Use of the VA Loan twice within 1 Year (Non-Active Duty)

[Stephen Seaberry]

HI BP,

Ok, so heres the scenario:

My wife and I both have VA COEs, as we both served and are now out of the military. We bought our first house in September 2014. At the time we bought the house, we used my wife's COE and I cosigned. What wasn't accounted for in the loan approval was my retirement pay, my disability pay, and my wife's new job. This is in excess of $6K/month in addition to the income used to get the first approval. So I think we would be good in the debt-to-income ratio area considering the estimated mortgage on the prop in question would be $1,100 per month.

Scanning Zillow, I came across a house around the corner from me that is substantially under value and I'd hate to let it pass.

Ideally, I would like to use my COE to purchase this home to tie it up for later. My concern is I'm cosigned on my wife's loan and this may reflect negatively with lenders. With it being April, I figured we may be able to draw out closing to June and then fulfill the "reasonable timeframe" occupancy requirement by September 2015 (one year from the time we bought our current property).

Has anyone had a similar experience or have insight in how this deal may go if I apply for a loan? I rather not get the hard inquiry if there isn't a snowballs chance of success. Thanks in advance.

P.S. Conventional loan is out of the question, I don't have the score...yet. We have between $20K and $30K in equity (but I don't know if that is an option since we've only been in the prop for 6 months).