Va Loan Va Loan Va loan

6 Replies

Hello I am a newly REI also a Vet, but no deals up under my belt. I want to get my first property which will be a multi-family home with a VA loan I've never sent now to see what I am eligible for benefit wise and loan wise with the VA. Any tips on how I should approach this?

Hello, I am a newly REI and also a Vet, but have no deals under my belt. I want to purchase my first multi-family home/units with a VA loan. I have never sat down with the VA to see what I am eligible for benefit wise or loan wise. Any tips on how to approach this to have a successful deal?

www.ebenefits.va.gov  may provide helpful information.

Keep in mind that it is not the VA that provides the loan; these would come through a typical mortgage company. The VA loan program may not require a down payment but it would benefit you to know the current credit score needed to secure a loan.

Is there a VA Medical Center near where you live? Many will have a benefit counselor available (best to make an appointment with them) to help provide you information regarding VA loans, including the steps to get the correct documentation to show a loan officer you are a vet and are eligible for a VA loan.

Gail

Originally posted by @Nathaniel Smith :

Hello, I am a newly REI and also a Vet, but have no deals under my belt. I want to purchase my first multi-family home/units with a VA loan. I have never sat down with the VA to see what I am eligible for benefit wise or loan wise. Any tips on how to approach this to have a successful deal?

First thing is to speak to a lender to obtain your Certificate of Eligibility and come up with a plan of getting your preapproval for financing.

 

Hi Nathaniel,

The COE can be obtained at ebenefits.va.gov. If you are already working with a lender, they usually can obtain one on your behalf, if you desire. I began investing with the VA Loan and it is without a doubt the greatest gift given to servicemembers, if used correctly. If your goal is to use it for investment purposes, it can expedite your efforts by years, especially in a high barrier to entry market. Eventually, you'll exhaust the entitlement, but if used right, you'll be sitting on multiple cash-flowing doors and some equity (not to mention a bit of REI clout) prior to coming to that point. Your foot is then in the door for bigger, non-VA deals.