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.
Regards.
NEED HELP ON DEAL STRUCTURE. FAST!!! - Posted by Brian
Posted by Brian on June 03, 2000 at 20:44:48:
I have a deal in works. Here are details. I own a sfr appraised at 100K. I owe 57K. I have found a VA repo 1/2 mile from me that i want to live in. All Brick SFR with 1918 sq ft, full basement and two car garage. VA asking price is 116K. Needs MINOR repair, 3 broken windows, interior paint and carpet. All comps in area with same general sq ft in good condition sell for 140K to 160K.
Talked with friend at VAoffice,and could get house for 110K.
HOW do i buy this house, and not have to get bridge loan etc as VA will not take contingency on sale of my house.
This appears a good deal, but I am not sure of how to put all the pieces together without double payments, bridge financing etc. Any solid advice greatly appreciated.