OfflineI have a family member with credit and a VA loan unused, he has no idea about purchasing a home but is willing. I have construction plumbing and electrical skills but no credit.What would be the best way to compliment each other?
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Family member with credit
Posted on: Sun, 09/27/2009 - 02:44
This is a great opportunity! Your father would be able to get a home loan that is 100% financed. Remember these are not investment loans, these loans are owner occupied home loans. He would have to designate this as his residence. But if you are interested in purchasing and renovating homes 1 at a time then there is no problem! Keep in mind, that there are certain standards that the home will have to pass. There is a VA appraiser that will go out and inspect the property, this is to protect the buyer. These are government backed loans and they need to make sure the home meets specific safety and quality guidelines for the veteran.
You can go to www.veteranloancenter.com and study up on this loan program. This sounds like this could be a win, win for both of you!
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Thank you for the information, this is a great ssystem and I will keep you posted