All Forum Posts by: Henderson Silva

Quote from @Henderson Silva:

Quote from @Corey Morrison:

I’m in Cape Coral. Feel free to reach out. 

 I have a land for sale in cape coral. Do you know anyone looking for land? I drove around the area a couple of times. Would you be willing to share how much i could get for this property? Zip code is 33909 thanks

Send me a DM with the address and I’ll tell you what I think.

I’m in Cape Coral. Feel free to reach out. 

Hi Eddie,

I am an investor with over 5 years of experience. I started my own turnkey company as well. I have helped and guided 200+ people begin their journey in RE investing and I'd be happy to help you too!

Send me a message and tell me what your goals are and how much capital you have to work with.

I'm new here but just bought a home in Henderson using my V.A. loan. It cost me total of 2k to move in. If you have any service connected disability the mortgage brokers can wave the V.A. funding fee. I bought this house to potentially rent out after the year requirement to live in it. It is much cheaper for you to use the V.A. but I agree that you need some emergency funds. Why not use your V.A. to buy a place and save up for the next place?

Back to the question of getting the loan. How long is your friend willing to let you have the 6k?  Ultimately, you just need to stick the 6k in your bank account and let it sit for 3 months. 

They'll only ask you for 2 months of bank statements so the deposit will no longer be on there and you will not have to explain how you got that money. You just need to season the funds. 

Two things though:
1) Will your friend be ok lending you 6k for that long?

2) You'll need to check with an attorney to make sure there's not an issue there in terms of the loan docs possibly asking you explicitly if any of the money is borrowed or something to that effect.  If so, then this won't work.

You don't want to lie on a loan application these days......

Now if your friend is truly giving you a gift and it seasons over 2 months in your account, then I don't see that you'd have any problem at all.  Ultimately, the gift thing only applies if the funds are received within the two month window. 

They can't go back forever and ask you how much money in your account is from gifts from 2009...... :-)

@Henderson Silva

You can have a VA and FHA loan at one time. It's very difficult and rare to have 2 FHA loans at once.

Sell your car and get a cheaper car.  Use the difference towards the down payment.  Also make sure the payment is less and don't sell it for cash.  Make sure you have a paper trail!

If you're putting down 3.5% it's unlikely that you'll have enough equity to refinance into a conventional loan in one year.  Unless of course you save up major for all the difference.

I think you should hold on to your FHA loan a little longer than a year and when you have 6 to 12 months in reserves execute the VA purchase.

Also consider a conventional loan for 3% down.  Gift funds can be from a close friend like a buddy you served with or your best man.  Someone close like this.  

Look for an LO or Broker who gives you more than one option and is knowledgeable and you ll be fine.

Good luck.

@Charlie Fitzgerald can I confirm the specific circumstances to which you are referring?

I own both a VA loan and an FHA loan. I bought my first place with the VA loan and 3 years later I bought a new primary with an FHA. no problems at all, no one even brought this issue up to me.

Henderson Silva I would find a local mortgage guru, maybe on here, who will have professional knowledge. I know it is possible to have multiple govt loans, but not an expert on how to get them.