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Updated almost 6 years ago,
First house using VA and second using Conventional possible?
Hi, I'm currently Active duty military and I plan on separating from the military this summer and purchasing a house using VA loan.
Even though I will be living in this house for few years while I finish college, it will be my parent's primary residence. My parents will be the ones who will be making 100% of the mortgage payment (They are not qualified to buy a house).
I also want to buy an another house for investment purposes (rental), preferably the same time frame as I purchase the first house using VA loan, or as soon as I close on the VA loan. But since the lenders won't acknowledge the payments that my parents give me to pay for the first house, is it possible to use the conventional loan with 3 to 10% down?
I'm fine with paying the PMI for the investment property since it should be covered while it's being rented out. (Right?)
I have a job lined up once I get out of the military, but I plan on working there for only two to three months and then quit to start school full time. I believe the lenders require at least two years worth of work history, but I can give them my last two years of military pay (LES) and the first couple of months of my new job. (Right?)
So ultimately, I want to buy two houses within two to three month time frame while I could provide my income to the lenders. Any advice? Buying with VA loan first and conventional next is logical, correct? Do I need an LLC?
Thank you in advance and I really appreciate it!