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Marcel

I am interested in foreclosures, yet I do like the modern style homes. Price range between 175,000 to 210,000. I would not mind buying a fixer-upper, but at the same time, I would rather buy a newer home within that price range, because the money that I would end up putting into a fixer-upper, which could possibly be a foreclosed home as well, I could just buy a new house. Now the question is, how easy would it be for me to use my VA home loan and find a lender as a construction loan without putting down 10-20%? i know my credit score is between a 690-705, and I only have 1 type of debt, and that is the $9000 I owe on my truck. by caseyandre567742 from , California. Oct 12th 2015 Reply


Jesse Stroup (jessestroup)
#196 ranked lender in California - 589 contributions

That might be a little difficult as the VA guidelines are strict. For the construction aspect of your question; you may need to find a hard money lender to get the loan, fix up the home/property then look into a VA refi. Jesse Stroup California Mortgage Professional www.CaliforniaHomeLoanLender.comwww.JesseStroup.comNMLS# 6229

Oct 13th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,782 contributions

The best loan product in the market right now is a VA loan, but a VA construction loan is one of the most difficult loan products to find..But it sounds like you're looking for a VA rehab loan, which is even more difficult to find. Understand that VA does not lend money, they only insure loans against default.. the lenders, or those with the $$$, will oftentimes have their own set of rules above what VA calls for.. it's these "Overlays" that make financing options different from one lender to another.. so for that reason, most will opt out of doing VA construction and rehab loans.. so if your looking for a home, and foreclosures are ok.. so long as the home is in satisfactory condition, you can buy it with VA and no money down, but you will need to use your own funds to do the improvements... unless you find that "needle in the haystack" lender who actually does VA construction/rehab loans.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 13th 2015
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