I have an interested buyer that wants to go VA mortgage because he has little for down payment.

The borrower has 2 options in this situation. The first is a VA loan, of course we are assuming he is eligible for this program. This will allow for no down payment. The other option is to recieve a gift for the down payment amount. The gift must be from a family member(parents, siblings, cousins, grandparents,aunts,uncles,etc.) We are one of the largest privately held mortgage banks in NJ. We specialize in NJ as 90% of our business is conducted here. Please contact me and we can deliver a closing prior to Sept. 1st. Office # 908-933-0253 ask for Peter. Or if it is more convenient for you, you can email me Pbotros@omegaloans.net , cell #347-231-4444. Enjoy your 4th of July!

A borrower is not allowed to "Borrow" for a down payment on an FHA mortgage, and a VA mortgage requires no down payment (up to $417k purchase price). Both VA & FHA financing take about the same time to close, so your question makes no sense.. Just do a contract for purchase, and he goes to his lender and applies for a VA loan.. that simple.. 30 to 45 days later, you close.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

VA is awesome. Zero down payment, and the seller can pay the buyers closing costs. For any other loan (like FHA), the seller CAN NOT give the buyer any down payment money or other inducements to purchase. Many communities offer assistance programs, but if he is a Vet, VA is the way to go. http://va-irrrl-loan-mn.com

If the borrower wants to provide me with information they can go to www.rtnfinancial.com, provide me with their information and I can see what I can do to help them.Tim Ray

Regarding your question about FHA, IF he has someone that can gift him funds for a down payment, it needs to be sourced, and very detailed... va is easier for the borrower since there is no down payment , but credit is a concern even with fha and Va loans..

Most lenders have the same credit score requirements for VA as FHA.. So FHA will not necessarily be "Easier" to qualify for.. In general, if your buyer has a 640 or above, he should be fine assuming he qualifies under all other guidelines.. If his score is below 640, he will have problems getting a loan, no matter which way he decides.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

I am a mortgage broker and I have a lender that goes down to a 540 credit score on FHA loans. I can do 620 on VA loans. Have the borrower give me a call to discuss more. 201-962-3555 Michelle