These loans are taken on a case by case basis and whether or not they pass the residual income test.
You would be much better off with the VA. It is a better product and you will, most likely, be better qualified for it. cg
Obtaining a VA home loan is almost always easier and more affordable than an FHA insured mortgage. VA home loans have more lenient underwriting guidelines, NO DOWN PAYMENT requirement, and NO MORTGAGE INSURANCE. Under most conditions, you'll just have to put $500 into escrow as an earnest money deposit, and sometimes $500 to your lender for a credit report and appraisal fee. Both of these can be refunded to you at the close of escrow! Then, simply start making your monthly payment 4 to 6 weeks after you move in!
A HUD home is a house that is being sold by the US department of Housing and Urban Development. You can purchase a HUD home using a VA home mortgage!
If you have any further questions, please contact me directly -
Bo Goulet, cdpe
Certified Distressed Property Expert
Shear Realty-Spring Valley Lake
12170 Spring Valley Pkwy.
Victorville, CA 92395
Mobile: (760) 713-6137
VA is hands down the best mortgage available right now so that's what I'd recommend. If you buy a HUD home you'll need an FHA mortgage and the credit requirements are pretty much the same for VA & FHA. The big difference besides the down payment requirements is the monthly mortgage insurance on an FHA mortgage will add $10.41 for every $10,000 you borrow. For example: an FHA loan of $200,000 will have monthly mortgage insurance of $208.33 so a VA loan of the same amount would save you over $200 per month.
Please feel free to contact me for more information or help. You can also find more info on my VA mortgage website by clicking the link below.
Senior Mortgage Banker
Sheryl Arndt, Broker â€“ Loan Officer
We used to have our own office HomePride Realty in Upland 6-7 years ago.
Give us a call to qualify you in just a few minutes of your time. You will need to gather together, one month paystubs, two month bank statements, last two year tax returns including all schedules, copies of your drivers license and social security cards. We can get you approved for VA No-No or half percent down purchase loan, whichever pencils out the best that you pick.
Sheryl Arndt, Broker