Just a little clarification on the purchase agreement I mentioned. Twelve months ago, when we were back in San Antonio, we went under contract with a builder, but they took a long time to get anything started, and we had family issues which caused us to come up to Portland and decide to buy here.
BUT, we never did any sort of cancellation of the PA as you all are mentioning - we figured we had just lost the earnest money and it would lapse on its own (we included this in a very emotional evaluation of our best options at the time).
So I wonder if we can pick it back up, or if it would look shady to the VA since these odd circumstances have led us to possibly unintentionally having a rental property from a VA loan. We really don't want to have a loan called or anything.
VA loans are assumable by another qualified Veteran.and if you bought 6 months ago your interest rate is better than the going market rate. You should have no problem finding a Veteran to reside in that area considering PVAMC is right there.
I would be able to direct you to a qualified VA lender in TX if needed just drop me a line. My contact info is available on my profile.
Where the purchase agreement goes not sure I follow... Was this a lease to own? If so it would depend on the terms of the contract.
BUYING A HOME (The process start with the Banker not the Realtor)
Start the process right 1st by talking to a Licensed Mortgage Professional to determine who much home you can afford and whether you are credit wordy and is there an ability to repay the loan.
The Mortgage Professional will give you a conditional approval letter to take to the realtor.
Once the realtor has found your home you should get it inspected to determine if it’s structurally safe (have the realtor recommend one locally) and be sure to ask your realtor to negotiate a home warranty paid by the seller.
Now is the time to determine and negotiate you rate and terms with the Loan Officer who is responsible to order an appraisal that you will be responsible to pay for prior to the arrival of the appraiser.
You’re Mortgage Professional / Loan Officer will be responsible to guide you the rest of the process and should not take more than 30 days.
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