Updated almost 10 years ago on . Most recent reply
VA LOAN, SFH to Investment Property
Situation: I have a SFH that is about to be a rental property, I used a VA loan for the purchase and lived in it for 3 years. How should I inform my lender of this fact, especially since it was with my VA loan? Will there be a steep change in my interest rates? Or once the rate is fixed it won't fluctuate? USAA insures my home do they have excellent coverage with rental properties?
So on top of that occurring my wife, who also was in the military wants to use her VA LOAN to purchase another home an hour south in the same county for us to move to. Will this all be possible?
-Side note info: I'm still active duty. My wife is retired from the military. Tenants have been vetted properly. We are more worried about the transition with the lender and what they'll say about us renting the home out. Then, moving into another home with my wife's va loan. Opinions public or private are welcome!
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My husband is also active duty. We have moved out of two VA properties. The only thing that changes is m a home owner policy to a landlord policy.
Here is the article I wrote on VA properties.
https://www.biggerpockets.com/renewsblog/2015/12/01/va-loan-real-estate/