wrote:
The mobile home is attached to land but we have another acre of land we were going to use.
Home payment is $698
Car Payment is $550
Unsecured loan $280
I make 80k a year.
You likely have a couple of different issues.
#1) Does your local zoning/building code allow for 2 units on your lot? If so, VA should be fine with it based on this:
An Accessory Dwelling Unit (ADU) is a living unit including kitchen, sleeping, and bathroom facilities added to or created within a single-family dwelling, or detached on the same site. A manufactured home on the site could be an ADU. The dwelling and the ADU together constitute a single real estate entity.
#2) Your debt to income ratio (DTI) maybe too high for the lender you applied with. That could be for a couple of different reasons. The lender may have an overlay (their own guideline) or you maybe limited because your application/file has to be manually underwritten.
Your DTI right now is 23%, total debt of $1,528 divided by your monthly income of $6,666 =23%. If you add a monthly mortgage payment of $2,100, it pushes your DTI to 55%. That's not too bad as long as you meet the VA residual income requirements.
Renting out the manufacture home once you move out, could help reduce your DTI which could mean a higher loan amount for the new construction loan.
