On yesterday I spoke with a gentleman who is experiencing the housing decline along with everyone else. He has a VA loan on existing property and is blessed to have a lovely military family that would like to lease purchase it for a period of 24 months. This is really a very smart idea not only for buyers that are not quite able to purchase, but for sellers that need the market to turn more before they sale. A lot of lenders told this individual that he could not have two VA loans at the same time. I of course researched further and he was eligible for the full $417k and of course did not use the entire amount with first home purchase. Guess what??? This means the remainder of his eligibility is still available! He can use the remainder to purchase the second home as long as it will be his primary residence and does not exceed remainder of eligibility he has left. This works out perfect for those in this type of scenario. There are so many people that are not only not taking advantage of a VA loan that are elgibile, but who do not know what all is available to them. If you are military and want to rent/lease purchase home or have one you would like to do so with...there is a wonderful website to assist all military www.militarybyowner.com . I am a participating lender on this site and can lend in most all states. I can also help families that need to lease purchase and save some money, or do potential credit repair get ready to buy the home they chose.
Let this be an important lesson to all military personnel....there are many opportunities for you to take advantage of buying a home, you just need to get in contact with the right people that are familiar with VA loans etc.
Now days paperwork required for a VA loan is no more than it is for a traditional conventional mortgage, so please realize this. Also, this is one of the ONLY 100% loans still available to buyers!
visit my site today and apply to use your VA elgibility! www.hometownlendersmemphis.com