Why do i only qualify for conventional loan if working overseas? Single parent 3 kids?
I am a military contractor working in Iraq making decent money and also a single parent of 3. However I’mtrying to purchase a home while I still work overseas. I have had co workers go home and purchase there homes without putting the 30% down for a conventional loan. Why do I not qualify for my VA Loan even if I work overseas or any other loan than a conventional loan? And I have never owned any other properties I will be a first time buyer. Is there something different I’m missing?
Depending on how long you are going to be overseas your house will be considered as investment property. VA/FHA has to be owner occupied so unless you plan to return once the property is purchased those won't be options for you. Now with that said, that raises another issue. If you get qualified on your overseas income and you return stateside, you have to show that your income will not significantly change. Email me directly and I can point you in the right direction. Lafonya@gmail.com
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