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VA Loan Owner Occupancy Limitations
Hello B.P. Community!
BLUF: How long must i live in the Multi-unit Property to justify using a VA loan?
Situation: New to investing. Looking to utilize my VA loan and kick start stacking properties for future financial wealth. Currently looking at utilizing the loan for a 3 Unit property in Chicago, moving into the property for 12 months, then moving out and on to purchase the next with a different loan. My question is this: My lender tells me that i only need to live in the property 1 year, 12 months, to satisfy the VA Owner Occupancy requirement on the VA loan. Personally i can't find this information anywhere after scouring the internet, even here on the forums. Hence posting here. If this is true, that's great, if it isn't and i still wish to use the loan, what are my options? Refinance? Please let me know your thoughts. No speculation please, request those that have experience within these areas. Thank you for your time!