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Updated over 3 years ago on . Most recent reply

User Stats

34
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Kenneth Gore
  • Rental Property Investor
  • Massachusetts
8
Votes |
34
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Do you want to Make a quick 50 Buck's?

Kenneth Gore
  • Rental Property Investor
  • Massachusetts
Posted

I need to find an unbiased person knowledgeable in financing and buy and hold house hack

I'm pending with my first property, a duplex in a really good location, a mediocre deal in East Providence Rhode island. My problem is I'm using the VA loan and I believe I'm making a big mistake by not using the first time home buyer loan FIRST. Of course it won't be available after The VA 0 down loan will.. Im told by loan officers , they believe it's going to be very difficult for me to purchase a 3 or 4 family a year or so later without paying at least 20%...

should I back out of the deal for this reason?

The ability to buy two houses in a row with almost no money seems too powerful to pass up.

7815106597 call now , Time is of the essence, I'll PayPal you. Thanks.

Most Popular Reply

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1,456
Posts
1,400
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Anthony Thompson
  • Buy and Hold Investor
  • Cranston, RI
1,400
Votes |
1,456
Posts
Anthony Thompson
  • Buy and Hold Investor
  • Cranston, RI
Replied

@Kenneth Gore you'd need to do a side by side comparison to see which loan terms are better. I found one that compares VA loans and FHA loans but I'm not sure those are the two loan programs you're talking about.

It also depends where you are in the deal, whether you can back out and still have a reasonable expectation of getting your deposit back. Has the 10 day inspection period already passed?

The mortgage contingency usually says that you get approved, not that you get approved and it's the ideal/optimal loan, so if you're past the inspection period it might be difficult to back out and still get your deposit back.

  • Anthony Thompson
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