Can I get a VA loan and keep my FHA loan?

Asked by Dar, Baltimore, MD Sat Feb 25, 2012

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, ,
Tue Feb 28, 2012
Hi Dar,

Sure, as long as you're going to occupy the home as your primary residence.

You maybe able to rent out your other home and use the rent to offset that mortgage for qualifying depending on the reason for the move.

Feel free to contact me for more information or help with your VA mortgage.
1 vote
Gordon Haraw…, Home Buyer, Upper Marlboro, MD
Sun Apr 22, 2012
The short answer is yes providing you qualify for both mortgages. You cannot use future rental income on the property you are vacating unless you have more than 30% equity and a rental contract in place and proff of rent income which is unlikly since you are still living in the home. That said you will need to qualify on both payments. Wish ou the best, Gordon
Web Reference:  http://www.sotrustmtg.com
0 votes
The Roskelly…, Agent, Gambrills, MD
Sat Apr 21, 2012
Yes you can! In fact VA loans are the least expensive way to purchase a home you are going to occupy. And they are a great thank you for serving our country. Best of luck with your new home!
0 votes
Gena Bolton, Agent, Grayton Beach, FL
Sun Feb 26, 2012
yes ... if you intent on the VA property to be primary home
0 votes
, ,
Sat Feb 25, 2012
I agree you need to give a bit more info. I'll go with you having an FHA and wish to move while renting. And then use your VA benefits to purchase a new home. If that's right and you have your VA eligibilty than yes you may do that. As others said you'll have to qualify for both homes more than likely with no rent being used to help out. Depends how much equity you have in the home now. VA is easier to qualify then ant other loan so that will be helpful. Let us know if you have any other questions. I specialize in VA loans if you need my help.
Thanks
Brent
0 votes
, ,
Sat Feb 25, 2012
Only if you are truly going to move to the new house, do not even think about misleading a lender and use the VA loan to purchase a rental property calling it owner occupied. That is a serious criminal offence. Good luck,
0 votes
Robert Mcgee, Agent, Baltimore, MD
Sat Feb 25, 2012
I assume you have a FHA loan on a property that you wish to turn into a rental and buy a new home with a VA loan. You will be required to show enough income, excluding rental income, to support both loans. As time goes on and you have a proven income stream from the rental you can hypothecate 60-80% of that income for credit purposes. Further, it may be possible in special circumstances to hypothecate a portion of the rental income at the outset based on the terms of the lease, the credit of the tenant and the amount of rental security. You need to work with a LO who knows the rules. i can make suggestions as I just went through a similar scenario with my son.

Bob McGee
Advance Realty Timonium
410-560-4574

http://www.baltimorerealty.blogspot.com
0 votes
, ,
Sat Feb 25, 2012
Yes, assuming you qualify for both payments. Would not be an issue. Btw, army officer here - fell free to give me a ring, I would be glad to help!

Brent
Web Reference:  http://www.203kworld.com
0 votes
Marney Kirk, Agent, Towson, MD
Sat Feb 25, 2012
Hi Dar, I believe that would depend on your financial situation and circumstances. Do you have a loan officer you could speak with about this? If not, please let me know, I know a few lenders who handle both VA and FHA.
Thank you & good luck!
Sincerely,
Marney Kirk
Keller Williams Excellence Realty
Web Reference:  http://www.realtormarney.com
0 votes
The Roskelly…, Agent, Gambrills, MD
Sat Feb 25, 2012
Hi Dar,

Need a bit more information. Are you talking about keeping your existing home which has FHA financing and purchasing a new home with your VA loan? If so, the answer is yes you can.
0 votes
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