All Forum Posts by: Account Closed

Andrew Greaves Hey Andrew I was reading over this old post and I'm trying to understand what you meant about the 20%. I'm currently looking into using va home loan for a 4plex. Thanks

Blayne Nation Good plan. My biggest regret before leaving active duty was not buying a piece of real estate. I agree with Danny Simard that there are a few issues you may find with using the GI Bill. The biggest thing is to ensure you qualify for the loan as soon as possible, because lenders will not count the housing allowance as income. This is a situation I'm facing at the moment. Another point that someone mentioned was being able to use 75-80 % of the property's current rental income to count toward your DTI ratio. My understanding is that you may use 75% toward DTI, with the caveat that you have 2 years property management experience. I currently have a post here on BP asking if anyone knows what evidence a lender will require to qualify the property management experience. Just make sure you do your research, which it seems like you do. Good luck!

I'm sure I could ask each lender this question and I would probably get many different answers. My question concerns VA home loans on multi unit properties. My understanding is that a borrower may count 75% of the rental income of the property toward their DTI ratio. However, it is also my understating that the lender will require the borrower to have 2 years of property management experience in order to qualify for this benefit. So, does anyone know as a general rule what evidence lenders will require to qualify the borrower as having 2 years of property management experience?

Roy Schauer Haha. Sounds good Roy, I'll see you there.

Heading to the next Alaska REX meetup on the 30th. Has anyone attended this group before? Thoughts?

Heading to the next Alaska REX meetup on the 30th. Has anyone attended this group before? Thoughts?