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First rental

Just going till make things simple.

My wife and I want to buy a new house. We're currently living in our first home that we purchased roughly 3 years ago on a va loan with no down payment.

The home was bought for 140k, since the neighborhood had filled up, homes in the area go for around 160ish.

The new home we want is 190k. Trying to find a way to make it work is proving to be tough. Due to our lack of fu ds in savings and checking (probablycan't put anythingdown). Mainly because I really want to keep the first home and rent it out. (In a new subdivision 10 from a large air force base)

I have very little knowledge on how these things go. But what I'm thinking is we have 1 of 2 options.

Refinance first home, and use escrow to put down payment on new home? Or refinance with a new bank to clear up my VA benefit so that the VA will approve the new loan?

Get a signed lease for original house to show it as income before attempting to get new loan?

Additional info: First home loan from VA that we got, I was the ONLY income. Now my wife works full time and makes an additional 30k/year.

If there's more info I need to add that could maybe give me more options or something that is going to negate the options that I think I have. Please share, I'd really like to learn as much as possible about this

submitted by /u/okarnando
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/e39y1g/first_rental/
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