Buying V.A at FMV and still making a profit? - Posted by Dan kelley

Posted by Dan kelley on October 23, 2000 at 07:03:22:

$1000 down 8% int 30yrs for all buyers.Yes non owner occupied same terms.Investers around here are buying these up fast because of the terms.

Buying V.A at FMV and still making a profit? - Posted by Dan kelley

Posted by Dan kelley on October 21, 2000 at 21:36:14:

Anybody have experience with V.A sales?Seems like a good way to buy some houses.Example in my area 2/2/1 for $50,000-FMV- needs no work,$1000 down $360 a month for 30 yrs.Game plain -lease option for $2500 down-$595 fair market rent and $67,500 option price.What do you think?

Re: Buying V.A at FMV and still making a profit? - Posted by Dave T

Posted by Dave T on October 22, 2000 at 21:46:29:

In the Washington DC/Baltimore MD markets, VA often offers 100% investor financing on VA foreclosure property.

Re: Buying V.A at FMV and still making a profit? - Posted by dewCO

Posted by dewCO on October 22, 2000 at 20:55:23:

A new loan for $1000 down??? Don’t think so for a non owner occupied. You’re committing loan fraud if you the lender asks and you lie about occupancy status.

The option price sounds high.

Re: Buying V.A at FMV and still making a profit? - Posted by Mark (SDCA)

Posted by Mark (SDCA) on October 23, 2000 at 13:14:58:

He is absolutely right. VA has gone nuts. They are now offering 95% LTV financing in my area, at owner occupied rates, no PMI. THe problem is that investors are bidding these up to as much as 15% over FMV. If you can get it for FMV, there is no beating the financing. And yes, you CAN make money. Just make sure it cash flows NOW.

Mark