OfflineOk I have a VA Loan for 36,000 for a home and I'm trying to get into the REI but I don't know the first thing to do with the loan. I looked at my first home today to try to invest in. I think it can be a great start for me. The house is 89,750 it a 2bed and 1bath it's in a nice area. I really want to lock this house up and make it my first deal. What do anyone think I can do to get the house.
SuperKen
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"Da Only One who can beat Me is Me"
When you state you have a VA loan for $36K do yo mean you applied with a lender and were pre-approved for that amount? The dollar amount listed on your certificate of eligibility may be $36K but that amount is not a loan. The VA does not loan money. The amount you may borrow is insured by the VA. You can apply with any lender to determine your purchase qualification. VA requires owner occupancy. To invest look for multi-units 1-4.
$89750 no money down, but you must pay VA funding fee based on your military status, it can be financed, and you must request the seller pay cost that VA does not allow financed. PM me for details on how to get approved.
I am going to assume there is a Foreclosed VA Loan which has a balance of $36K. IF this is the case. VA Loans are assumable and you can negotiate with the VA to lower the interest payment, which reduce payments.
Hopefully there is some equity in the property where you can turn around and sell it to an investor or retail buyer. Just make sure there is equity in the property or conduct a short sales.
Good Luck!
"You only fail when you give up. Never fail to give up"
No it not a foreclosed Va Loan it a certificate of eligibility for 36k I really don't know what to do I really do want this house. Do anyone think I can get it with no money down. If so want can I do to get it?
Thank for the help!
"Da Only One who can beat Me is Me"
Go to a lender who handles VA loans. Dept. of Veteran Affairs only insures the Lender giving the loan if in the event you default on the loan. Take your certificate of eligibility, W-2s (2 years), Bank Statements (2 months) and Pay Stubs (2 months) with you when you go to the Lender and also check book to pay the application fee. You can roll the VA origination fee into the loan, I believe you still have to pay your closing costs. I haven't use my VA loan, so you'll have to find out of the information when you visit with whatever Lender whom you plan on using to finance the home. Find out first how much you will be pre-approved for, than go shop. The house has to pass VA standards before they will insure the loan. Oh this property must be your primary residence as well. Stay in it for 2 years to get the tax benefits than sell it to reuse your VA loan benefits again or refinance to pull the equity and go on and buy other investment properties. God Bless in your REI.
Thank for the help!
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