Use your VA Loan Benefit to purchase a 2, 3 or 4 Unit property
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.
*** We also offer VA loans to Refinance 2, 3 or 4 unit properties – call us for more info.
You can use the rental income of the rented units to help qualify. This will 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 experience managing rental properties. Call us to see if you qualify under the VA rules.
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.
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 2011 VA Loan Limits for high cost California Counties:
$625,500 – Alameda, Contra Costa, Marin, San Francisco, San Mateo
$625,500 – San Benito, Santa Clara,
$625,500 – Santa Barbara
$625,500 – Santa Cruz
$625,500 – Los Angeles, Orange County,
$562,350 – San Diego
$615,250 – Napa
$561,200 – San Luis Obispo
$463,450 – Alpine
$520,950 – Sonoma
$502,550 – Monterey
Washington State VA Loan limits:
$517,500 – King, Pierce, and Snohomish Counties
All other California counties are at $417,000 for the 2015 VA Loan Limit. VA Loans are available with zero downpayment 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).
Call the VA Loan Pros at VanDyk Mortgage today at 866-900-2342 to get started, or apply online.
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