Disabled Veteran, first time buying property. Looking for multifamily.

[David Rawls]

Hello everyone!

I want to get into the Buy and Hold style of REI. Unfortunately, I dont know a whole lot about the financing programs available to me and how, if at all, I could use them to purchase a multifamily unit. Hopefully someone here on BP can shed some light on the subject. Thanks!

[Frank W Clark]

Hi David:

As a fellow disabled veteran, I can address one of the easiest ways to get in to a multifamily dwelling as an investment property: VA loans.

The VA will back loans on multifamily residences upwards of $300k--including quadraplexes--if they are owner-occupied. Don't know what your current living situation is, but this is worth looking at in terms of getting into a mortgage with a bare minimum of closing costs. 100% financing with no down payment, no private mortgage insurance, seller is allowed to pay up to 6% of your closing costs, and more.

A great resource for information on VA loans is Veterans United Mortgage. These folks specialize in VA loans of any size--the go to resource--and will provide you with ongoing support throughout the process. Katie Rose is a Senior Loan Officer there, and her contact # is: 800-814-1103 x3218.

They will also send you a pre-qualifying package that is literally packed with info, as well as put you in contact with a Veterans United Realtor who will help you find the property that best suits your needs.

Hope this helps.

Best Regards,

Frank Clark