Owner Occupied Duplex

[Billy Daniel]

Hi all! I've recently learned that I could be relocating to the Dallas area due to a job transfer. I have some time before that will happen, but I wanted to get some advice on purchasing a duplex or triplex. Specifically, are banks a bit more lenient if they know you will be renting out part of your property when it comes to approving a loan? Especially if I have little to no money down.....

I used a VA loan to purchase my first house nearly two years ago (it will be past the two year point by the time I'm ready to buy). Am I allowed to have more than one VA loan?

Thanks in advance for the input! I'm open to any suggestions!

[Aaron Montague]

@Billy Daniel 

I don't know about the 2x VA loan question. I would call the VA and ask. There is nothing on the website that would indicate either way.

Banks will not use any rental income to help you with a loan until it has been on your tax returns for two years.  So, no, banks are not more lenient if you are buying a rental property.

Here are 5 ways (well 4 for you) that might help you into a 2-4 unit property:

0% Down:
NACA (https://www.naca.com)
VA Loan (http://benefits.va.gov/HOMELOANS/index.asp)
Rural Development Loans (Renovations MAY be included)
(http://www.rurdev.usda.gov/HSF-About_Guaranteed_Loans.html)

3.5% Down
FHA (http://portal.hud.gov/hudportal/HUD/topics/buying_a_home)

3.5% AND Renovations
FHA 203k loan (http://portal.hud.gov/hudportal/HUD/program_offices/housing/sfh/203k)

5% Down Homepath Owner Occupied