You have to get a new mortgage to free up his VA. If the house is valued at 104 you should be able to get 80% loan on appraised value. That willave you 5K short plus some closing cost. A lot of times if the Appraisor knows the sales price they will bump a grand ortwo in order to make the deal work for the lender. If you are still short a small amount ask if he will take a 90 day note to pay the rest. You can get a personal loan to pay him the balance. I think if you can get the house at 85% of value that is a great deal so you should move on that. Inspect the house good to be sure of no surprises.
Posted by La Ralpheal on August 05, 2003 at 21:51:08:
i am currently living in a house that is owned by my aunt’s brother in law…they are giving me a chance to buy the house…he does not want to make any money off the house all he wants is his VA loan back…before i moved in i looked up the address on the internet and the value of the house was 104,000 and the assment value of the house was 85,000, for which is what they are selling the house for…
Right now the house is in the brother in law’s name and i have been paying the mortgage…
my question is what can i do to buy this house with no money down or assume the loan so he can get back is VA…
Can someone help…Thanks