Updated almost 11 years ago on . Most recent reply
Multifamily's and VA Loans...
Hello everyone, I need help to confirm something about VA loans...
I'm active US military due to PCS back to the states from Europe next year and I wanted to know if I would be able to use a VA loan to purchase a duplex. In a perfect world I would like to get my feet wet with my first RE investment by finding a good deal on a multifamily property, purchase, live in one unit, and rent out the other, while hoping to "pocket" my monthly BHA (Basic Housing Allowance). Are any active military doing the same thing?
I'm concerned the VA wont allow me to use the loan for purchasing multifamily properties for investment purposes. But I was wondering if I intend to live in one of the units would the financing be allowed?
My last concern is if say I bought a property for 150k purchase price, would I be able to use the VA loan again or no since I can't live in two places at once? Any information would be greatly appreciated....Kevin