Has anyone financed a property Partial VA/Conventional

Question

Trying to maximize my VA benefits by utilizing the remaining entitlement. It isn’t enough to cover the entire loan amount but I was told it is possible to cover the rest with a conventional loan as long as I brought 20% of the amount being financed conventionally.

example- have used 418k of the 552k entitlement. Have 134k in VA entitlement remaining. Looking to purchase a property for 284k. Would like to finance this 134k VA, 150k conventional.

Is this possible? Has anyone ever attempted this?

Brian Garlington · Answer

@Jason Avila

If you are still in California have you tried using the CalVet Loan and also Navy Federal Credit Union the also? I found out recently that they actually are open to someone having  VA Loan and one of their loans at the same time.

You can't use Calvet and NFCU for a multifamily.......but if you buy an SFR that has an in law unit (and you happen to come up with the idea afterwards to put a renter in the in law unit) then you can utilize that as well.

Jason Avila · Answer

@Brian Garlington

I am in California. I just purchased in Paso Robles, CA and came down on assignment to Sacramento, CA. So the county I just bought in had a max of 667k, but Sac county is lower at 552k. I bank with Navy Fed so ill have to ask them about that. But I’ve never heard of the CalVet. I’ll have to look into it. I really appreciate the info. Thank you.

Jason Avila · Answer

@Travis DeForge

I appreciate the response. I spoke to a guy at the VA to answer a few other question (myths) about the VA loan and every explanation I get about multiple VA loans is what every the entitlement doesn’t cover would have to be made up with a conventional loan. But I’ve never heard of it actually being done. So I figured I’d try. I have a broker looking into it but I had to be the one pushing the idea. So I wanted to see if the community had ever tried it or even heard of it being possible.