Posted by Randy on October 11, 2003 at 09:35:11:
VA loans can NOT be 2nd or 3rd mortgages. The only way to accomplish this is to have one buyer and one co-buyer with lease agreements from the others. Or you could put it in a land trust (after purchase) with ?rent? payments going to the trust and mortgage and expenses paid by the trust.
Group of friends buying a house need financing - Posted by Scott
Posted by Scott on October 08, 2003 at 23:43:23:
Hey,
I am active military and have two other friends who are transferring to my base. We have two more friends who want to rent. We are looking at nice four to five bedroom properties in the $400,000 range. Three guys want to take out mortages on the house, no down payment. VA is an idea but can VA loans be a second and third mortgage? We basically need three $140,000 loans at 5% for 30 years. Our credit is good and we have literally an army of possible renters ready to move in in case someone needs to leave. We are permanently stationed here in Washington. Is this financially possible?
scott