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Question
I am currently refinancing my house. The market here in nc is low now. I have a VA Home loan I can use. Can I use my VA home loan and buy property and sell it? Stay at my current address, my wife and I are trying to make money doing this. Any help would be appreciated.
Hi Mark,
Your VA loan eligibility can only be used on a personal residence, not on an investment property. VA is meant to be used only for your primary residence. You will need to get regular conventional financing on your investment property.
Keep in mind, that with the recent shift in mortgage lending guidelines you will probably need to have at least a 10% down payment available for the investment property (possibly more depending on your personal finances). Many mortgage programs have disappeared with the crash of the sub prime market, and there are no more 100% investor loan programs left.
Your instincts are right on, Mark! Now is a GREAT time to be buying property. All the serious investors, who were NOT in the market during the crazy years of 2004 and 2005, are now coming back and snapping up properties right and left. Buy when everyone is selling, and sell when everyone is buying. Good luck with your investing!!
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Diann Tonnesen
Expertise
I have over 25 years of experience in real estate in Las Vegas. I can answer almost any specific question about buying or selling homes, condos, high rise properties or land in the State of Nevada as well as general real estate questions that pertain to the industry as a whole. I can also answer questions related to financing on FHA and VA loans, conventional loans, interest only loans, stated income loans, and hard money lending. You can also go to my site at http://www.greatlasvegashomes.com which has lots of information on it as well.
Experience
With my husband I have been helping families call Las Vegas home for over 23 years and I still love it! We developed a strong niche in the Internet industry and had to start a team of agents to respond to the large volume of calls we were getting. Currently we have 18 full time agents, a sales manager, two leads managers and two transaction coordinators assisting us. Last year we helped over 280 families and investors find property in Las Vegas.
Organizations
Las Vegas Board of Realtors and the National Association of Realtors
Publications
PR Web, Las Vegas Review Journal, and interviewed for numerous magazines as well as a broadcast interview for television by CNN.
Education/Credentials
college journalism major
Awards and Honors
Top agent in the state of Nevada for sales multiple years when working for Century 21 and last year one of the top 10 agents in the country with Prudential.
Past/Present Clients
Just too many great clients to mention here, but I can certainly provide a long list of references on request. Or check out our web sites at:
Las
Vegas Real Estate
Las
Vegas Condos
Henderson Real Estate
Las
Vegas Golf Course Homes
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