A friend and me are planning on buying a multi unit together. We were told the maximum amount we can qualify for is up to the San Francisco limit of $679,500. So our total limit would be $1,359,000 to purchase up to a 4-plex. Has anybody heard if this is possible to do for 2 individuals who both qualify for the VA Home Loan?
I didn't look up the limits, but that limit sounds like it is for a SFH. The limit increases the more units the property has (up to 4). If you Google VA county loan limits you should be able to find a website that will tell you what the different limits are for a small multi family in your county.
This is the VA lender handbook!
I believe your question is fully answered in chapter 3 or chapter 7.
You can actually get four units and one business unit (as long as the property is mostly residential)!
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