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Renting Recent VA Refi

We have just completed a VA refi on our current home.  We've lived here for 4 years.  Its feeling kind of small though and we want to purchase a new construction here in town with an FHA loan.
1) Will we be able to do this?
2) will it affect our interest rate on our VA?

Monthly income: 7500, current obligations (including current mort/tax/ins) 1890.

TIA
  • November 24 2012 - Melbourne
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Answers (1)

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If your plans are to lease the current home, you will need 25% or more equity to count rental income. Otherwise you will need to qualify for both current and new housing payments. Good time to get pre approved by a local lender through a referral to a loan officer; or find one on Professionals tab above in your local area/state.
Your current VA loan rate will not be impacted.
  • November 24 2012
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