We filed bankruptcy 4 years ago and out house was never reaffirmed. We have kept the house and made payments on time for the most part. We have out grown the house and would now like to buy a new property. I would like to use a VA loan I never used on the first home. We cannot sell our first home because it is underwater. We make plenty of money to qualify for two homes now. Our credit is good and we have no debt except for one car and the old home. Will we be able to get a new home? We are planning on renting the old home out. -

Yes, that should not be a problem as long as the new home is going to be your primary res. Call me to discuss your options Rick Durham 352-804-5883

I have a similar situation with a customer right now but they are planning to sell the home before buying a new house. As long as we can document the payment history on the current mortgage it should be ok. The main concern of an underwriter will be that you might stop making payments on the old mortgage once you purchase a new home. Of course you will also need to meet other mortgage qualification requirements. pdumouchel@primelending.com

qualifying for both mortgages is Ok. but you cannot use the potential income from renting your exiting home since you do not have sufficient equity.. Also, because of the BK, not every lender would be willing to lend to you, so your better off using a mortgage broker who has access to numerous lenders with varying programs rather than just one or two.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com