Tuesday 14th of March 2017 08:50:37 AM
For the most part the process went as well as could be expected. VA requires some information, which at the time, seems to be unnecessary, but we worked through these. As with any loan process, there were a few speed bumps, but the people at Low VA Rates worked hard to smooth the process. There is one requirement that VA requires that was never mentioned to me during the entire process. That was the fact that VA requires a third-party be named on the contract in the event we fail in our obligation to meet our payments, this third party can be made to meet the financial responsibilities. We were told that this was required by VA and if we chose not to name a third party, VA would not approve the loan. This was told us at closing. Needless to say, we were very unhappy, but we had no choice if we wanted to finalize the contract. Low VA Rates had a legal and an ethical obligation to inform us of this requirement during the process. Especially since they are supposed to be experts in VA loans.