About Vito Simone of Tenant Buyer Homes Expertise Vito Simone of Tenant Buyer Homes is a licensed broker in Maryland with 12 years experience in HUD & VA foreclosure sales and training. Familiar with all aspects of HUD procedures, contract forms, web site bidding, FHA financing and rehab management. Questions welcomed about property selection, pricing, HUD/VA procedures, financial qualifying, FHA 203k loans and FHA loan quidelines.
Experience Since 1988 I have been a licensed real estate agent and became a Broker/Founder of Tenant Buyer Homes in 1992. I am an active member of the Greater Baltimore Board of Realtors, the Maryland Association and the National Association of Realtors. I am also an Accredited Buyer Representative (ABR).
Currently, I am a member of numerous community development groupss including:
The Mayor's Council on City Living; the Flipping Task Force; the Baltimore Economy and Efficiency Foundation; Member of the Public Policy committee for Maryland Association of Realtors; Chairperson of the Community Service committee for Greater Baltimore Board of Realtors; a Freddie Mac Credit Smart counselor; Member of the Baltimore City Council Small Business Ad HOC Committee.
I have more than 1,000 settled transactions.
Expert: Vito Simone of Tenant Buyer Homes - 1/17/2004
Question Hi Mr. Simone,
I am a veteran of the U.S. Air Force after a four year enlistment ending in 1976. I have never used my V.A. mobile home or home certificate of guarantee, and am curious as to whether I could purchase a H.U.D. home with my V.A. home loan guarantee certificate? Also, can I purchase an office to do business in; if I am going to live there too, and apply for the loan using my V.A. home loan guarantee? Thank you for any enlightenment. Sincerely, Mike Eidson, Lac.
Answer Mike,
I too spent tim ein the USAF - from 1977-1981 mostly at Dover.
You could use your VA eligibility for just about any home as long as the home is in good condition. The problem with using a VA loan on a HUD Home is that many HUD Homes are not in the condition acceptable to VA. As long as you find one in good condition it should be no problem.
You will need a good Realtor to help you (they could also recommend good lenders to consider).
Depending on how you actually set up an "office at home" you may or may not be able to use typical FHA or VA loan programs. The real question is how are you going to qualify? What kind of work have you done? What business are you in? Any lender will belooking at 2 years' tax returns to determine how much they can leand you.
You still need to qualify for a VA loan based on your present income and credit. VA also does not finance closing costs so you will need some cash (although you will NOT need a downpayment).
If you are in Maryland, I am happy to help you directly. If not, I can try to refer you to someone. I hope that helps you.
Best Wishes,
