All Forum Posts by: Cesar Castro

Thank you for your service @Glenn Sumirat. As a licensed RE Agent in San Diego, CA and USMC Veteran, the VA Home Loan has some guidelines and restrictions that may hinder your plans. It is true you can use it to purchase up to a 4 unit Home if you qualify for it financially. The property you purchase will also have to pass VA Inspections which means fixer-uppers may not cut it. Depending on who your lender is and how good their underwriters are you could run into delays and red tape. Connect with me and I'd be happy to connect you with a VA Home Loan expert in your area.

@Tony Karns homeowners insurance

Will you be renting both sides while also living in one? Don't forget about any HOA's or other fees similar, if any.

@Peter Kim I've been getting great results from my Lending Partner Brian Sciutto of Pure Mortgage - puremortgage.mobi/get/G5j5/ they work to find the best possible solutions to each individual or family situation. 

@Jonathan Jaime Velarde - Ooh Rah Service Men and Women! We first used our VA Home Loan in NC about a decade back and paid the initial funding fee of 1.5% of the loan which wasn't much. Now that we are out of the Corps and qualify for the funding fee waiver we plan to use it again.

From what I know now, make sure to either get your loan one year out from your EAS or have a solid job overlapping your terminal leave to show proof of employment when you apply for a VA Loan.

@Edwin Gutierrez you can use it multiple times but restricted to specific loan amounts and funding fees may apply. Its best to talk to a Mortgage Lender that specializes in VA Home Loans, there are some strict guidelines that you have to watch for and be aware of.

@James O'Leary

Nice to meet you, and thank you for your service. I'm Cesar USMC Veteran and Real Estate Agent from San Diego, CA CalBRE #01969244. All your financial questions should be addressed by a professional financial planner before you talk to a Mortgage Lender as they will use it to their advantage, not yours. Go to a local USO and ask around for a recommended Financial Planner or if you are close to any Military Installation make an appointment to talk to them, not positive but it should be a free service for Military Veterans with Honorable Discharge.

On the real estate side once you and your financial planner have determined a plan talk to a VA Home Loan Specialist (which I can recommend to you privately) and utilize the benefit what you have earned. Currently VA Home Loan Limits in Suffolk County, NY are $636,150 for a 1 unit/SFR, $814,500 for a 2-unit, $984,525 for a 3-unit, and $1,223,475 for a 4-unit. The benefits of the VA Home Loan are just a better way to go in my opinion, but it doesn't mean you can't go another way.

Good Luck.

@Hayden Stovall

@Jacob Seaquist pretty much gave you a great roadmap on how to handle this situation. As a military brother, I would tell you to sell your house for top dollar. I work with Military Mutual here in San Diego, CA and we focus on giving back to our Military Members. So as an agent (CalBRE #01969244) I would tell you to hold on to it until it was absolutely necessary to sell. You can use the Interest Rate Reduction Refinance Loan if & when you need it to help you out. Another thing to remember is the funding fee of using your VA Home Loan Benefits which you'll need to consider when buying your next home if you decide to sell and clear your current VA Loan. Also, remember you can still utilize the rest of your current VA Loan benefit which in Camden County, Georgia is $424,100 but since you are moving to TX which in most parts is the same loan limit for a SFR, minus the $114K you already used, leaving you with about $310K. So I would hire PM to manage your property there, look for a full market analysis and estimate of cashflow.

I could also give you a comp on our house for free just send me your home address.

Another thing you might be interested in is a 1031 Exchange which can save you tens or hundreds of thousands in unnecessary taxes. IF you decide to sell.

Hope I helped you out brother - Ooh Rah and Semper Fidelis!!!

@Tyler Relph

If you plan to use your VA Home Loan benefit you run into the issue of the "primary residence" which I assume you will move to your new home from this current home. Then use the old home as a rental? Then rinse and repeat. You could also refinance out of the VA Home loan -

http://www.military.com/money/va-loans/3-ways-to-r...

@Leo Hunter

the smoothest workaround is to buy using your VA Loan benefit (seeing as the VA will only give it to you as a personal loan) and then transfer the title to your LLC - Read "How Do I Transfer Title of a Property from a Person to an LLC?"

as you were - what I meant was VA loans are for primary residences/properties in "move-in ready" condition, with very few exceptions.

Ooh Rah Michael - There used to be the Patriot Express Pilot Loan Initiative but ended in 2010 (if I remember right) I suggest researching Fundera - Veteran Business Loans