VA and real estate

[law87]

Well I recently just made rank. While that C7 Corvette is really attractive to me! but I decided to be responsible about my money, I want to get another property. I am currently using VA mortgage on my home in maryland and I am now station in Hawaii, currently the unit is being rented out. I am curious to know if there is any way to get another property using the VA system.

 

[OBGibby]

Depends on how much entitlement you have left. If you've had the first property for awhile and it's appreciated a bit, you may be able to swing the second property with the VA again.

 

[law87]

Depends on how much entitlement you have left. If you've had the first property for awhile and it's appreciated a bit, you may be able to swing the second property with the VA again.

from what I heard, VA only approved loans for house that the owner intend to stay in, it cannot be use for rental property.

 

[jpcavin]

You can buy with VA and live in property then move due to job and rent it out. You can then buy another property through VA to live in. Problem is how much entitlement is left to purchase another one. I don't think there is enough left to buy a second property.

VA only cares about intent. Do you intend to live there as your primary residence? Period! Life changes.? Nobody expects you to commit to stay in your home the duration of the loan period.

 

[nnuut]

Yes, I had a VA loan on a home in SC and had to move to Boiled Peanut GA. I got a second VA loan and bought another home and I rented out the one in SC for 5 years. It depends how much you have authorized in your VA account, I had plenty enough to buy the 2nd house.

 

[Frixxxx]

I would definitely contact the VA prior to making the decision. I do know it is based on the guarantor limits. Since the loan is "guaranteed" meaning the VA will provide a percentage based on factors of the purchase, then your entitlement is weighed against what you were previously allowed.

Loan Limits - Home Loans

 

[BichonFreeze]

Have to say with my first home purchase right around the corner, I'm definitely jealous of those VA rates. That being said, probably the best time to buy a house. I've been noticing when the F-Fund surges interest rates drop the day afterwards. Keep that in mind if you go forward.

 

[nnuut]

I had 3 VA loans, the first one was bought by another Veteran that used his VA loan so mine was freed up, the same thing happened on the 2nd home and I paid off the house I'm living in now in 2010, SOOO I probably could get another VA loan for a home I would live in. WOW!

 

[Frixxxx]

Have to say with my first home purchase right around the corner, I'm definitely jealous of those VA rates. That being said, probably the best time to buy a house. I've been noticing when the F-Fund surges interest rates drop the day afterwards. Keep that in mind if you go forward.

The best time to buy is when you find a home, can afford the payment, and be happy with the decision.

But if you base it on APR, the rates have slowly come up so if that's your driver, I wouldn't wait much longer.

http://www.mortgagenewsdaily.com/mortgage_rates/charts.asp

For historical view.

 

[BichonFreeze]

The best time to buy is when you find a home, can afford the payment, and be happy with the decision.

But if you base it on APR, the rates have slowly come up so if that's your driver, I wouldn't wait much longer.

Historic Mortgage Rates

For historical view.

My driver is waiting for my promotion next month. It's the waiting and rate watching which is getting me.

 

[Frixxxx]

My driver is waiting for my promotion next month. It's the waiting and rate watching which is getting me.

Your promotion is huge, Congrats.
However, most of the documents the loan officer will be basing your elligibility will be your tax forms from last year and credit score. I recommend that you not try and calculate too much of your promotion into a loan. If you are trying to balance a mortgage that much, remember .28-.36 is the recommended level of mortgage to income ratio.

But if this promotion gets you into the neighborhood you want, then so be it.

Be smart!

Peace

 

[Birchtree]

If their brazen enough to cheat you on your health care why would the peterheads not cheat you on your VA real estate loan - I've never trusted them.

 

[law87]

thanks all for the reply, I definitely want a house in Hawaii! the Houses are ridiculous out here though, not to mention the electricity is through the rood and sometime sky!