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Immanuel Pierre's profile image
  • Investor
  • from South Florida
  • Member since Jul 28, 2020
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  • Experience 3 Yrs
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Immanuel Pierre's profile image
  • Investor
  • from South Florida
  • Member since Jul 28, 2020
  • Posts 32
  • Votes 35
  • Experience 3 Yrs
  • Investments 2
Immanuel Pierre
  • Investor
  • South Florida
35
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32
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How many times can you use an FHA/VA loan

Immanuel Pierre
  • Investor
  • South Florida
Posted Mar 10 2023, 06:23

How many times are you able to access a VA Loan/FHA loan without refinancing previous loans? For context, I have used my VA loan twice, both as primary residents. I bought one at my second duty station then my second home when I got to my third duty station and about 18 months after the purchase of the first. I am still at my third duty station, but I want to continue to grow my portfolio and looking to buy another home in the same 18 month time frame. The first two homes were house hacks and the third will be as well. I also save enough to where I can save for a 20% down payment, I have also thought about HELOCs or refi's. But, if a FHA loan was a possibility that makes the most sense for me because I can save for 3.5% down payment and closing cost extremely and I can keep the refi/HELOCs in my pocket as options for acquisitions in the future. Apologies for the long post but all feedback is welcomed !

Nathan Grabau's profile image
  • Realtor
  • from Longmont, CO
  • Member since Dec 27, 2021

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Nathan Grabau's profile image
  • Realtor
  • from Longmont, CO
  • Member since Dec 27, 2021
Nathan Grabau
  • Realtor
  • Longmont, CO
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Nathan Grabau
  • Realtor
  • Longmont, CO
Replied Mar 10 2023, 06:32

Your VA loan will come down to your VA benefit use, 2 is pretty normal in lower dollar markets, 3 is pretty uncommon. Normally it is just 1 FHA loan. You can have then up to 10 total loans that are conventional that you put 5% down with, that are your primary residence for a year. The 2 VA's and 1 FHA would count towards the 10 conventional loans, so 7 more. If you can qualify for a convention loan with 5% down, and you are only looking at a 1 unit property, that is your best strategy over an FHA loan for property number 3. This also saves your FHA loan for a MF property.

Ash Hegde's profile image
  • Lender
  • from Fort Lauderdale, FL (Lending in FL CT MI PA)
  • Member since Oct 10, 2022

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Ash Hegde's profile image
  • Lender
  • from Fort Lauderdale, FL (Lending in FL CT MI PA)
  • Member since Oct 10, 2022
Ash Hegde
  • Lender
  • Fort Lauderdale, FL (Lending in FL CT MI PA)
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Ash Hegde
  • Lender
  • Fort Lauderdale, FL (Lending in FL CT MI PA)
Replied Mar 10 2023, 06:43

Nathan gave a great answer. Smart on your part to start off by using as many low down payment options as possible. 

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Replied Apr 19 2023, 17:35
Quote from @Nathan Grabau:

Your VA loan will come down to your VA benefit use, 2 is pretty normal in lower dollar markets, 3 is pretty uncommon. Normally it is just 1 FHA loan. You can have then up to 10 total loans that are conventional that you put 5% down with, that are your primary residence for a year. The 2 VA's and 1 FHA would count towards the 10 conventional loans, so 7 more. If you can qualify for a convention loan with 5% down, and you are only looking at a 1 unit property, that is your best strategy over an FHA loan for property number 3. This also saves your FHA loan for a MF property.

I thought VA could buy multifamily?  At least I thought I read that about 10 years ago.  Does a duplex count as 2 against your 10 or 1 against your 10?  You can get up to a quad, right, or is it only dup.  I no one of them used to allow up to quad-or maybe I am thinking of rural loan.
Nathan Grabau's profile image
  • Realtor
  • from Longmont, CO
  • Member since Dec 27, 2021

User Stats

576
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628
Votes
Nathan Grabau's profile image
  • Realtor
  • from Longmont, CO
  • Member since Dec 27, 2021
Nathan Grabau
  • Realtor
  • Longmont, CO
628
Votes |
576
Posts
Nathan Grabau
  • Realtor
  • Longmont, CO
Replied Apr 20 2023, 12:25
Quote from @Jamie Engledow:
Quote from @Nathan Grabau:

Your VA loan will come down to your VA benefit use, 2 is pretty normal in lower dollar markets, 3 is pretty uncommon. Normally it is just 1 FHA loan. You can have then up to 10 total loans that are conventional that you put 5% down with, that are your primary residence for a year. The 2 VA's and 1 FHA would count towards the 10 conventional loans, so 7 more. If you can qualify for a convention loan with 5% down, and you are only looking at a 1 unit property, that is your best strategy over an FHA loan for property number 3. This also saves your FHA loan for a MF property.

I thought VA could buy multifamily?  At least I thought I read that about 10 years ago.  Does a duplex count as 2 against your 10 or 1 against your 10?  You can get up to a quad, right, or is it only dup.  I no one of them used to allow up to quad-or maybe I am thinking of rural loan.

 2-4 unit would count as 1 property.