VA Home Loan Los Angeles

[Ty MacArthur]

Hey BP,

I live in LA, I own 1 4-plex now using conventional financing. I'm hoping to utilize my VA Loan to purchase another 4-plex owner occupied. I was told by my mortgage broker that when he was talking to the VA underwriter they would not let me use any rental income w/o a 2 year history of being a landlord and confirming rental income on my tax returns. Has anyone worked with knowledgeable VA lenders and purchased 2-4 with VA financing in the LA area? Any info is greatly appreciated.

Best,

TM

[Ty MacArthur]

Thanks @Albert Bui, it's tough out here in LA with prices where they are. Is ~685k still the max loan amount for LA county? I thought I saw 4-units can go higher in LA County. Where do you suggest I go from here?

[Jared Rine]

@Ty MacArthur..I'm a little late to this,... It's somewhat convoluted and I might be up for a debate b/c it's subjective on u/w and guidelines, but I think you can do this, it's just finding the right VA lender. I'm up in Northern CA, but I do a good amount of VA loans. VA Loan limit for 4 Unit in LA is the same for what the FHFA rules, per their spreadsheet:

06037 LOS ANGELES CA 31080  $625,500  $800,775  $967,950  $1,202,925 

I think Albert's post was removed.  I know he's very knowledgeable.  What did he say?

Hope that helps. 

Thanks,

Jared

[Joaquin K.]

When did you purchase your existing 4plex?  Are you currently living in one of the units?