Posted by Glynn-va on June 04, 2000 at 13:10:23:
You are correct that the VA will not do a contingency contract, however they DO allow VA vendee financing (which is basically owner finance)even to investors with 10% down. If you plan to live in it, your down will be much less. The VA funding fee of 2.5% can be financed. You must use a Realtor for HUD/VA repo’s so find a local agent that specializes in Gov’t owned homes. If you were to buy this one with vendee financing at 8.5% and L/O your current home for, say $110,000, even at 9% it would be a wash. Your income from the current house would make the payment on your new house. Therefore you would still have the same monthly payment you have now. Double properties with no increase in outlay.