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Updated about 6 years ago on . Most recent reply

User Stats

19
Posts
3
Votes
Travis Bryant
  • Real Estate Agent
  • Sandy, UT
3
Votes |
19
Posts

Need advise on VA loan strategies

Travis Bryant
  • Real Estate Agent
  • Sandy, UT
Posted

Hello BP, I hope everyone's day is going well. I'm expect to buy my first home/rental in the next 4 months. My father in-law is currently in the army and is offering to help us with a VA loan to purchase the home and sign it over to my wife and I. My wife's income has increased by 20k allowing us to handle the loan but we still have a unsecured debt slowing our progress. Best case scenario is getting a home and absorbing the unsecured debt into it, thus freeing up a large amount of monthly expenses for additional payments. Is there a common strategy for achieving this? I'm a realtor in Salt lake City and feel like I have all the resources to do this, just no experience on how to do it well.

Most Popular Reply

User Stats

138
Posts
21
Votes
Ty Burns
  • Investor
  • Salt Lake City, UT
21
Votes |
138
Posts
Ty Burns
  • Investor
  • Salt Lake City, UT
Replied

@Travis Bryant I have done VA loans for a long time and your father in law would have to occupy the property as his primary residence to be eligible. I do have a plethora of other loans such as bank statement, self employed, no tax returns, etc. If your wife has a w-2 job then that is an option as well. I'd love to help!

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