All Forum Posts by: John Burke

You can have more than one VA loan at the same time. The key will be determining how much 2nd-tier or bonus entitlement you have left. Assuming you're buying in the Charleston area, the county loan limit is $806,500. Here's a quick way to determine how much entitlement you have available. Subtract the original loan amount of your current VA mortgage from $806,500. This number will be your max loan amount for your new home with no money down. For example: Let's say your loan was $400,000, $806,500 - $400,000 = $406,500. Your max loan amount with no money down would be $406,500. Here's something cool about VA. Let's say you're looking at homes for $500K, you would think that you'd need to $93,500 down but you don't, you only need 25% of the difference or $23,375.

She needs to contact the lender directly and ask them to remove the late payments. This has become an issue with the COVID deferment ending.

Hi Jaun,

I'm happy to help.

Quote from @Richmiel Katembwa:

Hello everyone. 

My name is Richmiel and I am new to BP. I am a veteran in the West Georgia area and looking to use my VA loan to purchase my second property. However, I am interested in a multi-family (duplex,triplex,quadraplex). Just looking for expert advice on how to go about it and the best option for us.

Hi Richmiel, I'm a VA mortgage specialist. Yes, you can use your VA entitlement to buy a multi-unit property. The one caveat that I didn't see mentioned, is that you'll need 6 months reserves if you need to count the rental income to qualify.
If you used your entitlement on your current home, you'll want to have a lender, like me, calculate your remaining available entitlement to determine whether or not you'll need a down payment.

https://ami-lookup-tool.fanniemae.com/amilookuptool/?token=0...

Can you qualify based on the following USDA requirements?

Quote from @Jerome Boudreaux:

If you're trying to get started in real estate investing and you have VA eligibility, using your VA loan is a great way to start. You have a couple of options. You can buy a SFR to live in for 12 months & then convert into a rental. VA will allow you buy another home & you can count most of the rental income towards offsetting the mortgage payment on that property. This makes it easier to qualify on the loan. Live in the new home for 12 months then convert it to rental. The other option is buy a 4 unit, live in 1 & rent the other 3. You start out right away with essentially 3 income producing properties & after a year it goes to 4. All of this done with zero money down, no mi and better rates than you'll get on any other loan program.

Quote from @Brent T Galbreath:

What did you write off?

Quote from @Mayank Jain:

Hard pull VS Soft pull. A hard pull allows a lender to run your file through an automated underwriting system to determine whether or not you're pre-qualified. With a soft pull, it's a gamble. You're relying on LO's judgment which is risky unless you're A paper. 
Another thing to note: Some lenders just don't utilize soft pulls, so they have no choice but to do a hard pull. Lenders that can do either, will generally start with soft pull to avoid having you end up in "trigger lead pool".
You really didn't even need to get pre-qualified with anyone to a get rate and fee quote. Lenders do that to get you invested in the process. Lenders will not send out an LE without a complete application (which includes a property address) because it's basically binding. You can ask for a scenario or closing cost estimate instead. 

Quote from @Austin Williams:

Yes sir you can. The cash-out refi option is just a new VA loan to pay off your current loan and the rest of your equity is cash in hand as long as at least 1 of net tangible benefit requirements is met. If you meet at least 1 you can go up to 100% of your home's appraised value. If not, you have to drop down to 90% of the appraised value. If you can only go to 90%, you're probably better off going the HELOC route. The same thing applies if you've got a trophy rate on your current VA loan.
Yes, you can buy another home with a VA loan, convert your current home into a rental and count the majority of the rental income towards offsetting your current mortgage payment to qualify for the new mortgage. If you're looking in an area where the conforming loan limit is $806,500, you'd have enough 2nd tier or bonus entitlement left to go up to $612,500 on a new VA loan without a down payment.