Posted by Dave T on January 07, 1999 at 23:46:02:
Is the mortgage balance the sale price for the house? If so, then you can assume the seller’s mortgage and get the 100% financing you’re asking for. Just write a purchase offer for $1000 plus assumption of existing mortgage.
Contact your friendly realtor or the nearest VA regional office and ask for a list of mortgage companies approved for VA vendee financing.
Pick a mortgage company from that list and begin the loan application process. Of course you will have to pay traditional settlement costs and prepaid escrows and perhaps a nominal loan assumption fee.
If the VA approves your credit, you should be able to assume the loan. The seller will then request a release of liability so VA financing can be used for the next home purchase.