Posted: Mon Nov 09, 2009 3:24 am Post subject: VA loan question need opinion pls prt 2
OK please riddle me this. VA loan on current house. Using the rest of my entitlements on another house. Current house is for sale. Assuming I do not sell my current house in time will I be able to be approve(i know there are not definate answers just looking for opinion) for the second home. Army required me to move. Here are the facts
New price is 222900
FICO of 704(TU) and 680EQ)
Current PITI : $1160
Auto loan : $661
New PITI est : $1540
Gross monthly: 5930
Residual Inc : 1700ish(VA minimum is 730ish
Reserves :35k savings and 15k retirement account
Old charge paid charge off from 2003. Fell off of TU already
2 30 days lates from 2007 due to change of bank info
If you already have a mortgage on a property, then it would get difficult for you to qualify for another one. It would be better if you could sell off your existing property first and then apply for another loan. Moreover, you should remember that if you have two mortgages, you would be responsible for paying both of them off. It may get difficult for you to pay off both the mortgages.
BTW, have you listed your existing property in the market? You should list your property immediately and check out if you can get buyers for the property.
Take care.
Guest
Posted: Wed Nov 11, 2009 8:39 am Post subject:
Thank you for the reply, Wells Fargo pre-approved without any problems. Current house is on sale but I can afford two mortgages without difficulties
If you've been pre-approved for the loan, then I don't think you would face any difficulties in getting it. However, you should check out whether or not it would be possible for you to payoff both the mortgages in the long run. _________________ Procrastination is the enemy of your financial success
snypam118
