Lenders and VA Loan mortgages
Hey BP members,
I was wondering if there were any lenders or if someone knew of a lender that specializes in VA Loans in the Southern MA area?
Would be happy to help and answer any questions you might have
Hey Vanessa,
I know there is a guideline that you have to be a landlord or property manager for atleast two years in order to use a VA loan to purchase a multi family. At the same time, I heard there are some lenders that will make exceptions so I am just trying to find one.
Hi Joshua,
To my knowledge, you would not have to be a landlord or property manager in order to purchase a multi family home. You do however have to reside in one of the units as VA loans are for primary residences only. However, IF you would like to count the prospective rental income towards your loan for qualifying purposes THEN yes you would need evidence of landlord experience or property management.
Hi Joshua,
I worked with Bob Hagerty at Leader Bank a while ago for a closing on a 2 family in Malden. He was great and know how to get the project approved through the VA
Quote from @Matt Mahowald:
Hi Joshua,
I worked with Bob Hagerty at Leader Bank a while ago for a closing on a 2 family in Malden. He was great and know how to get the project approved through the VA
Hey Matt,
Thanks for the recommendation.
l@Joshua Hurte- I would be able to refer a colleague in MA - let me know if you would like one ?
Quote from @Dave Skow:
l@Joshua Hurte- I would be able to refer a colleague in MA - let me know if you would like one ?
Hey Dave,
I would appreciate that!
You can house hack a 2-4 multi-family property using the VA loan. The limits no longer exist so your limit will be D/I. I bought my multi-primary for 1.4M using VA.
I used Veterans First. They used to be IFreedom Direct which I have worked with for three purchases. They can go to around 69% D/I
@Joshua Hurte Since this is such a hot sellers market, I highly recommend finding a lender that can close in less than 30 days. This will make your offers much more competitive than other conventional/VA/FHA offers with a similar offer amount. This is how my wife and I were able to buy a property to house hack in San Diego last summer using our VA loan.
Good luck and keep us updated!
@Joshua Hurte I can PM you a lender contact in San Diego that i've done dozens of multifamily deals with, many using VA loans, if you are interested. You can utilize him if you are looking in Orange County and Los Angeles Area also. He can close in 17 days with a VA loan on multifamily or 14-15 days on a single unit if necessary.
Quote from @Joshua Hurte:
Hey BP members,
I was wondering if there were any lenders or if someone knew of a lender that specializes in VA Loans in the Southern MA area?
You might want to ask @Jon Lallande and
Quote from @Dan Morden:Thanks for that suggestion. That will definitely come in handy down the line!
You can house hack a 2-4 multi-family property using the VA loan. The limits no longer exist so your limit will be D/I. I bought my multi-primary for 1.4M using VA.
I used Veterans First. They used to be IFreedom Direct which I have worked with for three purchases. They can go to around 69% D/I
@Joshua Hurte- allmost lenders offer VA loans