VA 2-4 Unit Loans
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 Four-plex). 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 Down payment 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.
VA loans to purchase or refinance 2-4 unit properties are available up to $2,000,000. Veterans with full VA Entitlement now have no VA Loan Limit, even on 2-4 unit VA Loans. Qualified Veterans with full VA Entitlement can finance VA 2-4 unit homes up to $2m with zero down payment required. Veterans with partial VA Entitlement can also finance VA 2-4 unit homes up to $2m, however a down payment will be necessary. The amount of the down payment is a formula based on your VA County Loan Limit, your remaining VA Entitlement, and the purchase price of the home.
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 or call/text Brian direct at 760-752-4480.
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.
VA loans are available up to $2 million. Veterans with full VA Entitlement are eligible up to the full $2m with zero down payment required. Veterans with a partial charge against VA Entitlement are also eligible up to $2m VA loan amounts, however a down payment will be necessary. This is calculated by a formula using your remaining VA Entitlement and the VA county Loan Limit.
Here are the 2023 VA Loan Limits for high cost California Counties:
** for calculation of VA Loan down payment for Veterans with partial VA Entitlement available
STATE COUNTY 2023 VA LIMIT CA ALAMEDA $1,089,300 CA CONTRA COSTA $1,089,300 CA LOS ANGELES $1,089,300 CA MARIN $1,089,300 CA MONTEREY $915,400 CA NAPA $1,017,750 CA ORANGE $1,089,300 CA SAN BENITO $1,089,300 CA SAN DIEGO $977,500 CA SAN FRANCISCO $1,089,300 CA SAN LUIS OBISPO $911,950 CA SAN MATEO $1,089,300 CA SANTA BARBARA $805,000 CA SANTA CLARA $1,089,300 CA SANTA CRUZ $1,089,300 CA SONOMA $861,350 CA VENTURA $948,750 WA KING $977,500 WA PIERCE $977,500 WA SNOHOMISH $977,500
Most other California and Washington counties are at $726,200 for the 2023 VA Loan Limit. VA Loans are available with zero down payment for VA 2, 3 or 4 plex purchase and refinance up to $2m without regard to the respective county VA Loan Limit. The VA County loan limit only applies to Veterans that have a current charge against VA Entitlement. However they are still eligible for VA Jumbo Loans up to $2m with a corresponding down payment. VA Multi Unit loans are also available up to $2m loan amounts.
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. Or call/Text Brian at 760-752-4480.
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