Help with DTI denials moving from first home to 2nd
I am pre-approved for $350k. I am using a VA loan and must live in the house for a year before I can move. The payments would be $1976 because I am exempt from taxes. My income is $7600 a month and I have $600 in debt. So my DTI is currently around 35%. I want to spend the next few years, estimating 4, allowing my home to appreciate and amortize down to 20% equity in the home. Then I'd like to buy the second house using the rest of my VA entitlement which would be 0% down for around 350k and move into it and rent the first one.
having the first home i would be living in, i would be trying to get approved for the next 350k house, but the mortgage on the first and on the second combined puts my DTI to 65%. I know once I move out I would rent the first and the bank would cosidider 75% of the rental income, which would only put my DTI at 53%.
I can't generate rent in the first home until I've moved out into the second home I'm trying to secure the loan with 65% DTI with, which makes me stuck. Any ideas?
I have veterans united tell me if I take the first mortgage with them, for the second mortgage they will consider the rental income before I have a Tennant in it as long as I have a signed lease from a non family member that starts their rent the day I would move into the second home.
Any other lender tricks anyone knows about or things to do to make my plan come true?