Buy a Multi-Unit Property with a VA Loan

11/3/2014

Whether you are a Veteran or not, you should know about this because not everyone is aware that Veterans can use a VA loan to buy up to a 4 unit property as long as they live in one of the units.  So even if you’re not a Veteran, you might know someone close to you that would benefit from this.  VA loans provide 100% financing, and currently have the lowest interest rates available.

This is especially helpful to people just starting out in the real estate market, because you can offset a portion of the mortgage payment with the rental income.  So if the rental income is high enough, the renters may pay most, if not all, of the mortgage.  You also do not need as much income to qualify, or you can buy a larger property with the same amount of income that would normally get you a much smaller single family home.  Then in a few years you may want to move, you can buy something else, and will have a rental property with positive cash flow.

Now there are a few hurdles that come with this.  It’s a VA loan, so the property has to be in fair living condition, and structurally sound.  You can’t buy a dump, even if you plan on fixing it up.  Also all utilities must be accessible and maintainable separately from each unit.  The biggest hurdle is that you will be required to show 6 months cash reserves.  This means that you have to have 6 months of full mortgage payments (principal, interest, taxes, and insurance – PITI) in your bank account.  You don’t have to use any of that money; you just have to show that it’s there.  For further reading, check out this article at military.com
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So I hope that this helps you, or someone you know.  If you have any question, or need help with any of your other mortgage needs, feel free give me a call

Harry Ahlstrom

(530) 757-7707