VA Renovation Loan a Dream Come True?

[Brooks Rembert]

Stats:

Currently a buy and hold investor. Several rentals currently, looking to add more now that my military career is coming to an end.

Situation:

We've bought a couple of houses with the ol' , trusty VA home loan over the years.

But I just saw VA now offers a renovation loan, similar to an FHA 203K... BUT without the PMI requirement.

Anyone ever use the new-ish VA renovation loan?

How much more a..pain is it than a standard VA loan?

Our idea is to basically house-hack, purchasing and rehabbing, living there for a year or two, refinancing, turning it into a rental, then moving on to another.

Thanks in advance for your help.

[Chris Mason]

Listing agents dislike FHA loans. They dislike VA even more. This is a bay area centric post, fyi, since that is what I know.

VA and FHA are still doable in a hot market like the bay area if you are otherwise coming in strong.

However.... Listing agents dislike FHA 203k more than FHA. They see VA Reno, they're going to run for the hills.

I'm going to suggest that step 1, if you wish to use this product, is going to establish a plan to market directly to sellers. You will likely want between 0 and 0 Realtors involved.