All Forum Posts by: Upen Patel

Good luck.

Upen Patel
Mortgage Banker

@Upen Patel My banker mentioned a financing option that sounds like this but he said they would only finance the purchase price not the ARV. Is the option your speaking of different?

Thanks

Upen Patel
Mortgage Banker

Portfolio loans are loans that a lender/bank holds onto and keeps in it portfolio. Due to the higher risk, the rate is higher then a conventional mortgage. Before looking at a portfolio lender, I would suggest that you 1st work with a knowledgeable mortgage banker (like me) so that they can understand your need, your financials and make the best recommendation.

Please PM me if you would like to discuss.

Upen Patel
Mortgage Banker

if the foreclosed property sold for less than needed to pay off the mortgage, you may not be able to use your VA eligibility again until VA is made whole.

Let me recap what you are saying:
* Your husband used his VA loan benefit for a primary residence. The property was sold, so the VA loan benefit was freed up.
* Your husband used his VA loan benefit 2nd time for a primary residence. The house was returned to the VA (Deed-in-lieu) in 2012. Is this the same property that had a foreclosure on 2013? This does not make sense.

At this point you are trying to buy a new primary residence with your husband's VA loan benefit. Did you contact a mortgage banker or the VA to find out eligibility? What do you mean by VA eligible refer... can you please elaborate? Not sure what you are trying to say.

VA has a 2 yr wait period for DIL and Foreclosure. So you are eligible if the dates are correct. Though it does come down to underwriting discretion.

I am a VA loan specialist and would be happy to help with your loan needs. Please PM me if you would like to discuss.

Upen Patel
Mortgage Banker

You either have to occupy one of the units at least for 1 year, or need to come up with more money down.

Good luck.

Upen Patel
Mortgage Banker

The short answer to both your questions is Yes.

Yes, you can use your VA benefit for 1-4 unit residential property.
Yes, you can use your left over VA benefit for a new property, once you have meet the 1 yr occupancy, and where you are relocating a new area does to deployment, work and a valid personal reason. Theoretically you can use your VA loan benefit unlimited # of times, as long as you don't go beyond the total benefit amount.

I would be happy to help.

Upen Patel
Mortgage Banker

If the loan officer is suggesting its only for Duplex, then he/she is clueless. I routinely do FHA loans for 3-4 units. I suggest you run away from the loan officer and lender.

PM me if you would like for me to see your financials and see if I can qualify you for a higher FHA loan for 3-4 units.

Upen Patel
Mortgage Banker

PM me if you would like to explore options.

Upen Patel
Mortgage Banker