Financing in 95110>Question Details

Usarmy19k23, Other/Just Looking in 93003

Can my wife's German parents help us cosign for a home loan for a house???? And can being a disabled Army Vet help us out with the Financing???

Asked by Usarmy19k23, 93003 Thu Mar 4, 2010

I was born in Cailfornia, got out of the Army in 08 with a disability and rated in the VA. I married my wife in German who is german citizen. We have a 2 year old Boy who was born here in California. We now live in Ventura, CA and I'm a Police Officer. Wife does not work...... My question is, Can my wifes parents help cosign for us so we can get a larger home insead of a condo or townhome?? I know celebraties from other countries buy homes in the states all the time., ohcourse they have lots and lots of money..... just want to know if it's possible because I don't want to buy a condo. I want a HOUSE! nice backyard, fireplace, kitchen, you know what i mean guys!!! Please help!!! Someone!! EVERYONE!!!!!!!

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Army Guy

It's not about co-signing. Even in a co-sign situation the primary occupant has to qualify for 100% of the loan.

There is a Cal-Vet program. It allows for gift monies, higher purchase prices than regular VA and low interest rates. I have a great lender in San Jose if you need the hook up.

Rebekah Owen, MBA
Managing Broker
http://www.BenchmarkProperties.com
650-492-5958 214-257-0193
CA#00994952. TX#0555675
1 vote Thank Flag Link Wed Mar 10, 2010
Lots of good advice here, sir. Where your in-laws can help you, if they are able, is to give you a monetary gift for a down payment on your home. This may help you qualify for the loan if your debt-to-income ratios are an issue. I have had clients who parents helped by sending in gift money from Russia.

Good luck & thank you for your service, sir!
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
Web Reference: http://www.ezAZloan.com
1 vote Thank Flag Link Sun Mar 7, 2010
Mark DeWitt is on the right path and Rudy is right about using in-laws to help you, but, there is a program called Good Neighbor program. It allows Police Officers to buy houses at 50% of their cost. So, if you're income isn't high enough to buy a nice house, you may qualify for the 50% off program. The program will require you to live in a neighborhood that needs revitalization (it may be a little scary ok?). This program does not pay the Realtor's commission, so you may have to negotiate that with the Realtor or your loan officer (see if it can be financed into the loan). The homes you will be looking at require only $100 down (usually $1000 earnest money) and the seller (HUD) will pay up to 3% of your closing costs. You may also finance the repairs of the home. So, if you find a house in the revitalization area that costs $300,000, you can get it for $150,000. Check with your loan officer to see if this program is available in California.
1 vote Thank Flag Link Fri Mar 5, 2010
Usarmy 19k23

I would first like to also thank you for your service and sacrifice! If your wife's parents income and residence is still based in Germany, they can not be of any assistance to you. There's no way for a US lender to verify or collateralize their income or assets. But, as some of the other loan officers have stated, you may still be able to find financing to fit your needs. You need to call someone for a full consultation. I'm available if you like.
1 vote Thank Flag Link Fri Mar 5, 2010
First of all, thank you for your service. I am a vet myself and former police officer. I left law enforcement to become an attorney and am now a real estate broker. I purchased my first home with a VA loan and am about to buy my second with another VA loan. I do not know whether your in-laws could co-sign for you but I doubt you would need them with a VA loan. I recommend you contact Craig Petit at iFreedom Direct, which is a lender that specializes in VA loans. Craig is who I am using right now. His contact info is as follows:

Craig Petit
iFreedom Direct
Toll Free: 800-891-5785 Ext: 4623
Direct: 619-531-4623
Cell: 619-709-1693
Fax: 877-205-4459

Good luck.
Cappy
1 vote Thank Flag Link Thu Mar 4, 2010
You really need a good loan officer, and or a Certified Mortgage Planner to help you with your individual needs and concerns. Every borrower has a different situation and that's why you need individualized assistance. Seek out professionals in the area you want to purchase. Interview both Real Estate Agents and Lenders who have experience assisting Veterans!

*****
***
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Web Reference: http://www.soreal.biz
1 vote Thank Flag Link Thu Mar 4, 2010
As Dan suggested VA is probably the best option. Why do you need them to cosign, are your debt ratios going to be a problem? Being a Police Officer, you would also be eligible for our Neighborhood Champions program. Which is for Police, Fire Fighter, Teachers, Medical workers. You would need to provide additional information on income, estimated purchase price, down payment, and the community here could give you a better idea of what the best option would be.

Thanks,

Mark DeWitt
Bank of America Home Loans
San Diego, Ca.
858-212-7054
Mark.DeWitt@bankofamerica.com
1 vote Thank Flag Link Thu Mar 4, 2010
Getting a medical discharge means you have an honorable discharge. That means you can get V.A. financing with 0% down.

Below is a house price prediction site.
http://www.housingpredictor.com/california.html

Down in the Silicon Valley, San Jose neighborhoods won't due as well forecast to experience average housing deflation of 8.9% in 2010.

California has massive foreclosures to come through 2012. It could be a year or more to clear them all out once they arrive. That could be 2013.

Below is a heat map, a graphical way of looking at foreclosures for Jan. 2010.
http://www.foreclosurepulse.com/blogs/mainblog/archive/2010/…

Would it make more sense to rent for awhile? Below shows how to look at your numbers.
http://www.trulia.com/blog/dan_chase/2010/01/does_it_make_mo…
1 vote Thank Flag Link Thu Mar 4, 2010
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