Real estate forum - Home mortgage questions

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Home mortgage questions

First Time Buyer

2007-09-13, 1:25 pm

My wife and I are buying our first house in northern California. We
will gross aprox 90,000.00 this year. We made an offer on a home for
239,500. Our realtor is going to submit a loan for "my community",
because we do not have money for a downpayment. Does anyone know what
the income limit is for this loan? She said that if we can't get that
loan then she will submit it for "flex 100". I am a veteran and am
qualified for a VA loan. The interest rate on the my community loan is
6.85%. The VA loan interest rates range from 6.5% to 5.5%. My realtor
says that it is better to get the my community or flex 100 loan due to
all of the red tape required with a VA loan. Is there a lot of red
tape with a VA loan?

Louis Nardozi

2007-09-14, 9:25 am

First Time Buyer wrote:
> My wife and I are buying our first house in northern California. We
> will gross aprox 90,000.00 this year. We made an offer on a home for
> 239,500. Our realtor is going to submit a loan for "my community",
> because we do not have money for a downpayment. Does anyone know what
> the income limit is for this loan? She said that if we can't get that
> loan then she will submit it for "flex 100". I am a veteran and am
> qualified for a VA loan. The interest rate on the my community loan is
> 6.85%. The VA loan interest rates range from 6.5% to 5.5%. My realtor
> says that it is better to get the my community or flex 100 loan due to
> all of the red tape required with a VA loan. Is there a lot of red
> tape with a VA loan?
>
YOU'RE better off with a VA loan, but your REALTOR will have to go to a
bit more work to find an owner who'll sell to someone with VA financing.
They are much more strict about you getting a house in good working
condition so sometimes a house that can get conventional financing can't
get get a VA loan unless the seller does repairs first.

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