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Okay here is the situation. Wife and I are both active duty military. We currently live in Dayton, OH stationed at Wright Patterson AFB. We own a home that we purchased in 2006. We just received orders for Whiteman AFB, MO with a RNLTD of Nov 09. The loan on our home in Dayton is a VA loan and we have decided to rent the home out rather than sell it. The area is prime with lots of military looking to rent and even more coming this summer after a base closure in Texas.
So my question is would it be wiser to rent at Whiteman AFB, MO or buy. When I run the numbers our Debt to Income ratio comes to 0.31 if we for some reason we had no renter and had another mortgage payment of $1500 total. How can I find out if we can even qualify for having two mortgages? Annual income is about $120,000 both of us have VA entitlement so mine is on Dayton home, wife would use hers for Missourri home. Like I stated earlier with all debt to include Dayton Mortgage and new mortgage DTI comes to 0.31, most likely we would have a renter which would at least match our monthly mortgage on that home. How would I go about getting a preapproval so that Im not wasting my time house hunting only to find out we can’t get a loan anyway. We are scheduled to move between Sep – Nov 09. Just seems overwhelming to buy and easier to rent but I don’t want to miss out on a prime market for a buyer.
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