I was reading a few sites this morning, regarding VA loans and how they work, especially when it comes to getting a loan for more than 1 property, if you have already used a VA loan to purchase a home
I fall in the Dollar amount ( $36,000 ) / Lender Amount ( $144,000 ) category ,so if I understand It correctly, they will cover $36,000 of that $144,000 , which leaves you with $108,000
So could you in theory, purchase within 4 years, 4 homes, using the VA loan each time and living in each of those 4 homes for the 1 year O.O. rule, as Long as each of those 4 houses didn't appraise for more than $144,000 each ( $36,000 x 5 = $144,000 )
I'm trying to make sure, that before I consider going VA vs FHA , that I can purchase, hold for 1 year and then rent out up to 4 properties, as long as each doesn't appraise for more than that $144,000
Thank you everyone, I really , really appreciate it
to my understanding you can only have 2 homes using VA loans. And each can not be less of $150k (I could be incorrect on that). In addition, every time you re sell to a non veteran you total VA benefit decreases. If you want to use the VA loan I advice that you use a fourplex (live in one unit) the get in another fourplex in a year or two.
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