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How much will I qualify for???

I recently refi-ed my current home and would like to rent it and purchase another.  If my lease contract covers my current mortgage and my combined income is around $150k annual.  How much home will I qualify for?  I think I will use my VA for the first time.
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August 10 2012 - Staten Island
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Answers (3)

I had a client recently who was able to do a conventional new home loan, while renting out the current home. He had excellent credit, over 30% equity in the current home, and a leasee willing to pay first, last, and a deposit well in advance of the closing/moving in.
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August 10 2012
You have a couple of issues........ if you refinanced your current home less than a year ago, there may likely be an problem being able get financing to purchase another property now. Your deed of trust/mortgage likely has a clause that says you agree to occupy the property for min of one year. Another issue will be not being able to count any rent to off set current payment.
I would suggest that you get pre approved including a real person Underwriting before you go forward. Getting an automated underwriter approval is not going to pick up the refinance if less than one year, but a real person doing a final underwriting will.......
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August 10 2012
Since this goes a bit beyond just plugging in numbers on a mortgage calculator, I would suggest you find a financial institution that is qualified to give VA backed loans and discuss what you would like to do with a loan officer there.  Many factors go into qualifiying for a mortgage, including your credit score, your debt-to-income ratio, and interest rate of the loan. 

Your lending institution loan officer should be able to answer any questions in this regard, and also pre-qualfiy you for a mortgage before you start shopping for your new home.

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August 10 2012
 
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