we close on the house, but we will definitely need to make some purchases. Too many to do all at once, but the first big expense will be flooring.
The living room flooring is in need of replacement.
It’s laminate flooring that appears to have gotten wet. Not surprising since there is a pool.
Laminate and water don’t mix, so we’ll be replacing that before we move in. Hubby wants a wood floor. I want ceramic or something similar, which would be much more water resistant.
In addition to new flooring and the other planned purchases, we will need to do some painting.
We’ll be painting the dark blue theater room and brightening it up.
This space will primarily become space for the girls games, toys and homeschool supplies. We’ll also set it up with a sleeper sofa so out-of-town guests will have a place to sleep when they come to visit.
The master bedroom currently has light blue walls and ceiling. I much prefer earth tone walls with white ceilings.
I’m also not a fan of what has been done with the master bath cabinets. It’s strictly a difference in design choice and can be easily changed with some paint. Just not exactly sure what I want to do.
I told the girls they can choose paint colors for their rooms and since Lili is a HUGE Harry Potter fan, she wants to decorate her room with Gryffindor colors (dark red and gold).
I’m not sure what Naomi will come up with and I may regret telling her she can choose her paint color.
I plan to take before, during and after pictures to document our new home and the changes we make along the way. Of course a money tree to help us pay for all the changes would be really helpful.
As we plan our excitement grows. Hubby’s excitement about moving into the new house grew substantially this morning and he crawled along in traffic. It was a two-hour commute for him this morning (an accident during rush hour will cause some serious traffic problems around here).
The move here has been quite the adventure (mostly good), and we’re all ready to finally get settled in our permanent home.