All Forum Posts by: Jacob Tracy

Thank you for the replies! We have been considering and planning for owner occupancy for the last year now. But the closer it gets, the more it makes sense for us to purchase a single family for ourselves under the VA and the multi on a conventional. The VA loan requires you to have primary residency of the property for a minimum of 11 months and we plan the be in Phoenix for around 3 years. I build cars so a garage is a must which most of the multis I've found in phx do not have. My only concern is the odds of approval for a second loan shortly after the first. If this is the route we decide to take, would it be wise to purchase the (initial) investment property before applying for the VA loan on the SF? That way it would show more positive income, thus boosting our odds for the second one? I suppose I should go talk to a lender in person.. But id like to go in with a level head and some knowledge on feasible possibilities and alternate routes to explore before hand. Thank you all again for the help!

Good evening all! My wife and I are first time investors looking to invest in a multi family home in Phoenix! We will be using a VA loan to do so in July and we have been surfing the market for the past 6 months or so just getting a feel for how things are moving and what we are willing to spend. Recently we have been floating the idea of purchasing a multi family home as a sole investment and using the VA loan on a foreclosure as our primary residence, as we would like to plant some semi-permanent roots in the area for my wife's occupation. So my question is.. Is this a feasible plan? Being that the VA loan is a zero down loan that we will be meeting all criteria for, will lenders likely still be willing to approve us for a conventional loan on the multi family property with us having a sufficient debt to income and substantial down payment? Or would it be a more wise decision to do the VA loan and owner occupy a multi for the 11 months residency the VA requires? I've researched far and wide and had my plan in place but as the time approaches we are Feeling as if we haven't explored all of our possible options starting out. Any help is greatly appreciated!

I'm in the same boat as you Anthony. Looking to purchase an owner occupied muti investment property but I don't want to carry the PMI for long before I can refi. Ed Groussman Are there any stipulations for using an FHA backed loan while an individual has a VA loan on another property?