Real Estate Agent · Mount Laurel, NJ · Member since 2018 · 16 posts · 8 votes
I have a VA single family home that I moved out of after living there for 5 years .. just moved into a duplex one year ago with an FHA .. so both homes are still on existing mortgages . would I be able to obtain another VA loan for a duplex ? I know I can have two VA loans but would I be able to get a duplex are there any stipulations ... Subject matter experts : please provide insight and your qualifications so weather it be underwriter / owner that did same / loan officer etc...
Also any resources as to where I would be able to view the verbage on the guidelines .
Hello Rafael. Whether or not you would be able to obtain VA financing depends on how much entitlement is tied up in your current VA loan and how much entitlement is needed for the second home. I cannot say one way or the other without looking at your COE. Just keep in mind that you'll need to have property management experience in order to use the anticipated income on the next purchase to qualify for VA.
For reference, I am a lender with Paramount Residential Mortgage Group. NMLS #1869624.
Feel free to message me if you'd like to discuss in more depth.
@Rafael Quinonez As Elise states, it will depend on your remaining entitlement, although you should be able to refinance it into conventional and then use VA loan anyway. Definitely possible.
@David Pere I know I have a balance remaining .. I just wanted to make sure there was no conflict in owning a duplex with a fha and a duplex with a VA at the same time ..