I forget off top of my head for VA but pretty sure it's for your primary residence. That's probably why it's hard to explain how a married couple who's not separated has two primary residences.
FHA typically requires a year in the property as your primary then you can get another and move. But most no/low down loans won't cashflow and might even be neagtive..
Originally posted by @Roemeo Barnette :
@Matt K. Thanks for your response, for an FHA loan there is a stipulation in there for me being active duty that I don’t have to make it my primary residence. However it is case by case basis. I’m just trying to do the right thing and get the most out of the route I choose. Thanks again
If you don't make it your primary, then your spouse does or it has to be like 100 miles from your duty station w/ intent to retire in it.
But also just another FYI, both FHA and VA are huge pains for the buyer/seller. They are both slow process, going to be much more stringent on the inspections and can come off as a weak offer to many sellers. Plus, unless you did 203k then you basically have to get a extremely well kept house that probably won't really give you the opportunity to force appreciation...
@Roemeo Barnette it comes down to intent and execution. If you are both going to actually live in separate houses, and do so for at least 1 year, then you can absolutely each use your own VA benefit. If you are just trying to buy 2 properties simultaneously with $0 down and not actually live in one of them, well then that's mortgage fraud. It will be hard to convince an underwriter that you are married living separately, although not impossible with the right circumstances. I have worked with some strange family dynamics in my career...
Best of luck, and TYFYS!
@Roemeo Barnette , just to make it very simple. You and your wife are both entitled to utilize a VA loan for a home purchase due to the fact that you have both served on active duty and meet all the requirements to qualify. The VA home loan program requires you to plan to occupy the purchased home for a minimum of one year.
I suggest you, only you, buy your first property utilizing your VA home loan entitlement. Then occupy the house for a minimum of one year. When you are ready to move, your wife secure the next home mortgage utilizing her VA home loan benefit.
If your mortgage broker is trying to tell you that you and your wife both need to forfeit the VA loan eligibility on this one purchase, then it is time for you to get a new mortgage broker, immediately.
There are a lot more details regarding the VA loan program that you can get very smart on. For example, total VA loan price eligibility. If you purchase a property with a VA loan, but it doesn't cost as much as the maximum eligibility price in that area, than you can borrow again at a later time on another property up to that maximum.......another, If you move after the one year and want to apply for a new VA loan, you can refinance to a traditional loan on your first property and you free up the entire VA loan eligibility. You will pay an increased funding fee due to the subsequent VA loan, but you still don't pay a down payment, etc.....
Although I am pretty savy, I am still not an expert so do all your research etc.. military.com has a lot of good information regarding the program.
Good luck with all!