Mortgage Appraisal Laws
Would you buy a house for $105,000 in a prime location to renovate and be stuck in for 10 yrs. (VA Loans)?
My in-laws are willing to have me take over their current mortgage on a 23 yr old home in a Prime location with recent increased appraisals. I am a veteran so I can use my VA loan on this house, but I can’t sell the house for 10 years. The main questions are:
Should I use my VA loan and purchase the house?
Should I use a conventional loan and possibly sell it within 1 year as a fixer upper and make a profit on the house?
The house is worth $180,000, and my buying price is around $105,000. I need a larger house for my Family of 5, so should I buy this house, for $30,000 to $40,000 more than the asking price w/ my VA loan and extend it / renovate, or should I go for the $105,000 conventional loan, in hopes to make a profit to be put towards the down payment on a larger house, possibly in a not so prime location? Thanks in advance for your input!
How many bedrooms does the house have?
How old are your kids?
Is there potential to use any place in the house as an extra bedroom? Like a basement or an attic that could be converted into a loft for an older kid?
Your kids won’t live with you forever. I think it would be well worth considering the 10 year option with the VA loan. Particularly if you like the house…the extra 30 – 40,000 would give you some money to play with and you’d still be getting your “room to grow”.
Just my thoughts 
Ryan Raveis From William Raveis Mortgage Explains The New Mortgage Laws And Regulations.
Lincoln Appraisal & Settlement Services Announces AMC Certification in State of California
Lincoln Appraisal & Settlement Services, a national, professional appraisal management firm, is proud to announce that it is now certified under the new California law to provide appraisal management services in the state of California.
The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Appraisal Laws. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Laws
Can a mortgage company be charged with abetting someone who has committed fraud and embezzlement against me?
An individual was named trustee to my property and neglected to give me the grant deed as promised.. He proceeded to try a “pump and dump” on my property using a mortgage broker and a unrealistic appraisal. He borrowed excessively against the property and used the funds elsewhere. I subpoenaed the bank and discovered that everything on his application was false including more than one SS# Is a lending institution responsible for creating harm to third parties through lack of diligence and therefore, should they not be sued ,also ,for enabling this character to commit fraud? They are now trying to foreclose on my property in the midst of my law suit against the scam artist.
Call the attorney general of your state, to really screw them over. Also get a lawyer in real estate, to put a temporary restaning order, to prevent them from foreclosing. Also contact the media, they will love this story. Just some suggestions.