VA Loans on Multi Family

[Austin Steed]

Hey BP!

I'm a local agent and investor to Columbus Ohio.

In the last 18 months I've purchased 8 units. I've used different strategies to do this. Currently I have 1 outstanding VA loan of 155k, so I still have 826k of entitlement left to use. (Going off 4 unit jumbo loan maximums)

I was recently in contract on a 4 unit and was planning on using my VA Loan entitlement on this one. However, I got denied from my lender. Apparently the VA told the lender that "the VA isn't here to help people build rental portfolios." I was shocked! Why would the 4 unit product be available if people can't use it??

I'm not sure if its because I've purchased property so quickly or what.

Has anyone else grown there rental portfolio using VA loans? How many units have you used your benefits on?

Another lender I spoke with thinks that the lender didn't think I would actually move into the property so they used that as a excuse.

Any VA experts out there I would love your feedback!