VA home loan restrictions

As they look for alternate financing to meet their closing date next week, the VA administration is still tweaking how it’ll interpret DOMA ruling

VA

BEDFORD — Alan Rodriguez and his husband are scrambling to find new financing this week after the Veterans Affairs Department denied them a housing loan after pre-approving them.

Rodriguez said his husband, Earl Rector, qualified for the loan because Rector is a former Army sergeant with eight years of service. But he said his husband is between jobs, so the loan is based on his income. Since the VA office count doesn’t the income of the non-veteran spouse in states where same-sex marriage isn’t recognized, the couple was informed Monday, Dec. 9, that they wouldn’t receive the loan.

“We understood that the VA was going to recognize same-sex marriages and underwrite VA loans, ” Rodriguez said. “People thought with the DOMA ruling that all of these federal agencies now would recognize these marriages. It’s not that simple.”

Rodriguez and Rector have been together for 13 years, during which they’ve each been out of work and helped take care of each other. But now that Rodriguez’s income isn’t being considered because his husband is the veteran who’s out of work, he said the entire application process is faulty because the VA knew their circumstances when they applied.

“That’s what it means to be in a relationship is you take care of each other, ” Rodriguez said. “That’s what this is all about is the fact that we can’t function in society like normal people.”

They sold their Bedford home in November and got married later that month in Seattle before signing a contract on a new home in Oak Lawn. Their closing date is Dec. 18 and while their lender is dealing with the VA to ensure the loan will be issued, time is running out.

“We’re scrambling right now to see if we can put pressure on the VA to approve the loan but we’re about to switch to conventional financing, ” Rodriguez said.

“At this point, we have nowhere to live.”

With alternative financing options, he said they’d end up paying at least $200 more a month with a higher interest rate, resulting in thousands of dollars more for their home.


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Multiple properties?

2010-08-06 08:25:38 by wizardwarrior

I am looking to purchase as a first time buyer. I just got approved for a va loan and am looking to purchase a 4-plex. My plan is to make some upgrades, live in one of the units and rent out the other 3. Assuming this all goes well, would I be able to buy another property in 2 or 3 years? I was told that the rental income counts as my overall income, so that I should be able to purchase a 2nd property without much trouble. I checked with the VA and there are no restrictions on purchasing the initial 4-plex.
are 2nd, or even 3rd home purchases feasible?

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