July 18th, 2014
Happy Friday! Hope this finds you well. We have some great questions this week!
- We are interested in a 2-unit condominium. The asking price is 1.45mil, and there are no condo fees. Are we going to have problem and what is the maximum we can borrow as a second home? First to answer your question about financing, there are two good options. First, you can borrow up to 75% on a 30-yr fixed. Other option would be to look at our banking portfolio program allowing up to 80% financing, on a case-by-case basis.
- We are looking at purchasing a new home, but we currently own a home with an FHA loan on it. My husband is retired military - can we keep our existing home and rent it out? How does this work? Actually you have two options. You can qualify for both payments and rent out the home as you choose. Or if you need the income to offset the payment, VA will allow you to obtain a lease for the property and obtain the security deposit, we can then count 70% of the lease income against the mortgage payment.
- I am buying a home with my fiancée. I want to use my VA eligibility, can she be on the loan or on the title? If you are not married or she is also not in the military - no. VA does not allow a non-spouse or non-veteran to be part of a VA transaction.
Please feel free to contact me with any questions you might have. I look forward to working with you and your clients. Please remember, I am licensed in Virginia, North Carolina and Florida.
Jennifer Keenan, Sr Mortgage Consultant, NMLS# 101837
Tidewater Home Funding, 757-272-4199