So the bank processor called yesterday, just as we were signing and going thru the all the documents and collecting the paystubs, tax info and bank statements that are required to send back. That was nice she did as she went over it all with us and I was able to say, yes, got that, got that, got that too. :)
Love it!
She said she would write me an email with a summary of all we went over on the phone and it would have her contact info too. We talked of our realtor and I gave her permission to give them whatever info they needed. She said she would give them a call too as a few questions she had I let her know they would know that information like for example the inspection we are having done. She had said the appraiser would want certain types of inspections done so I let her know we had already hired an inspector to do that and it was to be done on the 6th. So that was good we did do that. Save us time later.
On that note, with closing in June, we have plenty of time and although that is a good thing to not be rushed, we have to be careful about the locked in rate as that is only good for so long and then it would expire so we have to be mindful of that and something for you to be as well if you are buying a house.
After we signed all the documents and dated and gathered the extra forms and info needed, I scanned it all in. 60 pages! One thing was that a few pages were legal size and it didn't scan in well with the others but I didn't want to separate it and change my settings and the only parts cut off was the bar codes the bank had and well, I didn't worry about that part. I just wanted to keep a copy of the whole thing myself just in case. The documents were then put into the Fedex envelope the bank had provided and sent off via Fedex. The processor told us to be sure it went Fedex as they would never get it through regular mail. We have a lot of experience with Fedex so that wasn't a problem and we wrote the tracking numbers all down. So that was good. :)
The bank had sent on two Fedex envelopes and so one was for the packet and the other is was just in case I need to send more. I have a feeling that's for if you forgot to sign anything. I had to go over those 60 pages very close to find all the spots I had to sign and date. I went over them twice. Some pages were just instructions but they had explicit instructions to send back ALL the pages. So I did. Instructions and all.
I did talk to the realtor some more and he explained further about the appraisal. He told me the VA was wanting to loan us money for a house and place to live in, but they were not wanting to loan us money to make money. So when it comes to all that land we are looking at, if we had a lot of road frontage, then technically, we could have sectioned off some of the land and sold it, partitioned and then sold it and made some money off it. But as this property happens to be at the end of a road and our land is bordered by other people's property and there isn't a way we can section it off, he said it was more like pretty land. Land you only view and look at but not really land that would be worth a lot because you can't develop it for other people to live on. So he said it was probably going to come in as worth about $500 an acre which isn't much he said when in comparison to the house as the house has to be worth 80%.
So I get that, kinda. It's a bit crappy in a way as it would seem the VA is dictating what I could do with my land and what I could not. It's their money they are loaning us, but I am paying it back with MY money. Of course after I own it, they couldn't say a word, but still.
Nonetheless, I have no intentions of doing that anyway, I have plans for that land but it's not to have others live on it. Visit, yes, live no.
The realtor said that was why he wasn't really worried about the appraisal and that he feels it should all be fine. I am glad the land is situated the way that it is then so we won't have any issues there. One of those got lucky kind of things and also good to know about getting a VA loan when you are looking at buying a house with a lot of acres.
I did receive the email from the processor so I have all of her contact information and she is to call every few days and keep me updated as to the progress and with any updates. That is really nice so I can feel good about it all and not left in the dark. It will be good to have someone like that and so nice too, to help walk us back through this whole process again. The realtor has been so super helpful as well. I am very happy so far with how everything is working out.
Next up will be the inspection on the 6th. Keeping fingers crossed!
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