Posted by Jack on July 30, 2003 at 21:25:28:
Ed writes that the VA treats a loan wrapped via CFD as a lease.
Jack states that this is incorrect. The VA does NOT treat the wrap as a lease. It is a sale.
Ed writes that the VA will want a full financial package on you if you take over the loan.
Jack writes that this is wrong. The VA has NO IDEA if you take over the loan subject-to or wrap via land contract.
Need it any clearer?
VA loans - Posted by Richard
Posted by Richard on July 22, 2003 at 08:29:37:
Does anyone know whether the VA considers an Agreement for Deed or Land Contract a sale? We’re considering purchasing a property with a VA loan subject to and the seller feels more comfortable with an Agreement for Deed. I know they have changed alot of their rules and procedures this year.
Re: VA loans - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on July 22, 2003 at 15:24:43:
VA looks at a land contract or agreement for deed as a lease, not a sale. No qualification needed.
If you buy subject to, the VA will want a full financial package on you just as if you were originating a new loan.
Re: VA loans - Posted by Randy
Posted by Randy on July 22, 2003 at 08:55:17:
I don?t believe the VA will consider an Agreement for Deed or Land Contract. The lender has to be VA Approved. More information on the VA web site.
http://www.homeloans.va.gov/veteran.htm
Re: VA loans - Posted by Jack
Posted by Jack on July 26, 2003 at 11:42:27:
This is not correct. A house with a VA loan may be purchased via land contract, wrapping the loan. This will not violate the due-on-sale clause. It’s not seen as a lease by the VA.
The veteran will not get back his eligibility until the land contract is paid-off in the future.
Re: How can this be? - Posted by Ed Copp
Posted by Ed Copp on July 26, 2003 at 13:00:43:
Since we said exactly the same thing.