Ask Kate about VA Loan Guidelines for Selling A House: Kate, We are charged with selling my late father's home. A neighbor of the home for sale wants to purchase the home. We have advised them the home will be sold "as is".
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Continued... The individual has credit concerns and is looking to a friend in another state to help with financing the mortgage. The interested party has a letter of eligibility from the VA for almost three-fourths of the amount of the sales price.
Interested party stated she does not feel her credit is good enough to have the loan put in her name. So I am surmising the entire loan may go through "friend".
1) Should loan be secured through friend's state or state in which home is located?
2) Home is being sold "as is". Will mortgage company, bank, FHA or VA require necessary code updates prior to approving loan?
Any additional pointers or red flags you see ahead? Thank you!
"Q: May a veteran join with a non veteran who is not his or her spouse in obtaining a VA loan?
A: Yes, but the guaranty is based only on the veteran's portion of the loan. The guaranty cannot cover the nonveteran's part of the loan. Consult lenders to determine whether they would be willing to accept applications for joint loans of this type. Lenders that are willing to make these types of loans will likely require a down payment to cover risk on the unguaranteed, nonveteran's portion of the loan. Unlike other loans, the lender must submit joint loans to VA for approval before they are made.
Both incomes can be used to qualify for the loan. However, the veteran's income must be sufficient to repay at least that portion of the loan related to the veteran's interest in (portion of) the property and the nonveteran's income must be adequate to cover the rest."
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