va loan

is va loan available for native american veterans living on trust lands?

Steve,

VA direct home loan is available for Native American Veterans who want to construct or purchase a house on trust land. Such a loan can be used to construct, purchase or improve a house on Native American trust land.

Other purposes for which these loans can be used are for simultaneous purchase & improvement of a house or for refinancing another VA direct loan that was made under this same program with the objective of lowering the interest rate. But such loan will be limited to lesser of the cost of the home or $80,000.

Niicss

does any one have address of Atlanta VA regional loan center?

Hi Marckini,

Welcome to Mortgagefit discussion board.

Georgia, North Carolina, South Carolina & Tennessee come under jurisdiction of Atlanta regional loan centre & the address is:

Department of Veterans Affairs
Regional Loan Center
1700 Clairmont Rd.
PO Box 100023
Decatur, GA 30031-7023
Tel: 1-888-768-2132

And you can also visit the website at: http://www.vba.va.gov/ro/atlanta/rlc/index.htm

Do let me know if you have any other questions.

Thanks
Blue

I have a question regarding va loans. Is it possible that a non-veteran join a veteran in getting a va loan, if that non-veteran is not his spouse

Hi Preece,

Yes it is possible but the guaranty will be based on veteran's share of the loan only. You will have to discuss with lenders to determine if they would agree to accept application for such type of joint loan.

Many lenders do agree to make such loans but normally require a down payment for covering risk of the un-guaranteed loan portion of the non-veteran. And lender will have to submit such loan to VA for approval before the loan is made.

Miller

Thanks for the reply. Another thing I forgot to ask in my previous post, will both incomes, veteran's as well as non veteran's allowed to be used for qualifying for the loan?

Preece, both incomes can be used to qualify for the va loan. But let me tell you that veteran's income should be sufficient to repay at least portion of the loan which is related to his interest in the property. In addition, non veteran's income should be adequate to cover the rest.

Miller

I need to find out how I can buy a va owned property & where can a list of va homes which are available for sale be found?

Hi Davidorf,

Welcome to Mortgagefit discussion board.

VA acquired properties are listed and sold by Ocwen Loan Servicing, LLC who are VA's service providers.

To find a list of homes listed for sale you will have to search homes available for sale in your state from their web site - ocwen.com/reo/residential/res_reofindbystate.cfm?proptype=VA

You can also search for VA homes listed for sale on this site - http://www.homesales.gov/homesales/mainAction.do

Do let me know if you have any other questions.

Thanks
Blue

thanks for your quick reply, I have another question, I need to know if seller financing/vendee financing is available for va owned properties or not

Yes Davidorf, seller-financing is available for most, but not all, property sales.

In seller financing down payment required is very reasonable and rates are established by VA on the basis of market conditions.

Purchasers requesting VA financing for purchase of VA owned properties are required to have sufficient income so that they can meet the mortgage payments, pay all taxes & insurance amount, maintain the property & meet other obligations.

They should also have acceptable credit and should have enough funds to meet his other family expenses.

Thanks
Blue

I did like to know what happens in a situation where the veteran dies before the va guaranteed loan is paid off, will the balance on the loan be paid off by VA?

Kunkle, VA will not be repaying the balance left on the loan. The other co-borrower or surviving spouse will have to continue the payments. In case there is no co-borrower then loan repayment becomes obligation of the veteran's estate.

Niicss

to get va loan what is taken as acceptable proof of military service, thanks for your help