How many times can you use an FHA/VA loan
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 !
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.
Nathan gave a great answer. Smart on your part to start off by using as many low down payment options as possible.
Quote from @Nathan Grabau: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.
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.
Quote from @Jamie Engledow:
Quote from @Nathan Grabau: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.
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.
2-4 unit would count as 1 property.