Skip to content

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

User Stats

45
Posts
16
Votes
Justin Hackney
  • Rental Property Investor
  • Atlanta, GA
16
Votes |
45
Posts

VA Home Loans: what to watch out for

Justin Hackney
  • Rental Property Investor
  • Atlanta, GA
Posted

Maybe this describes some Bigger Pocket Profiles as it does myself: 

1. Graduated college in <2

2. Relocated and learning the area (Raleigh is awesome btw... I'm a Savannah, GA native)

3. Have worked in North Carolina for less than a year with my company

4. Have very little cash on hand to invest

5. Wanting to invest (I like the idea of multi-family)

6. Army Veteran (or ex military in general)

I have been looking into the VA home loan structure and by in large it seems too good to be true. I would rather get the dark side of taking this route so I'm more prepared in a few months when I start applying for the loan. The most attractive thing about this is obviously the no money down. However, if I'm planning on investing in a multi-family while living in one of the units, what do I need to look out for? I would really appreciate the feedback.

Cheers!

- Justin 

Most Popular Reply

User Stats

2,699
Posts
1,895
Votes
Dawn Brenengen
  • Real Estate Broker
  • Raleigh, NC
1,895
Votes |
2,699
Posts
Dawn Brenengen
  • Real Estate Broker
  • Raleigh, NC
ModeratorReplied

I would save up some money for the purchase just to have some cash reserves, but I would definitely take advantage of the VA loan. I know a mortgage broker who is very well versed in VA loans if you want a recommendation. Also, you may find that in a competitive bid situation, the seller will pick a different offer (cash or conventional loan) over yours. They often see 100% financing as a red flag that you have no money.

Thank you for your service!

Loading replies...