Sub2
Are there any restrictions if I take a property sub2 if it is VA loan on 1st and Home Equity line of credit for the 2nd?
Are there any restrictions if I take a property sub2 if it is VA loan on 1st and Home Equity line of credit for the 2nd?
Hi csilvestri,
If you are taking a VA loan subject-to, make certain that you explain to the seller that this will tie up their cetificate until the property is sold or refi'd out. If the seller is not going to buy another home right away, this will work fine.
If you are taking a line of credit subject-to, I would make sure that you close the account so that the seller could not take any more money out against it!
BAMZ
Thanks BAMZ!