I have a VA loan available to me, I am eligible for an FHA, and I have about 15k saved for investing purposes. 

I'm in need of some info regarding how banks or loan officers calculate one's eligibility for a loan. i want to know what the criteria are, hypothetical examples of this would be wonderful. thanks in advance.P.S. any mortgage brokers in house please feel free to email me or message me so we can connect. 

However, since both units are rented this would be classified as an investment property in which case your rate will probably be 4.00% to 4.250% on a 30yr fixed depending on FICO credit score.The maximum loan to value for a cash-out transaction (investment property, duplex) is 70%.Based on the information you've provided it doesn't appear the value is high enough for the property to be eligible for a cash-out transaction but you can still remove PMI.If you want to send me a PM I can run a complete analysis to see if removing the PMI will offset the slightly higher interest rate.I'm also licensed in CA so if you're looking to purchase a property I can help with that transaction as well.

I recently found out that I am still eligible to use the VA loan to be able to purchase a property therefore I was wondering if anyone knows anyone that has experience in being able to use it as I heard a lot of real estate agents do not like to use it.

Because I was a first-time buyer, I was eligible for the FHA 203k rehab loan (which to my knowledge, there is really nothing exactly like it available to investors).  

Yardi published a September Rent Survey for multis and Sacramento leads year-over-year rental growth with 11.1%, followed by the Inland Empire and Seattle (both at 9.0%).While rent growth keeps decreasing, multifamily fundamentals remain strong.

You seem to think that the long term supply and demand fundamentals have changed and it will continue to appreciate ... you are local so I concede that you may be seeing things that I as an outsider looking in am not.

@Matt Hoyt Experts can weigh in here, but I believe according to Fannie Mae guideline, one is not eligible for cash out refinance if he or she has more than four financed properties (unless refinancing is done within 6 months of purchase date).

We have a two-day on-line class on exactly that topic in our fundamental curriculum, "The Essentials".

It makes me wonder if they have already tried and have been informed that they are not eligible, or rejected mitigation offers or didn't comply with the terms.