Profile picture for yorkiegns

I need help!! Loan questions!

I want to buy a house in florida, but I´m in the navy and my duty station is Norfolk, Virginia. My wife and daughter will live in the house in florida. The loan will be just in my name because i have a good credit and a job and my wife not. I was taking with a lender and he says that I don´t qualify for primary residence because I will not live in that house. I will rent a place with friends in Norfolk, VA for $300 because we going to deployment soon. What kind of loan can I get to buy a house in florida to live my daughter and wife?  how much do i have to put for down payment?
  • May 14 2010 - South-West Coconut Grove
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Answers (6)

Have you talked to your credit union on the base you are stationed at about a VA loan?  Many loan officers are not familiar with VA allowances for deployed active duty military and your special circumstances.  That should be your first stop.  Best of luck, and I'm in Orlando if you need real estate assistance in this area!
  • May 14 2010
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You may qualify for a VA Loan even though you will be deployed.  Under this scenario, the home in Florida may be considered your primary home.  VA Loans have guidelines specific for this situation.  In addition, VA loans are one of the few loan programs remaining with a $0 down payment (you can make a down payment if you like).  I am a lender based in Florida if you need further assistance.  Best of luck.
  • May 14 2010
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Profile picture for natewolf
Call NavyFederal Credit Union. If you need the number to a loan officer, I can send to you or your can contact me via my profile. They are extremely familiar with the issues of military families.
  • May 14 2010
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You may buy a Primary Residence in a state that you do not 'live' in if you are on Active Duty.  The key is your intentions.  Obviously if your family will be occupying the home, it is your family's Primary Residence.  I would also expect you to establish your "state of Residence" to coincide with the home's address.

I bought my 1st 'real' home using a VA loan while on AD, and although I would be glad to arrange your financing, I would also be glad to be available to to chat with you about how to make it happen - just call or email me. 

20 years ago if you were on active duty longer than 181 days one could use their VA eligibility immediately.  It's a little more work than most originators might want to take on - but would be the optinum loan program to allow you both a low down payment, and a decent apprasial/inspection to make sure you're buying a good home.
  • May 15 2010
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Good Morning,

If I may suggest, if you are a member of USAA, which I know many of the men and women in the armed forces are , they are great at assisting in the financing for a home purchase.

I recently closed a transaction with a client that is in the army, and I can say that the quality of service and knowledge from the loan officer we worked with at USAA was great. I would say that would be a great start to finding your financing options.

Good luck. If you have any questions, I please let me know.

Lila Lopez
RE/MAX Advance Realty
  • May 16 2010
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I don't do VA loans. But, i general, your primary residence is the address where you receive your mail, what's on your checkbook, what's on your tax returns, etc.
 
I suggest you listen to Dianne. You need to speak with someone that is proficient with VA loans and does them frequently. ..... Happy funding, Rudi 
  • May 16 2010
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