Is it possible to buy a home when you already own a home in another state that is being rented out my tenants?

Asked by Danielle, Windham, NH Mon Nov 12, 2012

We have an open VA loan in Colorado and looking to buy a home in the Windham/Salem/Derry area? Is it even an option?

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Jamin M Jones’ answer
Jamin M Jones, , Gloucester, MA
Mon Nov 12, 2012
If you need a Realtor, I have many great agents up this way and I will be glad to recommend some to you if you wish.

Just let me know - be happy to help !!

Jamin M Jones
New Hampshire Home Inspector NH Lic#280
Mobile: 978-675-7597
0 votes
Veethim, Home Seller, Cleveland, OH
Thu Dec 12, 2013
Definitely you can buy home. Before buying it budget is an important. Down payment , require pre-approval loan & many factors to be consider.
0 votes
Josh Barnett, Agent, Chandler, OK
Tue Dec 3, 2013
Yes, go over this with your lender directly.
0 votes, Home Buyer, Salem, NH
Tue Dec 3, 2013
Yes you can as long as you can answer to your new lender the following: a) how long have you been renting you CO home for? If its over a year is it reflected on your taxes as a rental? Did you list rental income? Was there a loss or positive cash flow? Depending on the answer to these questions you may have to show that your income is sufficient to cover the mortgage for both properties.
0 votes
No Name, , Nashua, NH
Mon Nov 12, 2012
Hi Danielle
The VA allows extenuating circumstances if you were relocated here for work. If you give me a call we can discuss your situation further.
Marleen J Paquette
Senior Mortgage Consultant
Residential Mortgage Services Inc
NMLS # 205609
Licensed by the New Hampshire Banking Department
0 votes
Scott Godzyk, Agent, Manchester, NH
Mon Nov 12, 2012
You certainly should be able to purchase a 2nd homeif you qualify, the only issue is you can only use your VA cert. on one home at a time. Your best bet is to meet with a local and trusted loan officer who can prequalify you at no cost and let your know what you do qualify for, what type of mortgage and what any down payment requirements would be. if you need help reaching a local loan officer I have a great one i can refer to you. I can then more than help you in finding a home in this area. I hope to hear from you soon


Trulia's #1 Agent in NH
0 votes
Jamin M Jones, , Gloucester, MA
Mon Nov 12, 2012
Absolutely, the only issue may be the VA loan - if the person on the note is not actually living in the property it may be an issue. I would definitely call the VA and inquire. New Hampshire is a great state and you should find it a great new home.

Good Luck

Jamin M Jones
New Hampshire Home Inspector
NH Lic#280
Mobile: 978-675-7597
0 votes
Lise Tremblay, Agent, Nashua, NH
Mon Nov 12, 2012
Hi Danielle! Yes it is, depending on your financial situation. Have you spoken to a lender about this yet? I have several lenders whom I work directly with right in my office. If you need someone to talk to, please reach out to me and let me know. I look forward to assisting you in your real estate needs. Have a wonderful day.

Lise Tremblay
Prudential Verani Realty
cell 603 377-0771
office 603 888-4600 ext. 1138
fax 603 891-1486

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