Cleveland House hacking with VA benefits
Greetings Clevelanders im about 5 books into real estate investing and i am really starting to pick up some decent knowledge. Of course i am far from being well versed but i know enough to begin small action steps. im looking to House hack in the Cleveland area utilizing my VA benefits for a VA loan. I figured i can start sooner than later with the 0% down option. I always see posts about 5% being the magic number for VA loans though but i can never find an explanation. Is there any other current veteran investors in the area that can shed some more light on the full potentials of VA home loans i feel i am only scraping the surface. i get the main points of
0% money down required
no PMI required
lower rates
lower closing costs
1-4 units max if purchasing multi-tenant
and current VA loan limit is just over 400,000
Any advice here would be appreciated and of course id love to start surrounding myself with other local investors because after all doing this alone is foolish. especially in the beginning.
Most Popular Reply
Thank you for your service Brandon! As a former mortgage originator and current REI I agree the VA loan is a tremendous asset!!!
Where are you looking do you have it narrowed down to a city/cities?
Also yes when certain thresholds are not as high others get impacted - however its probably just an added “risk cost” not a matter of approval.