Does anyone have any experience utilizing a VA loan for a MF investment? What I am wondering is if I can use it for triplex to rent all 3 or does it need to be owner occupied. U know I can and will ask the lender but curious if any other veterans have done this.
@Alexander Wardell thank you! Thats what I thought but just wanted to check.
@Peter Grange I did attempt to use my VA home loan for my first purchase but ended up missing out because my house has a deed restriction and VA home loan will not qualify a home with any deed restrictions. I would do your own diligence on any property. I was reassured that it would not make a difference only to find out 2 weeks before closing that the home did not qualify. I had to scramble last minute to get a first time home buyers program loan with a 3% down payment. This ended up being a blessing because you only get to use this program for your first home (hense the name), and if would have went through with the 0% DP VA loan I would have never been able to use the first time home buyers in the future. Now I can keep my home or sell then fall back on the 0% Va loan moving forward.
I would also look into using the USAA Real Estate Rewards Network. They will link you up with a VA certified Realtor, and as long as you close on a property using that realtor you will check a rebate check. My house was $247,000 and I got a check in the mail 2 weeks after closing for $950 just for using their realtor. I was shocked!
@Alexander Wardell wow, thanks for tip on using the USAA Real Estate Rewards Network. I will definitely look into it. Thanks for the info about the deed restriction.
Actually I used my VA loan to acquire my current residents, which is a triplex, three family three decker in Boston. You can use it as long as you don't exceed 4 units.