All Forum Posts by: Henderson Silva

 Thank you so much for the suggestions. .. turn the fha into conventional is a great way. That way i know i will have no problem getting thw va loan. Thank you

Yea im in the process of getting a part time job this morning. I just might uave to wait 2 to 3 more mo tha to get the money together. Thanks

 Hey i found this while doing my research. Are you sure i cant get a va loan after i use the fha and love in the ho7se for at least a year. I would then move to my new house with the va loan.

principal residence is defined as a home in which the borrower intends to reside for a majority of the calendar year. A veteran cannot obtain a VA and FHA loan at the same time with the intention to live in both as an owner-occupant. Lenders typically include an affidavit or certification in their loan documents that the borrower must sign, verifying that the home will be owner-occupied. A veteran who intentionally deceives the lender and federal government by obtaining the loans under false pretenses risks having to repay the loans immediately, foreclosure by the lender and possibly federal criminal charges.

Exceptions

A veteran can obtain a FHA loan before or after obtaining a VA loan, by signing as a non-occupant co-borrower or co-signer on the FHA loan. This involves taking responsibility for the FHA loan's repayment without actually living in the home. A co-borrower co-owns the home, whereas a co-signer simply acts as a guarantor without ownership rights. A veteran might do this to help a family member with insufficient income buy a home.

 That's interesting. . So i can not get a va loan if i have an fha loan? What i was planning to do is use the fha loan first and after a year of the required minimum apply for a va loan and move to the va loan house. So what you are saying is that even after a year in the fha loan house i cant get a va loan?

 You might be right. But i would actually pay less for the house than i pay for rent right now. Rent is high in nj. About 1500 a apartment with 3 bedrooms and the houses are still priced pretty low. I understand that there are other costs with the house however it still seems like it would be worth it.

so i implied for my first loan. It looks like i would be approved for a 170 thousand loan, but i need to have the 6000 in funds for a down payment. I dont have it and they won't accept friend's gift, it has to be a family member for the fha. The closing cost can be covered by the seller so i only need the 6000 and I'm stuck. I will be eligible for a VA loan 6 months from now, but i wanted to use the fha loan first so when i get the second property i could use the va loan and avoid the 20 to 25% down payment. Here is the email that i just got from navy federal>>>>>>>>>>>>>>>>>>>>

If you can obtain the $6,000 in funds from a family member, then I will update your application with that information and then send it for a pre-approval decision with a revised purchase price of $170,000. Also, could you please provide an expected end date for your service in the reserves?

If you do expect to be able to proceed with this application, then please plan to provide the items listed below to expedite the loan process:

1. Most recent pay stub(s) showing at least 30 days of year-to-date earnings
2. Most recent month end bank statement(s) and/or retirement account statements (all consecutive pages) showing assets to cover down payment and closing costs
3. W2s for 2013 and 2014
4. Legible copy of driver license and social security card

I am also attaching the following forms that you will need to complete and return ASAP:

5. 4506T (request for tax transcripts)
6. SSA-89 (Social Security verification)
7. Borrower Signature Authorization




Please, sign and return the documents

What do you guys think? Try to save the money within the next 3 months and apply again or wait and use the va loan? 

I really wanted my fha first plan to work.

I'm also interested in the same thing. I'm a hard worker.  I know hard work i can trust.  I'm trying to get a mentor or a partner in tbe newark nj area. I have the credit score and a state job but no money to put down. Anyone interested to work together plase send me a message.  

Henderson 

 Perfect., thanks for taking the time 

 If you could please. Thank you very much for the.help

 Hey there, thanks for the reply. Yes we will have to live in the house for a year so it is going to take us about 4 to 5 years to acquire the 4 houses; however, i believe that after the 4 houses in our control it will be a gaster lane from there with the positive cashflow coming in. The track record and experience would also help us getting a partner to gow a little faster because i will have some assets. 

Thanks for all the replies more are welcome. Thanks