I own 2 properties one of which is a rental property that has been occupied for 4 1/2 years under Section 8,

Asked by Renee, Temecula, CA Fri Dec 26, 2008

I live in the 2nd one. I'm married but they are in my name only (I purchased them before I got married). We have no debt other than his car and all of my cars are paid for. My husband is military and he has never purchased a home so we want to use his VA to buy a house together and rent out the one we live in converting it to rental property. We're told because of my 2 properties we can't buy another home together. Why?

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Renee, Home Buyer, Temecula, CA
Fri Dec 26, 2008
No....... I did not add my husband on either property, cuz he didn't help pay for them and they are both conventional loans, as a matter of fact, before I got married, I worked 2 jobs, busting my butt and was able to put $150K down to even be able to get a house! we have never co-mingled funds, never filed tax returns together, never had credit cards together, never had bank accounts together. he has never owned a home, my credit score is around 750 and my husband's is around 706. We have a combined income of about $125K
1 vote
Rhonda Burge…, , Smyrna, TN
Fri Dec 26, 2008
Hi Renee. Let me ask you a couple of questions to try to figure out why you are being told that you two cannot buy a home together. Did you add your husband on the deed of your two properties? If so, the lender may be looking at this property as a third property for the TWO of you and not looking at your husband as a first-time buyer since he technically "owns" other properties. What type of loan do you have on the properties, especially the one you are living in? Is it an FHA loan? If it is, this will be a problem for your lender also because FHA loans are meant for owner-occupied properties. What you may have to do if this is the case is refinance your current residence into a conventional loan before you can purchase your new owner-occupied home with another government loan. Ask detailed questions of your mortgage banker/broker as to why you are being told this. Shop around and talk to more than one lender. Hope this helps.

Rhonda Burgess, Broker
Realty World Southern Living
(615) 349-1346 - office
1 vote
Grace Hudson, Agent, Canyon Lake, CA
Fri Dec 26, 2008
Depending on your income and credit you should be able to purchase another home. You have to prove you can make all the payments in order to purchase another home and/or get a rental agreement for the home your living in now showing as soon as you vacate that home it is rented. Let me know if you need the number of a lender who can give you an answer directly from the Underwriter. I have a fantastic lender who can help you with this.
1 vote
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