Updated over 9 years ago on . Most recent reply
1st VA Purchase to 2nd VA or 203K Purchase Question
Hello, everyone!
I need some help. After being inspired by BP, I purchased a multi-family in Hudson County, NJ close to NYC. I used my VA entitlement to purchase my home. To be honest I probably pulled the trigger a little early as I didn't have a lot of cash on hand when I purchased and the rehab on a house built in 1900 can be challenging. As the rehab I'm doing will be wrapping up soon, I'm now in a position to purchase a second home and I'm wondering what restrictions there are for purchasing a new primary via my remaining entitlement or a 203K loan.
Do I need to show a need to move? Can I move down the street or do I need to move the next county over? The next state? Any advice and/or experience would be helpful!
Also, I'm not looking to bend or break any laws/rules; I just want to know what my boundaries are so that I can move - legally - within them.
Thanks!