Using VA Loans to purchase 2, 3 or 4 Unit properties
We offer VA Loans to finance the purchase of a multi family home (2-unit, 3-unit or 4 Unit, aka Duplex, Triplex, and Fourplex). This can be a great investment strategy, as you can live in one of the units and rent out the other units. This awesome opportunity that requires Zero Downpayment up to the VA Loan Limits for your county, and that you live in and occupy one of the units to qualify for VA Financing.
You can use the rental income of the rented units to help qualify. This will be determined either by using existing tenants and their actual rent rolls, or a projected rent schedule from the VA Appraisal. Our VA underwriters will allow you to use 75% of those rents towards your income for qualifying purposes. The VA does require that the Veteran has a high probability of success in managing the rental units, this can be prior experience managing rental properties or a well qualified buyer (liquid assets, good income, great credit profile, etc).
Call us if you are interested in purchasing a multi unit property, and we can help you with the numbers. You might be surprised what you would qualify for! 866-900-2342 toll free direct.
You can also utilize VA Loans to Refinance your current 2, 3 or 4 unit property (if you occupy one unit as your primary residence). Call us to see if that will make sense for you.
We do suggest that you utilize a good Realtor when searching for a multi-unit property, as they can help with the property search, cash flow projections, and VA property eligibility.
You can utilize your VA Home Loan Benefit for a VA Loan to make your next home a true investment. Here are the 2015 VA Loan Limits for high cost California Counties:
|STATE||COUNTY||2015 VA LIMIT|
|CA||SAN LUIS OBISPO||$561,200|
All other California counties are at $417,000 for the 2014 VA Loan Limit. VA Loans are available with zero down payment for VA 2, 3 or 4 plex purchase and refinance up to the respective county VA Loan Limit. For VA Multi Unit loans over the county VA Loan Limits, we can utilize a downpayment or equity in the property to satisfy the 25% VA Guarantee requirement, this basically amounts to 25% of the amount over the county loan limit (not counting the VA Funding Fee).
Here is a complete list of California Counties and their VA Loan Limits
Call the VA Loan Pros at VanDyk Mortgage today at 866-900-2342 to get started, or apply online.
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