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!
Posted that from the app... Not sure why it posted twice, nor why it will not let me create paragraphs!

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

Hey Lemuel, happy to hear from another vet! Shoot me a message and I'll introduce you to a couple lenders I've used here in Portland for my VA loans.

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