Profile picture for bedfordmarine2003

I just received orders to Cherry Point NC. I am looking for a loan to fit my needs. alredady used va

I already used my va loan on a home I still own in Indiana I would like to buy another home in Cherry Point especially since I plan on retiring there. I have excellent credit but would love to find a 100% loan, I hear them days are gone any suggestions?
  • December 29 2008 - Fredericksburg
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Answers (4)

Profile picture for Ken Kopper
Danny, this thread is almost 1 year old!!
  • December 24 2009
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You could always restore you VA if the previous loan is paid off. We do that alot. Especially when it comes to refinancing from VA to a conventional loan then restoring the VA benefit. Great strategy.
  • December 23 2009
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Applly for an FHA loan with only 3.5% down.  That's the best bet.  You can get a few 100% financing loans but the interest or upfront cost generally are more that the FHA.  Your not limited to only one VA loan, but again I would go FHA in todays market. 
  • December 29 2008
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You can still get 100% financing through either USDA or VA loan programs. Using VA would require you to either refinance the home in Indiana out of the existing VA loan you have, pay the loan off or sell the property....

If that's not something you can entertain then you could inquire about USDA loans in a rural area. However, there are income limits and if you make more money than 115% of the median income in the county which the property is located you might not qualify. You can check the income limits for North Carolina as they might vary from this link; http://www.rurdev.usda.gov/rhs/sfh/GSFH_Income_Limits/NC GRH.pdf or go to the USDA 's main web site at  http://www.rurdev.usda.gov/

A third option you might consider is an FHA loan. You cannot get 100% financing but you can pretty close with up to 96.5% LTV. By having the seller of the home contribute up to the maximum allowable 6% of the sales price towards closing costs, etc you'll get yourself a really good loan. To find the maximum loan limits for FHA loans in each county you can check out https://entp.hud.gov/idapp/html/hicostlook.cfm for more information about FHA loans you can visit http://portal.hud.gov/

Good luck in finding the right loan to accomplish your goals and thank you for all that you do for us!!
  • December 29 2008
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