Good afternoon ladies and gentlemen,
As I prepare to get into the market and actually purchase a multifamily I have run into this financial institution claiming to help Veterans with getting a loan.
I understand they are a lender but I would appreciate it if anyone else has worked with this group and willing to share their stories?
Also, I just found out I cannot use a VA home loan to finance a multi family without having 6 months of property management experience?
Anyone know if this is true? If so, any way around that?
I have not dealt with that company. However, the VA does keep track of all lenders who are authorized to do VA loans. I never heard of the 6 months property management rule. I know that you can do up to 4 units and you have to occupy 1 of the units. Call the VA and double check that 6 months thing as I did not come across that when I was researching.
What they say is that I cannot use the loan towards a multi family without having 6 months of income in a bank account and six months of prior property management.
Very discouraging as I found a great house with great potential and they're basically telling me because I don't have the experience, I cannot manage it.
Will they allow you to hire a management company that has had 6 months or more experience?
Who is they? The VA?
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