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Subject:  Re: Duty Reassignment Date:  2/2/2006  4:50 AM
Author:  ApacheMech Number:  220011 of 312188

I found a place that was able to finance a 2nd mort. for 125% of the value of the house. I knew it was a stupid thing to do at the time, but I had no other options to make ends meet. It will work if I can pull some strings and stay at Colorado.

Renting for income is a distant thought right now. I am just trying to hold off selling the house until there is more equity in the loan. I have several houses in TX that are paid for that I can probably get a loan for to cover the 2nd mort. if I decide to sell the house.

The VA loan laws state that I can rent the house after paying on the loan for a year. I cannot, however, apply for another one if I find a house I would like to purchase in TX. That doesn't mean I can't buy a house with another loan-just doesn't have the VA Loan Guarantee on it.

I haven't had the house appraised for awhile and last time I did have it appraised, there weren't any houses near it. Now there are houses everwhere. I also did some work to the house to raise the value. I will have it appraised upon returning to check that possibility as well.
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