VA loan in NYC/Long Island (home loan, escrow, real estate, approved)
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We've relocated from NC to Long Isand, and we're looking into real estate. I'm eligible for a VA loan.
I know that we need to qualify for a mortgage with an approved lender and that VA then guarantees the loan. Are there any restirictions on purchasing foreclosures or short sales provided they pass the inspection? Any general restrictions on using a VA loan that we need to be aware of?
Not only must it pass inspection, but it must have the utilities on, appliances in, and what may seem cosmetic might actually need to be repaired prior to close. That is not often feasible with as-is foreclosure sellers. Also, the lender is going to have to cover non-allowable fees because it is not likely that a bank selling a foreclosure will do so.
You might want to reach out to a lender who specializes in VA loans. I recently purchased a VA loan and had a wonderful loan officer to say the least. He's a prior vet himself and he took the time to really explain things to me and answered all of my questions.
Some VA lenders can do escrow holdback for minor repairs if needed. Something to ask about.
Sending you a PM
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