House in Wifes name?

Hey Richard.. If you're on the mortgage, then changing the title won't help, the lender is going to know.. Plus on your application you would have to state where you are currently living, and it asks if you pay rent or a mortgage payment.. if you cannot select either, that will create questions.. And they eventually will know. But you don't need to transfer title to qualify for VA... So long as you qualify for both mortgages based on your debt to income, you can purchase a new home. If you need the rental income to qualify for the new loan, then VA might not allow it.. or at best only a portion of the proposed rental income. Keep in mind that VA only guarantees loans, they don't lend money.. the lenders are very aware of a strategy called "buy and bail", where a borrower says they are going to rent out their current home and buy a new home.. Once they close on the new property, they let the other one go back to the bank.. so expect some intense scrutiny of your motivation to find a new home.. The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

In today's world, the lender is going to find out about the other property anyway, and not disclosing it would likely be considered a form of fraud. The best thing to do is to work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. They will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, they are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. They will be able to identify the income and ratios you situation brings to the transaction and can correctly guide you to the answers to the questions Will I qualify? and for how much? Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

if you are underwater on your home, that you are currently living in, and are a freddie or a fannie loan, and are current on your house payment, and have income, I can possiblly lower your monthly payment, and I have very low underwriting fees, but as the others have said,you can not get away with trying to use the VA AT THIS PRESENT TIME.. VA is very very strict when it comes to only providing loans for a primary home, and they have been known to actually knock on the door... I assume that you are the VETERAN?? OR IS SHE?or both??? if you could qualify for both, and the house that you want is different than your current home, based on factors, you are either upgrading your home in size, or downgrading, kids are gone, etc, closer to work, etc then I can work with you on the VA LOAN.. linda yourloanpartnerforlife@live.com

Richard, good thinking kind of...well creative for sure...but as others have said since you don't have rental experience or have claimed rental income on tax returns YET, you could try to HARP 2 the current property low payments and maybe try to qualify carry both houses...or rent it down the road and wait till you have 12 months of rental history, to ease your DTI...call me I specialize in the State of Florida