Does anyone have experience in the home loan through FHA iberiabank?

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Husband and I have a request from VA home loan at the beginning of April. We have received verbal pre-approval and was told to find a home. We found one, I ask and they said, no news is good news, and it takes about a month to close. Well … we expected, there was no news. Then there is the end of April (almost a month), they told us was not sufficient residual income based on the VA guidelines. Now we try to FHA. We were told that the estimate of the LO have waited over a week. Today, it has been said that the assessment should be here today and surrendered to the insurer in the process. We had already obtained an extension sellers. Does anyone have experience with mortgage Iberiabank?
My parents are veterans and they are currently getting a house. They went for a real estate company that represented the old generation (you’ll see how it plays later, I’m not ageist …) Anyway, we’ve seen with this agent, and we got one the beautiful house. We loved it and wanted to offer a home was part of the bidding process because the others were a bit of it. Since my parents are veterans, they have sought and obtained the VA to approve a loan (which includes a 100% mortgage, instead of things like the FHA, which requires less than 3%). So we do not put anything behind the house. We talked to the agent, and he said it was ridiculous was the best percentage by 3% FHA. 0% is unheard of. This agent is incorrect, the VA loan at 0%, the agent thought it was a scam, no doubt. VA One representative said that this could happen because the older generation, it was not too common then. But we loved the house went under contract, we lost. This agent has made us lose the house (we have tried to do, but the officer stopped us and my mother was forced to put 10% down and then tried to pressure my father. My father said that we are already in the bank). I was so angry when I heard that, because it’s his fault! We lost the house we liked, because the officer said: “It’s hard to imagine, if you put something.” “There is no such thing as 0% down.” “You have to write here, and to less than 3% [which is $ 13,000 from his pocket].” These are the FHA guidelines The question I would ask is:. My parents can change everything for another place to go, and agents and to obtain more reliable officer, agent, or do they stay? (Staying with an agent, we saw the opportunity to provide more homes with the agent. If we change agent, we lose the opportunity to attend one of the houses and assisted in starting from scratch.) thank you for your opinion.

9 Comments
  1. Reply
    GVD
    February 3, 2011 at 1:52 am

    Your not giving enough information for anyone to help you. What was the reason you didn’t qualify for VA? If you didn’t have the income for VA, you won’t for FHA either since FHA monthly payments are more than VA because of the mortgage insurance. You should have someone else look at your situation and see what is going on, it sounds like they don’t know what they are doing!

  2. Reply
    Chicago
    February 3, 2011 at 2:10 am

    I’ve never heard of a verbal preapproval. Doesn’t sound very professional to me. Many people wont even accept an offer without a written preapproval. Check out loanhomeonline.com. You can shop diff rates and programs with actual banks you’ve heard of like bank of america, wells fargo, cahse, citi, etc not iberai bank or siberia bank or wahtever that crazy bank you used wa.

  3. Reply
    Freddy
    February 3, 2011 at 2:15 am

    It is non of the agent’s business as to what kind of funding you have. You have a signed pre-approval letter from the VA indicating the terms, do you not? I am presuming you do. It is not the agent’s responsibility to question your approval or doubt your terms. They should not be pressuring anyone to put anything down if the loan terms do not require this. That is not the agent’s job.

    Lodge a complaint with the realtor’s firm, preferably face to face. Find a new realtor ASAP. Your current realtor acted irresponsibly and was out of line. This person cannot be trusted to represent your best interests.

    Stories like this are why the bar for becoming an agent should be much, much higher. Any moron can pass the test and you were dealing with a moron.

    • Reply
      Manny
      May 26, 2011 at 1:21 am

      Well said! Thank you.

  4. Reply
    Debdeb
    February 3, 2011 at 2:21 am

    I’m an “older generation” person myself, and it’s absurd to think that any real estate agent of any age doesn’t know that VA loans require no downpayment. A lot of sellers don’t like them because there’s a bigger onus on them to deal with problems and maybe pick up some fees they wouldn’t have otherwise. Plus a conventional loan with a 20% downpayment indicates a buyer with some savings and that suggests he’s likely to close. VA loans were instituted to help veterans of WWII to buy houses, back in the late 1940s. I can’t imagine why the VA rep would say they weren’t common “back then”. The whole thing is ridiculous and you need an agent who has a brain.

    As for other properties he showed you…do you have a buyer’s agency contract with this guy? If not, you have no obligation to him. The houses are listed by many different agents, not just your agent. If he only showed you houses he listed, he still doesn’t have an exclusive right to show. Any agent who is a member of the local real estate board can show every house in the multi list.

    Go to the broker and say you want an agent who understands what a VA loan is. The agent might get some grief over this, but he needs a wake up call. I don’t know what you mean by older generation (I’m almost 60), but if he’s too old to do his job he needs to retire. The agents I worked with 20 years ago when I first got my license were all older, most in their 60s and some in their 70s, and to a one, they knew what they were doing, and certainly knew what a VA loan was.

  5. Reply
    realtorhutton
    February 3, 2011 at 2:29 am

    Get another agent from another Real Estate company. Ask first if they know about a VA loan, and if yes, you are on your way.

  6. Reply
    Andy
    February 3, 2011 at 3:04 am

    Real estate exams tend to have quite a few finance-related questions. Since the VA loan process tends to be quite different than conventional or FHA financing, I remember memorizing all kinds of facts about VA loans to be sure I passed my broker’s exam. An agent who doesn’t know what a VA loan is should not be practicing real estate; this is VERY basic stuff.

    Your parents should find an agent who knows the ins and outs of VA financing, and who isn’t clearly an idiot. If he can’t be bothered to go and look up what a VA loan is, what other shortcuts is he likely to be taking?

  7. Reply
    philospher77
    February 3, 2011 at 3:22 am

    I have to ask… were you there when all this happened, or just hearing it from your parents? I’m wondering if he actually said “there’s no such thing as a 0% down” loan, or if he was just pointing out that that would not be a very competitive bid in a multiple-bid situation and trying to get your parents to make one that had a better chance of being accepted. Which is something your parents do need to know. If he had presented the offer, there is a very good chance it would have been rejected in favor of one with a down payment.

    At the end of the day, you are always free to change agents, especially if you haven’t signed any sort of binding contract with this one. The situation with houses that the agent has shown you is slightly sticky, since the first agent may have a legitimate claim if you put in a bid on a house that they have shown you with a different agent. If this guy works in an agency with other agents, you may be able to get transferred to a new one in the agency and that may not be an issue. Or, you can always use this agent to bid on the houses that you have seen with him, and use a new one for looking at other houses.

  8. Reply
    Manny
    May 26, 2011 at 1:22 am

    Well said.

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