Rental Property Investor · Fallbrook, CA · Member since 2014 · 1 post · 0 votes
I get different stories from different loan officers...so I'll ask you guys!
We have used part of our VA loan already, but we'd like to buy another multi unit in San Diego. My understanding was that we could use the rents toward qualifying, but one of the lenders is saying there is a cap to what we would qualify for because we have already used part of the VA loan. I don't understand why that would make a difference. Here are the basic numbers:
San Diego loan limit: $562,350
We used $263,500
So, 298,850 left?
We are looking at a 2 unit multi unit with rents of 1350 (3br) and 1000 (2br) with leases, but of course those should be higher. Sooooo, can we apply one of those rents toward qualifying?
@Malinda Gibbons-Gwyn I don't think it works that way, in that you can't split up the approved amount. I could be wrong, but being a veteran and having a VA loan myself I know that you get a certificate and it's used for one loan and can't be used again until the existing loan is paid off. If you sell the house that is secured with the VA loan and buy a multi unit then you should be able to re-use your VA loan for that purchase and buy up to the maximum approved amount if you personally qualify for the loan. I don't know how the rents are applied in that situation.