VA 4 flex house hack

[Christopher Aguilera]

Hi BP,

I'm trying to purchase a 4plex with my VA and live in it while I fix the property and get all my processes down. My question is if I make offers that are 20% lower than asking price and my offer gets accepted, am I going to have mortgage insurance? Or it's based of the appraisal and market?

I'm trying to save that mortgage insurance payment .

Thanks

[Zack Karp]

@Christopher Aguilera VA loans don't have mortgage insurance. There is an upfront funding fee, which gets rolled into the loan, and is based on whether it's your first or subsequent use of the VA loan, and your down payment percentage. But if you're disabled, the funding fee is waived. This would be discovered on your COE (Certificate of Eligibility) from the VA.

TYFYS and best of luck!