GlitterGal Posted September 23, 2010 Report Share Posted September 23, 2010 A friend is working to get a mortgage here in Oklahoma to purchase a primary residence. She is in the Army.The catch is that she is stationed in Texas. Her loan has been denied because it would not be a primary residence, which is required for a VA loan. That would be understandable, except for one thing. She is intending to be in Oklahoma every weekend because her kids are here, so she wants to purchase a house where she can spend time with them and then have someplace to live once she is discharged.Is there anything specific she would need to demonstrate that she intends to live in the house as much as possible, or is this just generally a no-go?Thanks! Link to comment Share on other sites More sharing options...
2ndTimeAround Posted September 23, 2010 Report Share Posted September 23, 2010 .I wrote a FHA loan 5yrs ago for a man in the Army stationed in Waco Tx. Helped him buy a home in Tulsa Ok. His wife and kids were living with their parents. To prove his residence - one of the parents co signed on the loan.Who are her kids staying with? That person is who you need to include......... Link to comment Share on other sites More sharing options...
GlitterGal Posted September 24, 2010 Author Report Share Posted September 24, 2010 That's kind of the sticky part. See, after joining the Army, her husband decided one day that he didn't want her gone, so he filed for divorce on grounds of abandonment. It has been a very contentious divorce, and he has primary custody of the children, which is why she has to come to Oklahoma to see them. However, she does have papers that state the childrens main residence will remain in Oklahoma. She also has her parents here (where she currently stays with her 3 children when she is home), so could they maybe do a loan?Also, are FHA and VA loans exclusive to one another? Link to comment Share on other sites More sharing options...
2ndTimeAround Posted September 28, 2010 Report Share Posted September 28, 2010 That's kind of the sticky part. See, after joining the Army, her husband decided one day that he didn't want her gone, so he filed for divorce on grounds of abandonment. It has been a very contentious divorce, and he has primary custody of the children, which is why she has to come to Oklahoma to see them. However, she does have papers that state the childrens main residence will remain in Oklahoma. She also has her parents here (where she currently stays with her 3 children when she is home), so could they maybe do a loan?Also, are FHA and VA loans exclusive to one another?GGirl - I am no longer a loan officer - The best thing about them is the FICO score is not looked at (payment history is). VA loans are designed to help eligible current and former military members get affordable housing. A VA loan often offers more lenient underwriting terms than many conventional loans, but qualified applicants do have restrictions on the uses of a VA home loan.Compare them to FHA loans - little down payment, min credit score 640 (as of Oct 2010). 30yr fixed rates, automatic drop off PMI after five years.If you qualify - go for them...As I was writing this, I remembered an Agent in Texas I spoke to last year from another forum. He impressed me - never met him. He knew a lot about VA loans, check him out Chad Bowman-Va Loan Spe******thttp://www.chadbowman.com/public/8303 N Mo Pac Expy # A201Austin, TX 78759-8300(512) 646-0800 Link to comment Share on other sites More sharing options...
veteransadvocate Posted March 8, 2012 Report Share Posted March 8, 2012 That is a sticky situation. Good luck and I hope everything works out! Link to comment Share on other sites More sharing options...
Recommended Posts