VA Loan ZERO down payment

[Johnny Phan]

Hey everyone, i just got out of active duty and wanted to use my VA loan And househack my first home, is it better to use all of my VA loan since its a zero downpayment for a multifamily home? Or just use a part of it?

Thank you in advance!

[Shawnya Hallin]

Hi, Johnny. Welcome back to civilian life. This would be a great method to get into multifamily. These loans usually will be require a move-in ready property, residual income, and cash reserves. Be sure to check into all loan options. A VA loan may work well, if you need the zero down payment and would otherwise find yourself paying private mortage insurance. Evenso, the VA loan carries a one time funding fee, though this is less than 2.5%.This can be reduced with even a small down payment of 5%. A great benefit includes being able to reuse the VA loan after you pay off the loan. If you made improvements during your house hack and increased the value, you might then be able do a VA refi if you had remaining benefits. Good luck.