First Time Home Buying

2 Replies

I'm in the military so I'm eligible for a VA home loan. My wife and I were recently able to get to a point where we can possibly get a Joint VA home loan when I get off my current deployment in the next few months. I am trying to figure out the best strategy for getting the VA home loan and also getting enough money to get another loan for my first rental property. We currently reside in Aiken County, SC. Any suggestions are much appreciated.

@Dillon Jowers Its great to see you wanting to start your investing career. I also want to thank you for your service to this great country. 

It sounds to me like you were hoping to get enough money from 1 loan to buy your primary residence and an investment property as well. Unfortunately, purchase mortgage loans just don't work that way. However there is an opportunity available to you that will accomplish both. 

You can use a VA loan to buy a 1-4 unit property. You are required to live in one unit as your primary residence for at least 1 year. The other units can be rented out, creating cash flow for you. There is additional reserve requirements when buying more than 1 unit, so get up to speed on those so you are prepared to have those in place at the time of closing your loan.

Once the year is up, you can go buy more units. You might refinance the 4 plex into a Fannie Mae loan at that time and free up your VA eligibility to be used again to buy another 4 unit. Rinse and repeat?

I hope this helps!!!