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Updated almost 8 years ago,
Should I take a VA home loan on my mothers house?
I just got out of the military, my mother just passed away recently, and I inherited it. Still in probate process, and getting my name on the title. It's being cleaned up, fixed up with new floors, painted walls etc(I have a other thread on it).
My mother owed $50k still on the house, worth $90k. I'm paying a mortgage of $601/month and she was tax exempt because of her being disabled. Mortgage has a HAMP incentive, pay on time, get $1k deducted then by 2019 I believe $5k , totaling $10k deducted. Could get it down to like $35k, in a few years. I can assume the loan or just keeping paying the mortgage under my mothers name, while my name is on the title.
Little did I know, there is a $12k lien on the house due to credit card debt. I'm going to try to have that negotiated and just pay it off in a lump some. Even that is going to be costly.
Should I use a VA home loan on the house? I could be paying a mortgage 1/4 of the payment I'm paying now. At the moment, I don't think it will pass VA inspection standards, the porch stairs is rotten and support is broken.
I plan to rent out the house once I finish college, then buy a other property using the VA home loan for a multi-family, but can I only take out one VA home loan until I pay off the previous one? I don't know really could use as some advice, I appreciate it.