Updated over 6 years ago on . Most recent reply
Stipulations concerning VA loans
I currently live in Las Vegas where I work from home and plan to leave within the next year. I am interested in using my VA loan to possibly obtain a multifamily unit. I have always rented, and never owned.
I work as a 1099 employee, so I was wondering what time frame I might need to be employed before getting a loan, and how long I would need to live in the area before being able to get a loan? These are probably lender specific questions, so does anyone have any suggested lenders? - again unsure of which area I might be living.
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Justin Sellers VA loans are really great options for us veterans. No down payment. No PMI. It's one of the better benefits we receive. But they will need 2 years of employment (and maybe more) if you are self-employed. If you were W2 it would be different. You will need 2 years of tax returns filed in order for the VA to calculate your income through their forumula. So in order to have 2 years of tax returns filed....that might mean you need over 2 years of employment. This may not be want you want to hear but it is the right information to know. Feel free to tag me with any questions. Thanks!