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Military Movers in Bronx : Real Estate Advice

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Fri Nov 22, 2013
Michael Denniston answered:
Hi Daniel, Frist of all, thank you for your service. The short answer is yes, but read on for the details. Very few loan officers are aware that qualified borrowers can have two VA or FHA loans outstanding at the same time. Under limited circumstances the VA allows a qualified veteran to have concurrent mortgages on two residences. Earlier this year, I got a veteran approved for 104% (including 4% sellers concession) financing to purchase a home in the Bronx using a VA loan even though he had another VA loan on a home in North Carolina. Here's the key: the North Carolina home was his primary residence when he purchased it using the VA loan while he was stationed there. After many years and still on active duty he was reassigned to New York and wanted to purchase here instead of renting. Of course, he still had to qualify meeting all the other conditions for a VA backed loan. But the point is we got the loan approved, FHA has its own very strict guidelines regarding concurrent loans which I didn't get into here since your question was regarding VA loans. If you think you may end up in a similar situation to my client, it's critical that you consult with a loan officer with VA experience before you start looking for a home.

I have extensive experience helping local families become successful homeowners using safe and secure FHA, VA and conventional loans. For more information, contact me directly at 917.699.0183 or michaeldenniston247@gmail.com.

I value your opinion, please hit best answer if my reply was helpful. All the best.

Michael Denniston
Senior Mortgage Banker
NMLS# 24076
917.699.0183
The Federal Savings Bank
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