Mortgage News

Home Buyer Q & A

April 2nd, 2012

  • We want to help our son purchase a home. He has just graduated from college and has a job, but he has only been working for 3 months. What are our options? If you are interested in doing something now, you can purchase the home FHA as a kiddie condo. Your son's credit is pulled and he is on the loan and note with you.
  • I am purchasing an investment property. It is a great deal, and I do not want to let it get away. It needs some work - can I do an FHA 203(k)? What are my options for financing? An FHA 203(k) is for a primary residence only. We do have another program, it is conventional lending that will allow for renovations to second homes and investment properties. The program is available for Virginia properties but not properties in North Carolina.
  • We purchased a home about 3 years ago with my husband's VA eligibility, the neighborhood was much worse than we thought. We packed up and left. As a result of this, VA took the house back. We would like to purchase a home again, but we aren't sure how to proceed.  While this is extremely unfortunate, there will be guidelines and parameters that need to be followed. It will depend on how everything is reported. If this is reported as a foreclosure, then you will have to wait three years from the date the foreclosure was last reported. There are also other factors for consideration. Was this reported as a foreclosure or deed in lieu? Is there a deficiency judgment. Before determining a plan of action, we should look at your credit report to determine our best path.

- Jennifer Keenan, Senior Mortgage Consultant, NMLS# 101837, Tidewater Home Funding 757-366-8690 

Tidewater Home Funding

Tidewater Home Funding, LLC NMLS# 41552
(www.nmlsconsumeraccess.org).
Equal Housing Lender.

Licensed in Virginia, North Carolina & Florida.

VSCC Bureau of Financial Institutions, P.O. Box 640, Richmond VA 23218-0640, (1-800-552-7945) www.scc.virginia.gov/bfi

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