I have seen in numerous places online that you can have a second VA home loan, and rent your previous home. We live in Tampa, and the housing market hit here pretty hard- we purchased the house a little over a year ago for 130k.
We recently found out there will be another addition to the family, and feel that this house will not be big enough for our new family. We are not upside down in our mortgage-however, it is worth about what we paid- AND we updated the kitchen and bathrooms. IF we were to rent out our house, our realtor told us we would get about 1200-1350 a month, our mortgage/insurance is 950. So we would even make a little profit monthly. We would hate to sell and not have anything to show for our remodeling and sweat equity. Our realtor also told us that the house would be appraised for a lot more in a few years(...obviously) and she was the one that brought the idea of renting it out to our attention.
Is this feasible? We called into our loan company- Regions, and were told no. That NOONE can have more than one VA loan.
Is this because we purchased the house only a year ago? Or that we will be staying in the same area?
Also, if two VA loans are possible, would we need to be able to show that we can pay both mortgages, or would they take the rent from previous house as "income"
You have to have enough eligibility remaining in order to have multiple VA loans. If you don't have enough eligibility remaining you still have the option of doing the FHA Veterans Loan.
Guru, correct me if I am wrong, but regardless of entitlement left, you must intend to occupy the property as your primary residence. Many times the confusion arises when husband and wife are both eligible vets and one uses his/her entitlement on the first home purchase and then moves and the other spouse then uses their's to buy the next home.
