Need Investor Friendly VA Lender in San Diego

[Nathan Maier]

I'm looking to house hack in San Diego with my VA loan benefits and need an investor friendly lender.

Specifically, I want to purchase a 2-4 unit property, live in one unit, and use the others for STR, long term, or a combination of the two. I would like to find a lender who not only works with VA loans, but also understands investors and will give appropriate DTI credit for the rental units, especially the STRs. Thanks!

[Caroline Gerardo]

A VA Underwriter will NOT give you the income on short term rental, only what appraisal survey says is market rents (on the subject with the VA loan). If you have STR on your tax returns they will use it as income. You will need leases and deposit checks at closing. Don't accept existing tenants without seeing the past 20 months cashed checks as soooo many took covid claims not to pay and you will have the cost of evicting them. The VA loan is structured to protect you- the property cannot have any health or safety code violations. It's vital that seller accepts the offer with VA noted as it puts the seller in the position to abide by the rules (not you as buyer).