VA Loans to refinance your 2-4 unit home in California
Using your VA Home Loan Benefit to refinance your Duplex or 2, 3 or 4 Unit property in California
We offer VA Loans to refinance multi family homes (2-unit, 3-unit or 4 Unit, aka Duplex, Triplex, and Fourplex). The maximum loan to value is 90% for Cash Out, and 100% for Rate/Term (ie no cash out), and you must occupy one of the units. There is no Mortgage Insurance on VA Loans, and the rates on VA Loans are very competitive compared to Conventional loans. Plus – The VA Loan can go up to 90% on a refinance for 2-3 or 4 unit property. Conventional loans are limited to 80%.
** We also offer VA Loans to purchase 2-3 or 4 unit homes – more info
You can use the rental income of the rented units to help qualify. This will determined 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 refinancing your 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.
Utilize your VA Home Loan Benefit for a VA Loan to maintain your investment at good terms. Here are the 2015 VA Loan Limits for high cost California Counties:
- $679,650 – Alameda, Contra Costa, Marin, San Francisco, San Mateo
- $679,650 – San Benito, Santa Clara,
- $625,500 – Santa Barbara
- $679,650 – Santa Cruz
- $679,650 – Los Angeles, Orange County,
- $672,750 – Ventura
- $649,750 – San Diego
- $679,750 – Napa
- $615,250 – San Luis Obispo
- $648,600 – Sonoma
Washington State VA Loan limits:
- $667,000 – King, Pierce, and Snohomish Counties
- $483,000 – San Juan
All other California and Washington state counties are at $453,100 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).
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 online
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