SECTION 8 BRRRR
How do I use a VA loan to its max?
when it comes to section 8 for the inspection what are the specifics I need to know in the state of Virginia
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Howard Montgomery I'm not sure I'm following what you are asking here? The VA loan does not have a loan "maximum". So you can purchase any 1-4 unit property up to $3million...that is, as long as you qualify for it.
Now, as far as Section 8 renting - when you are renting out a property (or units in a property) you will have to get with your local Housing Choice Voucher Program office to see what their requirements are for eligible properties. Please understand this is ENTIRELY separate from anything VA related.
Hope some of that answers what you were meaning but ask anything else if you need. Thanks!
Hello Andrew thank you for your response. So I called the veterans affairs and got the answer. The VA loans cap depends on your county. For example my VA loan cap is for 700k. I can't say much for Texas. As for the section 8 investing I went and talked to my housing authority in my area and the first thing I need to do is get my city inspection out of the way and then find a tenant and then do the section 8 inspection.
#3 1031 Exchanges Contributor
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So you're looking at a 2-4 unit property where you'll live in one of the units? Or a SFR you'll live for a year and then rent out?
ps if you put an @users name they will know you responded to them. Like @Howard Montgomery
It depends on what type of property you're looking to purchase with the VA loan. Not too sure about section 8 but I would check with your local housing authority to see what the requirements are.
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Howard Montgomery sorry I am just now seeing this. Now, the VA "guarantees" your loan to a certain amount (county depending) but you can absolutely, 100% borrow beyond that guarantee. There are some nuances to it so just speak with a local loan officer and they can get you squared away with it.
Another vote for checking with local housing authority!