Can I buy a 2nd home on VA loan in Spring after buying another home on VA loan for $117,472 in Houston?

My husband recently left the US Army and also we are recently wedded. I recently moved from oversea and working two jobs. The first job at the VA medical center is $31,872 per annum and the 2nd job at a nursing facility with annual income of $14,400. My husband recently gotten a full time employment with the Texas Department of Criminal Justice as a Parole Officer with a $35, 879 annual income. Our combine incomes is $82,151 and we have only a daughter and thinking about making more babies. He and I, are planning on renting our 4 bedroom home and buying a 5 or bedrooms home in Spring in the $200- $250,000 price range. My husband have a car payment of $334 per month, and child support of $438 and our present home mortagage i at $875 per month. I have a student loan ($5600) for $50.00 a month and no car payment or any other debts. We already have a Renter for our home and She is eager to sign a 12 month lease agreement for $1100 per month. Is it possible we keep our home and get a 2nd home using VA ?
(0) | asked by: Rob K | share | 33 months ago | Report
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answer by John Wiley Real Wiley    |   Contact Me
There are Lenders that are well informed about all VA regulations and what can be done. You would do well to work with a VA experienced lender. If you need some suggestions on who covers your area, please contact me for that information.
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33 months ago  |   Report   |   share
answer by Andrea Thompson    |   Contact Me
It is possible. You are looking at a couple of different things, but it is possible. First, be aware already having a home will effect your debt to income ratio. Second, VA loans offer what is called Bonus Entitlement, but there are limits, depending on how much of the VA loan you used for the first house. I would strongly recommend you speak to a professional, someone that is familiar with VA loans (ask them how many VA loans they have closed in the last year)
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answer by Amanda Nicodemus    |   Contact Me
Since you already have a VA loan and plan to lease out the first home (primary residence) and upgrading to a larger home, then yes, it's possible to obtain a new VA loan for the new home. You may apply online at the texas mortgage pros website.
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33 months ago  |   Report   |   share
answer by Amanda Nicodemus    |   Contact Me
Well, is your current home loan on a VA loan?
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