Skip to content
Two investors reviewing resources on a laptop

Get industry-leading resources — for free

Unlock resources for every investing strategy and stage with a free account.

By continuing, you agree to BiggerPockets LLC's Terms of Use and Privacy Policy

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...