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(English) 5 Things You Probably Don’t Know About VA Loans

(English) 5 Things You Probably Don’t Know About VA Loans

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24 comentarios
  1. Andy Rose
    Andy Rose Dice:

    The first half of #4 is completely wrong. First you have to be an owner-occupant since with a VA loan you have to live in the home being purchased. Now if after living in the home and you later move you CAN rent out the home, unless restricted by covenants.
    And to clarify the 2nd part, with a multiplex home, you have to reside in one of the units.
    Other than that its a great post and good information!
    Let’s help Veterans and give them correct information.

  2. johnhester
    johnhester Dice:

    Thanks for the information. Hard money loan is a specific type of asset based loan.This loan is typically issued by private investors.People can get this loan with their bad credit score. It takes 2 or 3 weeks only.People can also get hard money loan from lending universe inc Here they will get some benefits. Like they have more than 10000+ verified hard money lenders and all of them are charged cheap interest rate with some easy conditions.

  3. Vianne Ritter
    Vianne Ritter Dice:

    My ex husband and I purchased a home with a VA loan while he was active duty. We then got orders to move and decided to rent out the home. We eventually separated and he was caretaker of the house. But he let it go into foreclosure. So I got involved and retained the original realtor that sold us the home to put it on a short sale. It was sold. My problem now is that that mortgage is showing up on my credit report in default. I don’t know what to do to get it off since I was under the impression I was out from under it. Any ideas?

    • Russ
      Russ Dice:

      I had a home that I bought with VA and got divorced. I kept the house but took on all the debt so when I fell behind on the mortgage for 3 months I was facing foreclosure so I had to sell as a short sale. I sold the home but the mortgage company still put on my credit that it was a foreclosure but I got it taken off by disputing it with all of the credit reporting agencies

  4. Irideon Andon
    Irideon Andon Dice:

    Last year, I used a VA loan to purchase three separate cottages with separate addresses. They were on the same parcel though. I rented the front two out to totally cover the mortgage for all three which includes taxes and insurance. My official address is in the third house. You can buy up to a four unit property using a VA loan and I plan to use another VA loan when it comes time to buy my next investment property. I only found one realtor that was aware you can do that. One of them was a fixer upper at the time I made the offer but through negotiations and some repairs being included in the loan it was ready to go at closing.

  5. Russ
    Russ Dice:

    Back in 1996 when I first got out of the military it was so hard to use my VA benefits to buy a home. Back then they told me I had to do the same job in the civilian world as I did in the military so I wasn’t able to use my benefits for years until they revised the standards. Back then you couldn’t buy a condo or a trailer with VA and a rental property was seen as a commercial investment which required a large amount of money down.

    I’m glad they have made the system better since then and a lot easier

  6. Derek Dewitt
    Derek Dewitt Dice:

    My wife has been researching if her father qualifies for VA loans but isn’t sure where to start. I had no idea that VA loans were only used for rentals and can’t be used for property purchases. We will have to find a place that will approve VA tenants like you mentioned. Thanks for sharing!

  7. Eli Richardson
    Eli Richardson Dice:

    I’m glad you talked about how most military veterans aren’t aware of the benefits of loan programs specially made for them. My best friend’s dad was in the military force, and the other day my friend mentioned they’re dealing with money issues and don’t know what to do. That’s why I believe they don’t know about the benefits of a VA home loan, so I’ll be sure to tell them. I really appreciate you helping me learn about VA home loans.


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