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Updated over 9 years ago on . Most recent reply

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Patience Johnson
  • Spring Valley, CA
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Using Potential Rental Income as Income for Mortgage (VA loan)

Patience Johnson
  • Spring Valley, CA
Posted

I have a unique situation. 

I am trying to buy a 2-4 unit property in San Diego, California using my VA loan. I currently only have disability income and a small inconsistent income from my online selling business.

I've heard that if you plan to occupy one of the units, it would be possible to use the potential rental income of the remaining units as income to qualify for the initial mortgage. 

If anyone has any information please help.

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Michael Alford
  • San Diego, CA
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Michael Alford
  • San Diego, CA
Replied

Have you been a landlord before?

I own a duplex in Golden Hill in San Diego.. (My first time as a landlord... or homeowner)

I've had it for two years now, and am now looking to buy another small multi.

When I contacted my bank, I was told that it was a good thing that I had two years of landlord experience under my belt, because that it's what they require to count the rental income.

When I bought my unit, I made sure that I would be able to cover the entire mortgage, even with 100% vacancy.  I highly recommend this more conservative approach for first-time landlords.

Knock on wood, but my place has been doing great, but it has been nice knowing that the worst case scenario is still manageable.  ;-)

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