Updated almost 2 years ago on . Most recent reply
Subject to on a VA loan
Hey BP family! Hopefully someone can help me .
Im wholesaling here in Tampa FL and I've com across someone who wants to get rid of his home. He does not want any money out of the deal he just wants his mortgage paid off. I've done the numbers and they don't work as a flip nor do they work for someone to buy cash and rent it out. So I suggested a subject to his mortgage and he was fine with this idea. I have 2 people that are willing to do this deal. One person willing to give me 8k for my fee and another person at 4k for my fee. this is great. The problem comes in here. he is trying to get into another house in south florida using his VA loan so he can avoid a down payment. the mortgage that we are going to be taking over is with a va loan. is he able to have 2 properties with a va loan and still avoid that down payment? if not can someone give me insight on another way to get this deal done?
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You can have 2 VA loans at once. The second VA loan, like the first needs to be owner occupied. It has to be a purchase price of over 144k I believe. The VA loans together cant be more than 417k. Its called a tier two va loan. I hope this helps in some way.
https://www.veteransunited.com/valoans/second-tier-entitlement/