Financing in Hoboken>Question Details

bcperry2, Home Buyer in Jersey City, NJ

I'm looking to use a VA loan for my first place. Looking in Jersey city. my range is 250-325.

Asked by bcperry2, Jersey City, NJ Thu Apr 4, 2013

Concerns:
Rentability
proximity to path
More into using as an investment property later on.
Thanks!

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Answers

8
BEST ANSWER
There are several different options for both condo's and 2 family homes. The two family homes may need some work at that price point (cosmetic/updates), but great income potential. Let me know if you want to see what listings are currently available. Email me trisha.kennedy@cbmoves.com if you would like to work with me and I can send you everything available on within your budget.
0 votes Thank Flag Link Fri Apr 5, 2013
VA Loan 100 % financing;have to be 12 mo out though.Cannot rent it though;it has to be your primary residence.
If you already have a primary residence and are looking for a 2nd vA loan like a house at the beach you can do it as long as you make it your primary;your 1st loan would then become secondary.
VA borrower could be overseas or station somewhere other than where Primary Residence will be located and this is ok as long as family lives there.
No Monthly MI
Credit score 620

need DD214 form,can apply online for a Certificate of Eligibility (COE):
https://www.ebenefits.va.gov/ebenefits-portal/ebenefits.portal

More info and ways to obtain C O E HERE:
http://www.benefits.va.gov/HOMELOANS/purchasecocertificate.asp

If vet is disabled 100% or 70% disabled and 30% UI THEN property taxes waived..
VA spouse can be on loan to qualify
Surving spouse can now purchase a home thru their deceased spouse COE
VA Borrowers can buy Condo located in VA approved Condo (PUD approval is no longer needed).
http://vip.vba.va.gov/portal.VBAH/VBAHome/condopudsearch
Flexible Qualifying Ratios:Keep an eye on child care expenses and residual income for this
The only way you can rent later isif you 1st move into it as your primary and then get a 2nd VA Loan to move out and get a 2nd VA Loan to buy a new place as your new primary.
0 votes Thank Flag Link Wed Apr 10, 2013
Call me I can give you a list of all the VA approved condo's in the area. I can also get you the best financing package for you. :)


Best Regards,


Jose Martinez
201-406-6983
0 votes Thank Flag Link Wed Apr 10, 2013
Is this your 1st VA Loan?

If so you are going to live their as your primary residence and then in the future ,IF U

get a second VA Loan then it would be possible to rent out the property then because it would

become your secondary.

did U go on the sites that I sent you?
Are you prequalified?
0 votes Thank Flag Link Mon Apr 8, 2013
Thank everyone. Trisha, I'm looking at a condo or two family. I've been leaning towards a condo in my search.

Helpful info Denise. It's my understanding that you can rent a va mortgage once you've lived there for a period of time.
0 votes Thank Flag Link Fri Apr 5, 2013
Hi,

There are several properties in Jersey City at your price point. Are you looking for a Condo, Single Family home, or a 2 Family home? Additionally, I have a few different mortgage lending VA experts that I can refer you to speak with regarding the VA loan process. I can help you with your search in finding your dream home (with great investment potential for future). Email me at trisha.kennedy@cbmoves.com or call 201-755-1803.
0 votes Thank Flag Link Fri Apr 5, 2013
Hi In Hobeken,

VA Loan 100 % financing;have to be 12 mo out though.Cannot rent it though;it has to be your primary residence.
If you already have a primary residence and are looking for a 2nd vA loan like a house at the beach you can do it as long as you make it your primary;your 1st loan would then become secondary.
VA borrower could be overseas or station somewhere other than where Primary Residence will be located and this is ok as long as family lives there.
No Monthly MI
Credit score 620

need DD214 form,can apply online for a Certificate of Eligibility (COE):
https://www.ebenefits.va.gov/ebenefits-portal/ebenefits.portal

More info and ways to obtain C O E HERE:
http://www.benefits.va.gov/HOMELOANS/purchasecocertificate.asp

If vet is disabled 100% or 70% disabled and 30% UI THEN property taxes waived..
VA spouse can be on loan to qualify
Surving spouse can now purchase a home thru their deceased spouse COE
VA Borrowers can buy Condo located in VA approved Condo (PUD approval is no longer needed).
http://vip.vba.va.gov/portal.VBAH/VBAHome/condopudsearch
Flexible Qualifying Ratios:Keep an eye on child care expenses and residual income for this.
I am in South Jersey but I could refer you to an agent in North Jersey id U want;let me know. I hope this info helps you out;please let me know.
Regards,
Denise Quinnette
0 votes Thank Flag Link Thu Apr 4, 2013
Good evening BC!

CONGRATULATIONS on looking to purchase your first property! I would have you speak with one of my expert Mortgage Lenders to answer any questions about the viability regarding renting a property acquired using a VA loan. I believe there are specific criteria, however, that is why I would want you to speak to one of my expert Mortgage Lenders.

However, as you stated about, "more into using as an investment property later on...." I would be happy to help guide you through your initial venture in home buying.

Please give me a call at 973.868.4034 or e-mail me at EmlVeltre@aol.com to set up a time to discuss.

Have a good evening!

Best regards,
Emil

Emil Veltre, RPh, MS, CDPE
Realtor Associate
Liberty Realty

Mobile: 973.868.4034
Email: emilveltre@aol.com
Website: http://www.EmilVeltre.com
0 votes Thank Flag Link Thu Apr 4, 2013
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