VA Loans can be used 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 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 to offset the Mortgage Payment. The VA does require that the Veteran has a high probability of success in managing the rental units, this can be documentation of prior experience managing rental properties or a well qualified buyer (liquid assets, good income, great credit profile, etc).
You can also utilize VA Loans to Refinance your current 2, 3 or 4 unit property. You must live in one of the units, call direct to find out more.
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 – give us a call at 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 2015 VA Loan Limits for high cost California Counties:
STATE COUNTY 2015 VA LIMIT CA ALAMEDA $625,500 CA CONTRA COSTA $625,500 CA LOS ANGELES $625,500 CA MARIN $625,500 CA NAPA $615,250 CA ORANGE $625,500 CA SAN BENITO $625,500 CA SAN DIEGO $562,350 CA SAN FRANCISCO $625,500 CA SAN LUIS OBISPO $561,200 CA SAN MATEO $625,500 CA SANTA BARBARA $625,500 CA SANTA CLARA $625,500 CA SANTA CRUZ $625,500 CA SONOMA $520,250 CA VENTURA $603,750 WA KING $517,500 WA PIERCE $517,500 WA SAN JUAN $483,000 WA SNOHOMISH $517,500
All other California and Washington counties are at $417,000 for the 2015 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 down payment 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 Get started on your VA Loan online.
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