Unfortunately, if you are not a cash buyer, you have to be prequalified for a loan. There are lenders out there which might be able to loan you the amount but it will be according to their terms which most likely than not require higher down payment. A higher interest rate is also to be anticipated.
The most important is that your lender is a local, reputable lender that when your offer is presented, the listing agent will be comfortable and will be able to educate the seller when your offer is given to them. Your agent(if you dont have an agent to represent you, you should and one who knows how to write the offer for you correctly for Va), will present your offer and explain to the agent and seller you are going Va and have a pre-approval letter from local lender on hand. If written properly and presented properly and the seller's bottom line is agreeable to them, then their should be no problems as long as inspections and appraisals go accordingly.
If you need a trusted agent who has been around for 20 years locally in Northwest Indiana, please let me know and I will guide you all the way.
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Most lenders want 2 years of the same type of employment history with no lag in time between jobs. You may be able to get away with non-traditional tradelines if you have other payments you have made on time for a 2 year period (car insurance, cable, phone bills, rent).
Ask your friends or family for a referral to a trusted loan officer. Let them do a pre-approval and see what obsticles there are to overcome. At least you will know what you need to do to get where you want to be.
Good Luck! I love working with first-time homebuyers because it is exciting to see people live the american dream.
I suggest that you have your agent explain the situation to their manager and have the manager call the other listing agent or the listing agent's manager to figure out what is going on. This is not unusual when dealing with REOs. Hope this helps.... more
I will check with my office and see what is available--there might be a 'pocket listing" that might be available. Feel free to call if you wish.
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If the home is being offered for sale, a cash offer will help the process go faster, because there is no waiting for the financing to go through as long as buyer and seller are in agreement. You would still want to consider having the home inspected and also the title company will run a title search to make sure there are no liens or judgments on the property. You will also want to consider having the home insured. With that it could take about 2 - 3 weeks to close on the home considering everything goes smooth.... more
I would suggest that you view the home during the day AND at night before making your final decision. If you feel that the home is the perfec one for you, you should do everything possible to view the home, before making a decision, both during the day and at night. Good luck! I hope everything works out for you.... more