Hi everyone! I recently separated honorably from the Marine Corps and me and my wife decided to stay out here in Laguna Niguel, CA. I myself mostly have been looking into real estate and got intrigued in house hacking. I feel like it's a very smart move and will alleviate a ton of financial stress off of our backs. So my question is how to/should I use my VA home loan to invest in a multi family home. Thanks so much for the advices! Looking forward to connect with some of you.
Flipper · Mission Viejo, CA · Member since 2014 · 2k+ posts · 1k+ votes
6y
@Tristan Cabrera thank you for your service and welcome to BP here in the OC. I would suggest reaching out to a Mortgage Broker who can assist you with your questions. He/she will probably tell you that you have to live in the property to qualify. As for buying something in Orange County you may be looking for something in the 1 million price range which will limit your ability depending on your income.
Flipper · Mission Viejo, CA · Member since 2014 · 2k+ posts · 1k+ votes
6y
@Tristan Cabrera thank you for your service and welcome to BP here in the OC. I would suggest reaching out to a Mortgage Broker who can assist you with your questions. He/she will probably tell you that you have to live in the property to qualify. As for buying something in Orange County you may be looking for something in the 1 million price range which will limit your ability depending on your income.
Real Estate Broker · Indianapolis, IN · Member since 2014 · 16 posts · 8 votes
6y
First thing you need to do is get your COE ( certificate of eligibility). You should be able to print one off of the website. Once you qualify with a lender and submit the COE, VA allows for owner occupants of 1-4 units as long as you meet de t to income ratios. The COE allows for up to 36k coverage eliminating your need to carry PMI.
1) Get a copy of your COE
2) Work with a lender that has experience with VA loans to qualify
3) Find a multiunit that is with your approved budget
if you don't have property management experience some lenders won't use the income from the property to help qualify you, hence you may need to use a 3rd party property management company.
Real Estate Agent · Las Vegas, NV · Member since 2017 · 279 posts · 133 votes
6y
If you can get approved for the amount you need to purchase the property, it should be fairly easy. Of course, you will have to live in one of the units for at least a year per the VA guidelines and can refinance after that 1 year mark. Getting copies of the current leases, P&L statements and whatever else you can get your hands on to prove that this property produces and income will certainly help you to qualify.
I know of an amazing lender here in Vegas that I trust enough to do my own mortgages (and have) that is also licensed in CA. I can connect you two if you like. She's a 26 year veteran and is my "go-to" lender for just about everything.