Approved for VA loans, but may need to be 100% classic foreclosure?

Deal Score0

W We are already approved for VA loan, but was told that the VA really do not like foreclosure. So we run the risk of paying for the assessment and the VA does not lend us money. We buy a bank foreclosure is the sale of the house “as is”. It’s not that bad in a way that I could see at first. The inspection will be done this week, just to be sure. How difficult is it to be a classic 100% mortgages these days? The mortgage company will let me speak for my husband? He works abroad right now and it is difficult to get a phone. But he e-Mail.Wir are the leading buyers and know nothing. Please help.

3 Comments
  1. Reply
    jen_ny6
    May 1, 2011 at 6:06 am

    There are NO 100% financing loans in the market now. Not even to Donald Trump. If you can’t finance through VA walk away and find another home.

  2. Reply
    Shoe gal
    May 1, 2011 at 6:39 am

    Unfortunately, Conventional 100% financing loans are no longer available. VA is ideal for veterans in getting a good interest rate and not having to pay PMI. However, as first time buyers, you can take advantage of FHA loans that offer 100% financing or DPA (Down Payment Assistance). You will have to pay PMI but you are assured a good interest rate as you would with VA and they may be more likely to allow a foreclosed purchase.

  3. Reply
    Big daddy
    May 1, 2011 at 7:30 am

    the only entities giving 100% financing are va and usda. I would go to http://www.fha.com and look at their requirements. They only require 3% down and have great first time home buyer programs that can cover the 3% down for you. You can speak for your husband but how far the lender will let you go is up to the lender. I would bring this up first with the lender to see what the requirements are. I would ask your husband if he has access to a us notary, if he does, get a full power of attorney over to his asap. If he doesn’t have a notary, he will have to go to a us embassy or consulate. Most lenders now do not accept foreign notarizations as some counties will not record them, hope this helps

    Leave a reply

    Register New Account
    Reset Password