Asked by Shawn Burke, Cherry Hill, NJ • Mon Sep 17, 2012
I have a client that is presently living in a duplex that he purchased 8 months ago. He lives in one unit, and recently rented the other unit for market price. He is a veteran that would like to refinance his FHA mortgage with a VA loan to get rid of the $240 MIP each month. He has great income and credit, but he has taken on additional consumer credit since purchasing the home, and therefore his debt/income ratios may be a "bit off" right now (50%). Can the new rental income be used to help qualify for a VA refinance?
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