Updated over 9 years ago on . Most recent reply
Multi-Unit VA Loan First Time Buyer
Hi all,
I am getting a lot of conflicting inputs on what can be done with the VA loan on multi-units. I am hoping the BP community can point me in the right direction.
My understanding was that you can purchase up to a 4-unit property with a VA loan with the requirement to owner occupy one unit for one year. The max loan the VA would cover would be the 417k.
After talking with a lender yesterday, they stated that they only approve duplexes and their max is the 417k limit as well. Are there in fact VA approved lenders that do 4-unit properties?
Additionally, I have seen other posts commenting that the VA only approved muti-unit loans with previous buyers that have prior property management experience. I haven't been able to find any further details on that or if it is valid. If there is anyone that can expound upon this at all, it would be appreciated. I want to avoid getting a property under contract with the expectation that I can use the VA loan, only to get the financing denied due to lack of experience.
Thanks,
Zach