Vet using va loan to get started

5 Replies

Hello All,

I'm new to the real estate investment space. I am a veteran who is looking to use my VA loan to buy a 4-plex in the Portland area. It's my first purchase, and I'm just getting going. Anyone have experience with VA guys/gals?

Thank you kindly
Lem

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Hi Lemuel, I'm a veteran myself and I have closed multiple VA loans... Both as a buyer and as a realtor. Most lenders and mortgage brokers offer both conventional and VA / FHA products... the one important consideration is to work with a loan originator who you know and trust if at all possible...or at least based on professional recommendations for mothers in your area. As I'm sure you already know, a VA loan can only be used for a primary residence... Meaning you have to live in the property (or in one of the units in the case of a multi-family). It is also limited to residential property (4 units or less). Beyond that, the condition of the property can be another hurdle. It can be difficult to purchase a true "fixer upper" with a VA loan, as the VA will have certain condition and habitability requirements for the roof, plumbing, electrical, HVAC, etc. So on that note, it helps to have a realtor who is familiar with VA loan requirements and can help you select the right properties. Best of luck!
Jeff Copeland, Broker in FL (#BK3326487)
727-235-7988

Can be hard to get "deals" because of the condition the loan requires the house, but at least you save on the down payment. 

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