Profile picture for BIGBOSS7083

va home loan ploicies

i intend to go after a listed 2 family fixer upper for 95k....i havent been inside but cant be that bad due to i know there was a family there the last couple of years up til a few weeks ago....my plan is to use my va eligibility..would this be a prob for a va loan?
  • January 25 2009 - Irvington
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Answers (4)

Profile picture for BIGBOSS7083
advertised as foreclosure
  • January 25 2009
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Profile picture for Anita Crum
The listing agent, if doing the job properly, should know if there are additional liens as well as back taxes owned on the property.  That said, a title search will turn up any liens and you can contact the county regarding any taxes due.

Is this being advertised as a short sale or a foreclosure?  Or just a fixer upper? 
  • January 25 2009
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Profile picture for BIGBOSS7083
thanx nita.....also what about back taxes or second mortgages....how do i determine if theres an issue or not?
  • January 25 2009
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Profile picture for Anita Crum

I believe you should be able to use your VA eligibility as long as you plan to occupy one of the units.  You should check the VA website for specific information (http://www.homeloans.va.gov/). 

Also, just because the property was occupied until a few weeks ago doesn't mean that it's in decent condition.  I work with foreclosure properties and sometimes I come across homes that are in horrible condition, that were just vacated.  And I don't mean just dirty, I mean no heat, plumbing and electrical issues, leaking roofs and in the case of one house, a hole in the bathroom where the tub feel through due to the floorboards rotting out.  And in the winter there's always the issue of pipes bursting in vacant houses that aren't properly winterized. 

So if this property is being advertised as a "fixer upper" be prepared to do some work and have an alternate financing option since it might not pass VA requirements.  If the property is listed with an agent, ask the listing agent if he/she believes the it will pass VA.

  • January 25 2009
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