Multi family purchase

[Monica Johnson]

I was approved for a VA loan for 150k for a single family home but found a few quads in my area for 320-330k. Can I get approved for a higher loan amount if I'm purchasing a multi-family home? Does a bank factor in revenue from the other units when approving a loan?

[Dave Van Horn]

Hi Monica,

Yes, they usually do allow you to purchase up to 4 units owner occupied, although I'm not as familiar with VA, I know that FHA does and I believe they count a % of the rent towards your monthly income which is what allows you to purchase more property. Just check with the lender who approved you and they should be able to answer this question as property limits may be regional. Anyway, best of luck!

Dave