All Forum Posts by: Deirdre Reilly

@Jessica F. Hello!  I have not had much time to research note buying as of this point, I've been trying to gain as much knowledge in wholesaling as possible.  How does note buying work? 

This would be for applying, not if the loan was already in effect.

VA has a few interesting rules around spouses of surviving Veterans. Here's an excerpt directly from the VA's site regarding surviving spouses:

Spouses

The spouse of a Veteran can also apply for home loan eligibility under one of the following conditions:

• Unremarried spouse of a Veteran who died while in service or from a service connected disability, or
• Spouse of a Servicemember missing in action or a prisoner of war
• Surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003
  (Note: a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must have applied no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003 that are received after December 15, 2004.)
• Surviving Spouses of certain totally disabled veterans whose disability may not have been the cause of death 

Hi Ralph, thanks!

I'm still in the information gathering stage at this point but I have a strong desire to get into flipping homes specifically around CC.  I was recently introduced to the wholesaling avenue and have been doing my research there.  The last thing I want to do is bite off more than I can chew and not build a reputable business.

Hello Erik and welcome to you as well!  

Hi Michael,

The $36,000 is the basic entitlement available to eligible Veterans. Lenders will generally lend up to 4 times the Veterans entitlement without a downpayment provided the Veteran can qualify (income, assets and the property appraises for at least the asking price). The entitlement determines the maximum amount the VA will guarantee, however, the maximum amount is not a flat number across the board, it depends on the county the property is located and other calculations.

Keep in mind though that even though the VA guideline might allow certain things, a bank or Lender still reserves the right to overlay the guidelines, although most don't especially when it comes to VA.

On the VA's website there is a section under "Home Loans" that addresses loan limits for further information.

Please let me know if you have any questions! I was a government loan processor for many years and I touched VA loans extensively.

I just wanted to add to Hattie's comment - programs through FHA, VA and USDA are typically only geared for properties that will be owner occupied after settlement. There may be exceptions to this rule from time to time but generally speaking, these are owner occupied programs only.

Fannie/Freddie will allow investment properties.

Thank you for the information Paul!

Hello All!

Wanted to take an opportunity to say hello!  I'm new to the real estate investment side of the business and looking to connect with experienced individuals.  I've spent the last 15 years working on the mortgage side of the real estate industry so I have a decent understanding of real estate.  I'm currently in a compliance role full time.  I want to put my real estate knowledge to work for me!

I currently live right outside of the Philadelphia area but have a love for center city and the surrounding areas which is where I plan to put most of my focus.  I'm interested in both wholesaling and flipping properties.

Please stop by and say hello!  I'm looking forward to working with and networking with like minded individuals!

D