VA Loan for Multiunit in San Diego...so confused...

[Malinda Gibbons-Gwyn]

I get different stories from different loan officers...so I'll ask you guys!

We have used part of our VA loan already, but we'd like to buy another multi unit in San Diego. My understanding was that we could use the rents toward qualifying, but one of the lenders is saying there is a cap to what we would qualify for because we have already used part of the VA loan. I don't understand why that would make a difference. Here are the basic numbers:

San Diego loan limit: $562,350

We used $263,500

So, 298,850 left?

We are looking at a 2 unit multi unit with rents of 1350 (3br) and 1000 (2br) with leases, but of course those should be higher. Sooooo, can we apply one of those rents toward qualifying?

Thanks for any input.