Investing with a va loan
Has anyone every invested with a va loan. I know you have to occupy the home for 1 to 2 years before you can rent it out. But has anyone else ever used this strategy? And if so how did it go for you and do you have any tips
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I am currently buying a multifamily using the VA loan.
Important things to remember:
- VA loans have a funding fee, but they do not require monthly PMI like most other loan types.
- You can only buy 1,2,3, or 4 doors.
- Navy Federal allows you to purchase a single family or duplex with the VA loan, other mortgage lenders like Veterans United allow you to purchase up to 4 doors.
- You must live in the property for 1 year.
- VA loan appraisers have a different set of minimum requirements than many other mortgage types so make sure the property you look at can meet these standards or it may not be an option.
Good Luck!
Brook