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Active duty buying condo for parent

Looking into possiblities to buy a condo in Brevard County for my mother as an investment but had to short sale my house in 2013 due to military orders. How would I proceed?

  • May 15 - Rockledge
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Answers (4)

If you are looking to buy a VA loan to purchase the home, it will not be allowed for your situation unless you use that property as your primary residence. VA loans are required to be primary residences of the VA entitlement holder. Either way, you will need to wait through a waiting period before you can obtain another mortgage. The waiting period can last from 1-7 years depending on your finances before you can purchase another loan. If you would like an FHA loan, the waiting period is 3 years, but there is an exception. If you experienced an economic event that caused a loss of income (such as unemployment) which then resulted in your short sale, then you will have only have to wait 1 year. When it comes to VA, the wait is two years. If you plan to go conventional the waiting period is 2 years with 20% down, 4 years with 10% down, and 7 years with 10% or less down. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • May 16
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You wouldn't be able to get a VA loan on this particular property because they are only for primary residences. If you are willing to put 20% down you only have to wait 2 years for a purchase after Short sale. otherwise you usually have to wait 4 years. If your mom can qualify on her own, you can help her out by making the payments for her, but other than that, you wouldn't be able to buy her a house for a couple years it sounds like. If you would like some help or want to know your options feel free to reach out to me.
  • May 15
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Usually you have to wait about 1-2 sometimes 3 years dependent on the situation and how much your credit as bounced back. In your case one year may be enough. Another option...would your mother qualify on her own? Then you can help her pay the mortgage? You can always gift her a down payment. If you have any other questions feel free to contact me!
  • May 15
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Thanks for your service to our country from one Veteran to another. You should be able to purchase a condo for your parents as long as there is no open CAIVRS against you. (CAIVRS stands for Credit Alert Interactive Voice Response System and it is a system maintained by the federal government that lists persons who have defaulted or had a loan foreclosed within the last three years on a debt owed to the Federal government or are currently delinquent on a debt owed to the Federal government. Examples of Federal debts include previous FHA or Veterans Administration home loans, Federal student loans, Small Business Administration loans and similar types of debts.)[Removed by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • May 15
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