Hey everyone, I have been scouring old forum posts and I can't seem to find a topic covering this, so I've decided to start this discussion. If it had been covered/answered before, I apologize in advance.
So here's the deal. I'm a veteran in the San Diego area and I'm looking to use my VA Loan to acquire properties. The current VA limit in San Diego for an SFR is $649,000. I am planning on buying a house for $400,000, and a friend of mine is selling his condo to me (below market) for $270,000. I have a little money saved up, so that's what I'm planning on giving him for the remaining balance of $20,000+.
Now, I understand that we can use the VA Loan for multiple properties as long as you don't exceed the limit, but everything I've read so far involves holding/staying in the property for one year before buying the second property. Is it possible to acquire both properties at the same time? It might be a long shot since the VA Loan has to be owner occupied, or is there a way? Any other creative financing ideas how I can execute this type of transaction?
Thanks in advance, BP folks!
No it’s not it’s only for primary residences. You must sign an agreement to occupy. You can purchase a multifamily but not more than one property.
Would your down payment to your friend allow him to pay off the mortgage? If so you could have him owner finance. If not then potentially subject-to; but he needs to understand the potential downsides of a subject-to.
Thank you for verifying @Jared Viernes ! Besides, owner financing, any other types you’d recommend?
Hey Paulo Bihis I'm a Real Estate Agent and USMC Veteran serving the San Diego area and have a wonderful VA Loan Expert I'd like to introduce you to here in San Diego that can help you with your situation. Let's talk face to face, send me a PM.
@Cesar Castro joining in this thread late but if you don't mind I'd be interested to touch base with your VA loan contact there. Thank you Cesar.
I currently have two VA loans and have one as a rental and occupy the second. I purchased the first, lived in it for a year, then rented it out while purchasing my permanent home.
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