Cautionary note...If you are buying a house you are renting that is a short sale that probably is not an arms length transaction and sellers bank might not like it. Sellers more and are called to the carpet by their banks for putting in a tenant to stall foreclosure and if that tenant writes an offer it is scrutinized to see if the buyer was a party to fraud.
Now to Volensaeros' issue.. a 46% DTI shouldn't be an issue, we just got someone approved for VA financing with a 50 DTI and a 643 FICO score with a foreclosure 3 years ago, so since your credit score is higher than that and your DTI is lower... unless you having some serious recent credit issues then so far it sounds do-able. What exact issues have you been running into/why are they saying that you can't get financing?
Shane Milne | Loan Officer in Orange County, CA | NMLS #81195
Direct local #'s: 949-273-4161 or 646-257-4842
Lending in all 50 states, all types of mortgages
I was in during Nam, and no one said that to us when we got out.
Secondly; please go see your local VA office;
You will need your Letter of Eligability anyway.
They can tell you about the second house, and advise you.
They have no axe to grind, they really want to help you, you can trust them.
Good luck and may God bless