Count Rental Income Arizona VA Home Loan

One of the changes that has made it more difficult for some Arizona buyers to qualify for a VA mortgage when they want to rent their previous primary residence out and buy a new one are the rules surrounding rental income.  In most cases, a Phoenix area homeowner must have 30% documented equity (doc'd with an appraisal) in order to use rental income to offset an existing mortgage and to qualify.  For example, if the home they are renting is worth $200,000 and they owe $140,000 or less on it they … [Read more...]