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Updated over 10 years ago,
VA Home Loan
Hello everyone,
I am a Marine Corps veteran that is relatively new to real estate investing. I would like to use my VA Home Loan to purchase a 4 unit apartment and live in one unit for at least a couple years and use it as a home office, while renting out the remaining three units.
My questions include:
1) Does anyone know of a lender that will recognize the rental income from the three rentable units as "income" for the sake of getting approved for a higher loan amount?
2) What is the minimum amount of time the one unit needs to be owner-occupied?
3) How much repairs will be allowed based on the criteria for receiving a VA home loan? Basically, if I find a discounted property but it needs repairs will that be covered in the loan if needed?
Thanks in advance for all of your help! Glad to be a part of the BiggerPockets community.
Jeremy