Doubling up on VA Home Loans

3 Replies

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.

Good luck!

@Wai Fung The VA loans require them to be in first position in case of default, if you have two loans on a property, In your scenario I would think only one of them can be in first position. Since this would be a specialized situation, I would use the Contact on the VA website to get the best answer, there are a lot of lenders that do VA loans but they don't specialize in them so they may not know about any fine print, or alternate paperwork not commonly used. An example is a lender who told me he did VA loans, when I asked about having a second VA loan, he told me I couldn't do that, I'm only allowed one at a time, when in fact if you don't use all of your entitlement on the first loan you can use the remaining entitlement on a second property.

Hey!

This is the VA lender handbook!
https://www.benefits.va.gov/warms/pam26_7.asp

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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