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Mortgage and VA Loan. VA Loan eligible not on current mortgage.

My wife bought a home prior to our marriage and the mortgage is in her name only. I am a vet and able to use a VA loan to secure a home and have enough income on my own to qualify. We currently live in a small two bedroom home and have had our son and his girlfriend move in with us due to job loss. Would it be possible for me to qualify and use the VA Loan guarantee to purchase another home. Current value of home is $330,000, purchase price was $450,000. She is currently carrying a first and second mortgage. One for $350,000 and a second for $90,000. by wwgirlinsd from San Diego, California. Jun 25th 2011 Reply


Hans Bruhner (Hans Bruhner)
#133 ranked lender in California - 125 contributions

On a VA loan the underwriter will need to look at your wife's credit report and include her debts in your debt ratio so that will not work. If you have enough for a down payment you can look at a conventional loan but the underwriter may be concerned that you will buy the new house and bail on the one you are in because it is underwater so that may be an issue.

Jun 25th 2011
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Gianni Cerretani (mortgagegodfather)
#32 ranked lender in Georgia - 238 contributions

You can buy a new home with your VA loan guarantee. My suggestion would be to put the other house up for rent or list it to short sell. This would give you ammunition to downgrade into a new home. It sounds like you could also get on the title and refinance the loan 100% LTV on a VA loan into your name as the primary and her name as the co-borrower if you wanted to keep that home. You have plenty of options here I suggest getting with a local military loan specialist so they can go through all your options.

Jun 27th 2011
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Jeff Hutchison (jhutchison)
#14 ranked lender in Iowa - 40 contributions

We would be able to use your credit only and income only for the VA loan per our underwriters notice on this particular subject.

Jun 26th 2011
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Steve Sexton (steve@1800valoans.com)
#37 ranked lender in Washington - 23 contributions

If you are buying in a non-community property state, you can qualify on your own. Good luck and Thanks for serving.

Jun 29th 2011
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Many questions and variables here. I would just speak with a VA Loan Specialist and work with the best, someone that understands VA Loans extensively. You could call the best at (800) 485-2332 or go online:http://www.vamortgageleader.com/top-va-loan-originator-2010/

Jun 29th 2011
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