Seeking VA loan for multi-family building
I'm in the process of getting myself set up to use a VA loan and wanted to get to know some lenders in Chicago,IL. more than likely i will be using the loan in about 7 months to year from now.
1.) What are the terms for using a VA loan with a 4 units and under?
2.) What is the typical Debt-income-ratio that is expected ?
3.) Will a letter of recommendation from a previous property management / Developer that i worked for be a good source of proof of being able to be a successful landlord ? Also have two years of rental experience and will having a breakdown / business plan of how i plan to manage the property serve good enough?
4.) What is the ballpark area that they want to see for income wise i know it depends on price but i haven't found anything solid for income requirements or does the Debt to Income ratio cover that ?