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VA Home Purchase In Orlando FL

by Sandy
(Fort Stewart, GA.)

I am stationed in Fort Stewart GA, but would like to purchase my home in Orlando FL. Can I do that? The intention is to move-in immediately after I retire in approx. 5 years. Please advise.

Thank you.
Sandy

=====ANSWERS=====

Hello Sandy and thank you for visiting my website. I love to meet new people and share with them in the realization of their dreams of home ownership.

Since you are on active duty right now and wanting to purchase in the future, you have plenty of time. It appears you may be a career military person since you are planning retirement in 5 years.

Once you get ready to retire, you will want to obtain the VA Certificate of Eligibility to get started. This is required to give to your lender so you can get qualified for a VA home loan.

To answer your more specific question about buying your home in Orlando FL. It does not matter where you buy, the certificate is good in every state.

You will still need to meet the credit and income guidelines. Currently your credit scores need to be at least 580.

Your new mortgage payment cannot exceed 29% of your gross income. So if your gross income was $3,500 a month, your mortgage payment cannot exceed $1,015. This payment would be your PITI or principal, interest, taxes and insurance.

Some of the best features about the VA home loan is the no down payment option and no PMI.

I hope this helps you. Please follow the links I put in this blog post and browse my VA loan section for lots of more details.

Furthermore, if you don't mind, please tell others about my website. I'm sure you know people that may be thinking about buying a home and perhaps my website can help them also.

You would be doing me a huge favor and helping your friends at the same time. Share this in your Facebook or Google+ account. Thank you.

I wish you best.

Regards,

Jeff

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VA loan on a condo

by Joe
(Aurora Co)

Can I use my VA loan on a condo that has 49% owner occupied. The Condo is in Aurora CO, the seller was not sure about it.

Thank you
Joe

===ANSWER===

Hello Joe;

Thank you for asking a question on VA loans.

When you say 49% occupied I'm assuming you mean the entire project is under construction still and only 49% sold and occupied.

If this is the case, I believe this may be a problem. As I remember, the project as a whole has to be 70% occupied before the VA loan programs or the FHA loan programs will do mortgages in the project.

Now if by 49% owner occupied you mean that the other 51% of the project is rented, this may also present a problem.

The reasoning behind this is that the lender is going to get the mortgage guaranteed by VA and they want a high percentage of the condos owned to protect their investment. It is perceived that a low percentage of owner occupancy is a high risk.

You will need to talk to a VA lender to be sure.

Regards,

Jeff

Comments for VA loan on a condo

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VA Loan
by: Richard

How interesting, I did not know you could use a VA loan for purchasing a condo. It was also helpful to see the criteria for buying a condo with this type of loan.

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