Hello fellow investors!
My spouse and I are new investors and we are utilizing the VA loan for our first purchase. We decided on a duplex to house hack our mortgage and rent out one of the units to cover our expenses. the qualifications for a VA loan is having your purchase as your primary residency for at least 6 months. We plan to refinance this within the year to open up our VA loan again for another property. I have read somewhere that you can get 2 VA loans within proximity of your duty station. Does anyone have any information on this?
I have a friend who has had 2 VA loans at the same time in Jacksonville, NC right next to his duty station. He lived in one for 6+ months then rented it out and purchased another home nearby. I haven't seen anything that restricts the number of properties the VA loan can be used toward or the requirement for proximity to a duty station, but there is a hard and fast limit on the total amount of money that can be loaned with VA. The overall amount was just increased for 2020 and your lender can provide exact numbers.
I have used my VA loan multiple times and have owned multiple properties on VA loans at the same time. The VA requires that you intend to make the property your primary residence for the 1st year. There are restrictions about repeatedly using the VA loan to purchase houses in the same area and buying the same type of house. Your lender can provide a lot greater detail about the VA Loans.
I work the Camp Lejeune, Jacksonville, and Wilmington housing markets as a Realtor. I have been assisting investors accomplish their real estate goals.