How to secure 2nd loan after initial VA Loan

Question

Hello to all, I really appreciate all the advice and feedback I get this is a network that I don't have in my current life so its cool to have a forum like this full of like minded individuals.

I have a Duplex in Philadelphia I currently live in purchased January 2020. I am house hacking but I am now trying to figure out how I can keep moving and purchase another multi family property. I got this one through the VA Loan and now am trying to find out how I go about getting a 2nd home loan so I can purchase another multi family property in Philadelphia. I have very good credit, no auto loan and no serious credit debt (under $1K) which is very recent, so I am now saving but I do not want to be stagnant.I know there are way more experienced investors than me out there so I am just trying to gain guidance on my options.

Austin Steed · Answer

@Paiea Palomanu

You should be good to house hack again. The banks will most likely want to see that you live in your first property for at least a year and then it should be pretty clean.

Like you, I bought my first Columbus double going VA. And then the next I went home possible conventional. They just got rid of home possible for MF though. Nonetheless, you can go owner occ financing on your next one. That could be fha or even VA depending on how much of your entitlement you used. Make sure your next one will make sense to an underwriter though. Something like larger home for family, or closer to work. If you go VA twice that soon that might raise a flag for them. I’ve been denied before because the VA said “they’re not in the business of building rental portfolios”. Busted!!

Best of luck

Paiea Palomanu · Answer

@Austin Steed thank you for the response , I am def going to look into this info so I can figure out my next move