Financing in Watertown>Question Details

Derek Shockl…, Home Owner in Aurora, CO

Is it possible to qualify for an FHA loan when I already have two VA mortgages?

Asked by Derek Shockley, Aurora, CO Sat Jul 7, 2012

I currently own two homes I purchased with my VA entitlement. The first was in VA and has been rented continuously for three years. The second home is my current primary residence in CO. I am looking at a potential relocation to NY and wanted to know if it is possible for me to qualify for an FHA loan. My house in VA rents for 220 above PITI and my house in CO would rent for about that as well. If it is possible to qualify, how would the mortgages and rental incomes be used in the debt-to-income ratios?

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Subject to the loan amounts you also may be able to use your VA benefts again. You will pay a higher funding fee - but it will be much lees than the combination of the Upfront FHA and the annual premium. I am located in Syracuse- are you transfering in to go to Drum? My son is actually there right now as the local Marine reserve unit has the second half of there AT there this year. If you need any help call me at 315 252 5543 and I can be of assistance. I have been in the mortgage business 20 years and have dealt with most situations.

I agree with the other posters on how to handle rent to a certain degree- the property that has been rented for several years, we are going off your tax returns to see what you claimed in income-the house that you are vacating has to be 70% LTV or you are unable to use the rent and you will need to carry the house without any rental offset
0 votes Thank Flag Link Fri Aug 10, 2012
It is possible to qualify for a FHA mortgage. I would need to see your tax returns, leases and credit report to see if you qualify.
0 votes Thank Flag Link Mon Jul 9, 2012
Depends on your financials, therefore for a personalized answer regarding qualification, visit with any licensed loan officer....
0 votes Thank Flag Link Sun Jul 8, 2012
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