VA Financing 2nd property

[Raymond Popsie]

My Wife and I are both Veterans. I used my VA Loan to purchase the single family home I currently live in. We are selling our house and taking the equity to invest in multi-family homes. We intend to live in a triplex or quadplex (not to much inventory here). My question is after we purchase our first multi-family home and live there for a year can we use the VA Loan again for our next property (if we live in it). For the second property will it considered an investment property and require 25% down for a conventional loan? Any help on using the VA loan strategy would be helpful. I understand the first purchase however; after that I am a bit confused on what type of mortgages are available.

[Chris Mason]

Hi @Raymond Popsie,

If you're going to owner occupy, you can use the VA loan.

Two veteran spouses mean two VA entitlements.

Each time you pay a VA loan off in full, either by selling or refinancing to non-VA, that spouse regains their full entitlement.

So after you have one VA loan on a SFR you used to live in, and another VA loan on a MFR you currently live in, it'll be time to go back and refinance that SFR into non-VA financing if you want to free up the full VA entitlement of the spouse that had that entitlement tied up in the SFR.

Good luck and Semper Fi!