Buying a home is both exhilarating and exhausting, and it's difficult enough to purchase a home when you go with a conventional loan, but when you have to go with an FHA (Federal Housing Authority) loan, you are in for some serious trouble.
Once upon a time, when you found a home that allowed you to go through FHA, you knew you were getting a good deal, because the home had to pass all kinds of inspections and the house was move-in ready. Today, those inspections are lacking in too many respects and not everything is move-in worthy, as one of my daughters recently discovered.
She had been performing circus acts, jumping through all kinds of legal hoops in her attempt to purchase a home with an FHA loan. She most definitely makes enough money to afford the home, but the loan, through FHA, is nearly impossible to obtain, and pleasing the people responsible for approving it is remarkably complicated.
VA loans, on the other hand, might be easier to obtain. VA stands for Veterans Affairs. Unfortunately, my daughter cannot get a VA loan, because she has never been in the military – her brother, however, can, so I'm using this blog as a big "shout out" to my son, in the hopes that he will get the hint. He loves his sister, so he may be willing to help.
VA home loan rates are so much lower than conventional rates, so it would be silly not to ask him if he would be willing to cosign, right? Or – he could purchase the home for his sister and put it in her name! I really have raised some amazingly generous kids – I really have (hint hint).
Try Wells Fargo to start ;)