I just had one of these ! They accepted road plowing invoices of maintance proof !

I don't think its VA, its lenders and underwriters interpretation of rules and low tolerance for risk anymore.

I don't normally deal with VA financing.  Only see Conventional, Cash, FHA.

Private roads can cause complications with any kind of mortgage financing.

I think private road agreements might be a tough issue for most methods of financing....

I wonder if they realize how much they harm the veterans by being over zealous in their regulations.

Hi Dusty...Unfortunately with all the regulations and now TRID the average time for a VA deal is 55 days. According the to MBA (Mortgage Bankers Association) the birth of Dodd-Frank,CFPB and TRID have added time and money to closing costs.

I have closed three properties in the last three months with VA financing, and had no troubles.

I am not aware of this...

Dusty Rhoton, SFR, SRS, CDPE, RSPS - VA loans need extra time and perhaps extra paperwork - obviously, takes longer to close. 

I haven't experienced that at all. Those problems you are encountering may be the underwriter that is overcompensating and scared to make a decision.

That sounds like an underwriting issues not a VA issue.  The VA doesn't loan money, the bank makes a loan and the VA just guarantees it.  And I had to get that kind of agreement signed years ago.  Got the agreement on Thurday, had it recorded the following Wednesday morning with every owners signature and every lenders giving owners who had loans permission to sign said agreement and we closed on Wednesday afternoon.

Hope not, I just wrote a VA deal 2 hours ago.

VA financing is pretty easy if the home doesn't have any issues.

I agree with Scott Lawson about VA loans being easy on the borrower, but harder on the property. They are very popular in our area. They sure make it easy to buy a $400,000 house with zero skin in the game. Investor over lays may be an issue in some markets.

I always say: "VA loans are easy on the borrower, but harder on the property." The private road maintenance agreement will come up on any loan involving non-city maintained streets. It should be one of the items you look out for before a lender gets anywhere near your deal. So let's not blame VA for that.

The biggest problem you will run into is the VA loan landing on a loan officer's desk that hasn't done VA before, which is more common than you may think. An experienced LO will run the agents and the borrower through what to expect beforehand so there should be no surprises. A green LO will drop the ball over and over again--simple as that.

Don't hate the  product. Our vets have earned this benefit. Please don't blacklist it because you  may have had a bad experience with a loan officer that doesn't understand VA...

That said, I can't find anything written requiring an update RMA. "The effective term of the agreement or covenant which in most cases should be perpetual and binding on any future owners."

This could be a lender -specific issue or you can have a look at the document and see if there's some sort of expiration on it. When one is not in place, it can be a deal killer for sure.

I've had one like this and one of the owners refused to sigh the agreement.  I'm not sure if this is related to the VA or to the specific lender.

VA has always been a pain

Sounds excessive. You should give your LO a pat on the back for trying to get it done.

Who decided that it needed to be updated? Where's the rule?

Any type of financing has its challenges that is why you want to choose the lender wisely.  Sounds like your lender is willing to jump over the hurdles to close this transaction Dusty Rhoton, SFR, SRS, CDPE, RSPS Good luck.

That is bizarre!

Hadn't had a problem so far.

I don't know if VA is getting harder, but I think it's ridiculouse to require an updated version, especially if there hasn't been any updates. What if some of the owners on the road are on vacation, or refuse to sign? I wouldn't use that lender again.

I had 2 VA loans last year without any problem. I think the issue here may be the private road maintenance agreement, tough in an lending situation potentially, with the underwriter

Am in the middle of one right now and it's as smooth as silk. Of course, the lender/loan officer is top notch and the process is always this easy with him.  Of course, we are not dealing with any private road agreement, so it's apples to oranges.  

My husband and I used VA for our own home purchase a few years ago and other than having to provide a copy of the private road maintenance agreement, which we already anticipated due to my experience in the past, it went very smoothly.  

That's good service on the part of your lender, though, driving out with a mobile notary - hope everyone is home. 

It has always been difficult but I just closed one yesterday and could not believe all the hoops we had to jump through in order to get it closed.

Do not even consider FHA or VA loan buyers. Cash or high down payment only. Most homes do not come close to appraisal. Must pad the difference on downpayment.

Dusty,

Our graphic designer is using a VA loan and is going through a barrage of hassles.  A

Not sure -- the last and only VA transaction I have represented was in 2012.  

I am working with a client who wants to use his VA loan to buy a 2-4 unit building and live in one unit and have his mother live in one unit and rent out the others. I or we were told conflicting stories . One was he needed to show proof of 6 month of management experience before he could be eligible and the other said he could qualify with no problem. My client has a Purple Heart , was a sgt in the marines , and took care of his men. I say that's 6 months management experience . 

Don't think so...

I've had no issues at all with any of the VA financings I've done in the past year or two.