Can I get a VA loan pre-approved at 50% DTI while having a conventional loan?

I want to upgrade to a bigger home and use my never used VA benefit then rent my current home. I'm a 80% disabled vet with a total income of $6850/debt of $1997 including my conv mortgage. My mean credit score is 767/FICO 740. Do I have a shot?
(0) | asked by: Jerome Stephens | share | 33 months ago | Report
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answer by TurlockLender    |   Visit My Website   |   Contact Me
I need a little bit more information Jerome, but sounds like its do able based on what you said. One key bit of information that I need; What will you be doing with the home with the conventional loan? Rental? If so, then if that home is at 80% or less LTV you could use future proposed rental income to qualify...might be 70% LTV but I believe on Government backed programs you can go to 80% on departure residences. Now that can offset your DTI for you to qualify. Hope this helped!
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31 months ago  |   Report   |   share
answer by Alma Kee    |   Contact Me
Hi Jerome, Also the State of Florida has Military Heroes money that may be able to give you up to $10,000 to buy a home. Also non-VA buyers can get this money if they're a first time homebuyer. Thank you for your service to our country! All the best, Alma Rose Kee and Teresa Rose Kee Future Home Realty
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31 months ago  |   Report   |   share
answer by John Burke    |   Visit My Website   |   Contact Me
Hi Jerome, Thank you for your service. Yes you have an excellent shot at getting approved for a VA mortgage & you DO NOT need 30% equity in your current home to count the rental income! That is a Fannie Mae requirement not VA. I specialize in VA financing & would be honored to help you. Please feel free to contact me for more information or help. John Burke - Senior Mortgage Banker - Lending in ALL 50 states - Great Plains National Bank - 877*228*9069 - NMLS 787231
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32 months ago  |   Report   |   share
answer by Adele Langdon    |   Visit My Website   |   Contact Me
Hi Jerome, As a realtor I specialize with working with Veterans. Yes you have a shot, if you have equity in your current home, so you can use future rental income to offset the payment. You will need 30% equity. If you would like help with this let me know and I would be happy to assist you further.
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33 months ago  |   Report   |   share
answer by Kathy Shalosky    |   Contact Me
Jerome, a qualified mortgage lender would be the best resource to answer your mortgage related questions. I can provide you with recommendations if you would like. Our team of experts would happy to assist you in finding your new home. If you find that your best option is to sell your current residence, I'd love to show you how I can help you meet your goals. Contact me for a free consultation.
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33 months ago  |   Report   |   share
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