Fantastic Post for the Veterans out there... For a reference to a Las Vegas lender with exceptional Knowledge about FHA/VA loans that I work with in Las Vegas, Call Paul Francis today @ 702.592.3058.
Caller: In 1998, I was uh,careless and walked away from a property I could not sale. I purchased the home with my no money down VA loan. Can I purchase another home using my veteran benefits? This seems like a great time to buy another house....
Answer: Yes, BUT it depends on the amount of entitlement you have left, if any.
To determine the VA Home Loan Benefit we instructed Mr. Veteran to submit this form to the Regional Veteran Affairs Office requesting his Certificate of Eligibility. This certificate allowed us to determine any entitlement due to the veteran.
Upon return Mr. Veteran had a loss of $19,000 suffered by Veteran Affairs. The full entitlement is $36,000 so his remaining entitlement was $17,000. Since we are in a high cost area (the maximum VA loan limit in the Washington DC area is $768,750) we are able to add additional entitlement to the amount and calculate the maximum allowable home sales price.
Here is the formula:
$768,750X 25% = $192,187 Maximum Guaranty
$192,187- $19,000= $173,187 Entitlement Available
$173,187 X 4 = $692,748 Maximum Loan Amount for no money down purchase
(I don't recommend trying this at home, just pick up the phone and call 703-497-3936)
Mr. Veteran had enough remaining entitlement to purchase another home in Port Potomac, a new condo subdivision in Woodbridge, VA,with no money down and seller paid closing costs.
Of course Mr. Veteran had to meet our other lender qualifications:
- Qualifying income and debt ratios
- 620 plus credit score
- Three Years since time of foreclosure
- Satisfactory Rental History
If this happened to you there is hope of purchasing another home with a no money down VA Home Loan... Call your Woodbridge, VA FHA/VA Lender at 703-497- 3936.
Visit www.mymilitarymortgage.com for more VA Loan tips that other lenders don't want you to know.Summary this does not apply to all foreclosures and Veteran Loans. every case is different.
Markita Aldridge-Woods of WestStar Mortgage, Inc. Contact me via email or call me direct at 703-497-3936 for answers to your questions about mortgage financing. Or get pre-approved today to purchase your home.
I service Woodbridge, Lake Ridge, Dale City, Fairfax, Stafford, Fredericksburg, Manassas, Manassas Park, Quantico, Ft. Belvoir, and the Virginia surrounding areas.
We offer FHA, VA, VHDA,USDA, and Conventional financing.
(WestStar Mortgage Inc. is licensed by the Virginia State Corporation Commission and License No. MC-1875)