All Forum Posts by: Shirley Layer

As mentioned already, the DSCR won't allow you to live in the unit. I would first find out what loans you qualify for and how much you can borrow and then go from there. If the amount of $ you qualify for doesn't allow you to buy a multi-family then start with a smaller home and flip it, working your way to the larger unit with you living in one of the units. If you do qualify, for enough then def. go for it!

A possible option is buying something near a major hospital. You take the master bedroom and then rent out the other rooms and bathrooms to traveling nurses, or you convert the garage. You get the point. Be creative and figure out a way to make it work based on the feedback you get from the VA loan specialist.

Hey Shirley,

Just wanted to comment on the income qualification piece. Until recently I didn't know this either, but some lenders can take your transcripts from school and use that to help your income qualify. Now you'll still need to make sure that your current income is legitimate but using your transcripts can help you with the hurdle of needed 2 years at a W-2. 

@Shirley Layer

A number of variables, such as your tastes, long-term objectives, and financial status, will influence your choice. The following factors should be taken into account for each choice:

1. Taking out a VA loan, which offers the these benefits: no funding fee, no private mortgage insurance (PMI), lower interest rates, and zero down payment, among others.

2. Making use of a DSCR loan, which offers the these benefits: interest rates, down payment, potential cash flow, etc.

Create a thorough financial plan that accounts for probable market swings, property management concerns, and emergency funds. The choice between a DSCR loan and a VA loan ultimately comes down to your individual needs and objectives. To receive individualized guidance based on your financial circumstances and goals, it might be helpful to speak with a financial counsellor or mortgage specialist.

All the best!