Correct me if I'm wrong, but VA has a requirement of 6 to 12 months of rental experience before qualifying for a VA multifamily loan. Therefore, you must have worked for a property management for that period of time o have owned previously a multi family home.
I've done VA multi families without needing rental experience. Usually the rule is you need 12 mo rental experience to use rental income in your debt-to-income ratio.
@@WinTheHouseYouLove Thank you to clarify, it makes sense now. However, I need the rental income to qualify according to my loan officer. After watching your video information on this channel I may have to go through regular FHA, wait a year and then refinance to a VA loan to get rid off the PMI, by that time I already have the 12 month requirement as a Landlord to quailify for the VA loan. Thank you for your input along with your informative videos, keep it up!👍
Using a construction loan to buy on raw land backed by VA. The land is further away from work than my current residence. We move to the newly constructed home within 60 days of close (or the time it takes to the rent the pre existing home), live in the newly constructed home for one year, sell the newly constructed home only to start the process all over again. This satisfies occupancy requirements from what I can tell and would be a great way to manage real estate as an investment. What are your thoughts?
@@WinTheHouseYouLove Wow thanks! Lots of money to be made in San Diego county! Is there an issue with the property being further away from work than my existing home?
If I already own a home in a conventional loan. Could I use the VA loan to buy a newer house that I would consider my “forever home” and turn my current property into a rental? I’m not looking to sell my current property because I have a lot of equity in it
It’s tricky, renting out the first property. What happens if you don’t have a tenant before PCSing to another station and using the VA loan to purchase a new home at the new station. So does that mean I’m going to be paying both homes until the first home gets a tenant?
Lets say I have an investment property owned by me and some other family members that thru a partnership to fix up properties, flip them or rent them out. Well this one property I may wish to purchase for my own dwelling instead. Can I purchase a property from the partnership with a VA home loan?
So to avoid occupancy/mortgage fraud using the va loan, all you have to do is live in that property for at least a year correct? After that are you able to purchase more multi family properties and repeat the process?
That's correct! You can buy another, but buying another multi-family gets tricky. You need a really compelling reason to not "upgrade" your housing for an underwriter to approve it. They are very hesitant to approve loans that look like someone is gaming the system.
Real estate investing, question. Do you think it's better to go as biggest as I am comfortable mortgage for my first property and wait for property value and equity to build or should i start small with 3 bedroom then a 4 bedroom after a year? Could you explain the pros and cons of both? This is from a Veteran who wants to get into real estate investing of course starting out with the VA Loan. I hope understand my question
So I’m in this situation now trying to grow my portfolio using my VA. If you want to purchase a multi-family property you should do so first. Then a 3bed then a 4bed. Every time you reuse your VA loan your house has to grow bigger in either rooms or square footage in order for you to reuse your va loan after a year. And you also don’t have to wait a full year. I’m eligible at 9 months.
My family and I just purchased with a VA loan about 6 months ago and are thinking we should downsize for personal reasons. However the VA has a one year occupancy requirement from what I understand. Are we able to qualify for a second VA loan prior to fulfilling the one year occupancy stipulation on our current home to build a smaller home that will be completely built shortly after we we meet the one year occupancy requirement? We would like to rent out our current home and intend to occupy it later. When we initially purchase this home we were planning on growing our family however things have recently changed. Would appreciate your input.
So I can’t buy a house in Arizona while I’m stationed in Hawaii even though I plan to move back to Arizona ? Just curious because I want to own a house just actually where I want to live
ok.. so i buy a 4 plex..stay in one of them..but is there an actual time frame of how long i need to live in it?.. is it written down somewhere, or does every lender have their own rules??.. also, what kind of credit score do i need to get a 4plex?
Great info. Will this apply if my active duty spouse stays at his current duty location and me, as the spouse, move to a different state (using the VA loan). Will I (the spouse) be able to fulfill the occupancy requirement? Thanks.
Hey I’m 17 and want to join the airforce. Where can I get informed on all the benefits, pay, and when I can actually buy a house. I know that I’m the airforce it’s pretty crowded so you can move out of barracks at e-3
So can I use the VA loan to purchase a house in California , live in it for a year and a half and then EAS. Move back home (Utah) and rent out the property in California ?
The 60 day rule is when you have 60 days to occupy the property after you purchase it with a VA loan. VA doesn't allow you to purchase investment properties. So you'll need to occupy for usually a year. Otherwise, it may look like occupancy fraud.
If I purchase a home using a VA loan, how soon after purchasing is my daughter (not a dependent) able to assume the loan? Does the one year occupancy apply in this scenario?
You'll need to live in the duplex as a primary residence. Also, the underwriter will most likely question why you and your wife intend on having separate primary residences. You'd have to have a really good reason. Most underwriters wouldn't sign off on this because it looks like occupancy fraud.
Awesome video, much appreciated! Quick question - I'll be eligible for the VA loan in a couple years, but already have a conventional loan on my current residence. Will it be possible to utilize the VA loan for my next place of residence (honestly my long-term residence), and have my current place/current loan be a rental property?
You'll need to live there for a year. The occupancy requirements are pretty open-ended. However, a great question to ask yourself would be: is there any way that in court it could be argued that I was manipulating the lender to believe this is a primary residence when I really was just using the home as an investment property?
