Requirements for first time landlord.

[Joel Fernandez]

Hi,

For context, I recently applied for a pre-approval VA loan to begin the search for a single family or if a good deal presented it self a multifamily home. In short the lender informed me that I am unable to use potential rental income of a multifamily unit (duplex in this example) as part of my income. The reason was because I do not have 2 years of history being a landlord. I tried finding more information on this but found little to none. Ultimately, I am hoping to find references and general information on what's needed to have the ability to purchase a small multifamily in the future. Any help would be greatly appreciated!

[Mason Weiss]

Hey Joel, I just went through this with a client. This is a VA requirement not an issue with your lender. You will need a PM agreement in order to close if you plan to house hack a multi family property.

Don't fire your lender over this, they are sharing the right information but might not be explaining it clearly for you.