Posted by michael brown on January 31, 2004 at 13:01:05:
Found and have been preapproved for a 130k Duplex on a VA loan. Snafu came when was learned on master title it is considered a 2 unit condo and not a duplex. Va and Fha will finance a condo, but not this as it would be charged as 2 individual purchases. Have little down payment,excellent credit and 3+ year at current employer. Im scrambling to think creatively to proceed. Some Ideas I have pondered and would like some feasability input. Feel free if you have any other options that might help Me close on this property
- Down payment assistance programs to go the Conventional loan route for the entire purchase of both units
OR - If i could get seller to agree to sell one half now with VA or FHA loan, giving me time to raise suitable funds for down payment on other half in oct, what would be the ratio requirements, and would or how could I qualify for the other half i.e signed lease on other side for income requirements etc.
Its very frustrating to be a veteran and be “entitled” to the “benefit” of a VA loan but to discover it can and has been derailed by a simple word designation of a property.
Any help is immensely appreciated