Richardcvn, Home Buyer in Las Vegas, NV

My husband and I are 64 & 68 yrs. of age. Can we use his VA to get bank owned home?Credit Fair to good.

Asked by Richardcvn, Las Vegas, NV Fri May 29, 2009

We have not had home loan for over 15 yrs. Are we considered 1st time buyers?

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Yes, you can certainly purchase bank owned properties with a VA loan. Not all properties are VA approved, but there are enough inventory where you will still have a good amount of homes to choose from. I have worked with clients with VA loans. Specific requirements to get the loan process going would have to be done by a qualified loan officer. I have free referrals for experience loan officers with Wells Fargo who can you do the intital qualification process and supply you with a preapproval letter. Preapproval is the first step before moving on to looking for a home so you won't waste your time looking at homes or going to open houses. When looking at properties, I would show the properties that are mostly likely to be VA approved and would have minimal VA appraisal conditions (which sometimes can delay the closing of escrow). And you are considered a first time homebuyer if you have not owned or purchased a home within the last 3 years or if you are buying a home for the first time in your life. I would love to be assist you in this important but complex process of buying bank owned properties. With the VA loan, you have zero down payment, but of course if you choose to, you can. Please do give me a call if you have further questions or if I can help you in any way. 702-672-6313
0 votes Thank Flag Link Sun May 31, 2009
Yes you can use the VA benefit. But the lender would need a ton more info such as: Do you have enough income? Do you own a house right now? How much debt? Any lates recently? Did you use the VA beneefit before? Did you repay it? Is it reinstated? We need a lot more info but assuming the right answers to all those questions, then you can buy VA.

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0 votes Thank Flag Link Fri May 29, 2009
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