May 19th, 2014
- I am looking to purchase a home. I am looking in the $500,000 range. My mother is giving me a gift for half of the purchase price. I do not have a lot of credit, I am recently divorced. I was on the mortgage with my ex-husband, but he has been making the payments for the last 24 months. So, how does this work? The first thing we need to do is review your credit report. We need to determine that you have at least one credit score and that you have enough trade lines to obtain conventional financing. If you do, then we proceed to the next step. Your mother can gift you 50% of the purchase price without having to have your own money in the transaction.
- We are interested in purchasing a home in the $600,000 range. My husband is retired military. We want the lowest down payment possible. We understand the VA option would require a down payment. Ho would the VA loan work? The VA loan limit for 100% financing has been increased to $458,850. Based upon full eligibility being available as well as other guideline requirements met, the down payment would be $35,800. This would make your base loan $564,200 plus your funding fee if applicable.
- We had a deed in lieu of foreclosure almost two years ago. We have found a home we want to purchase, can we? For government backed loans (FHA and VA), the time requirement is two years. Unless, you qualify for extenuating circumstances. If you do not, the wait is two years from the date of the deed transfer. Please gather all documents from this, and I will be happy to review.
Jennifer Keenan, Senior Mortgage Consultant
NMLS# 101837, Tidewater Home Funding (757) 366-8690