Will this qualify as a VA loan? If not, what suggestions do you have for loan types?

Asked by tishamorgan, Oklahoma City, OK Mon May 6, 2013

Hi! My wife and I are wanting to purchase a home that our son can stay in while in college, thereby avoiding paying rent. When he graduates in 3 years either renting the house out or selling, getting our investment back. My question is this...will this loan qualify for my VA benefits, if not...are there other loan possibilities that do not require the 20% down?

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
John Phillips, , Oklahoma City, OK
Tue May 7, 2013
Good Morning Tisha morgan:

To answer your question there might be, I do have a lender that has actually done this same thing in the past for my clients:

Contact me and I will send the information to you
John Phillips
405 413 0791
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue May 7, 2013
One of the VA requirements is that you live there. If you are buying it as an investment, to be within the law, you need an investment type of loan that does require 20% down. You may be able to buy it with your son if he is occupying the property and avoid teh large down payment, seek a local and trusted loan officer to guide you.
0 votes
Josh Barnett, Agent, Chandler, OK
Tue May 7, 2013
Lowell's got it covered, "thumbs up." Can your son qualify for a loan and you gift him the down payment, this may be an option.
0 votes
Russell Bens…, Agent, Oklahoma City, OK
Mon May 6, 2013
With VA you will more than likely have to occupy the house and sign something stating you will occupy the house within 30 days. Not all loans need 20% down. Some 2nd purchase loans can be 10% down.

Buying a house is a good idea. 3 years ago I sold a house to a man for his Daughter going to OU and now I am selling it for him and he will more than likely make a nice profit so money well spent.

If you're looking in Norman, I might be able to help. I belong to both the Oklahoma City and Norman MLS, something not every agent does. I have sold many homes to folks in your position and it's worked out every time.

I wish you the best of luck. Feel free to contact me if I can be of further assistance. We all have great lenders so that is not an issue. With good credit and at least 10% down, you should be able to get some help, depending on the price, etc.

Thanks,

Russell Benson, REALTOR®
Prudential Alliance Realty
http://www.RealEstateOKC.com
office-755-9052 cell-641-4442
toll free fax-866-630-3189
Serving Oklahoman's since 1998
0 votes
Doug Burleson, , Oklahoma City, OK
Mon May 6, 2013
Call Tyler Grubbs with First Mortgage and he can review your options. His email is tgrubbs@firstmortgageco.com. His office number is Office: (405) 509-6938.
0 votes
Wells Bridge…, Agent, OKC, OK
Mon May 6, 2013
Hi Tisha
I don't believe you can use your VA unless you will be living in the house.
I work with some great lenders if you'd like their contact information. Please feel free to give me a call or email and I'll get you that information.

Bridgett Wells
Keller Williams Realty Elite
651-9320
Bridgettwells@kw.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more