A terrific way for energetic military and veterans to use their VA house loan benefits is to purchase a two-4 unit property exactly where the VA borrower occupies 1 of the models as their main residence. VA house loans are very unique in that they permit a VA borrower to purchase a two-4 unit property with one hundred% financing if they strategy to occupy 1 of the models as their main residence! This is extraordinary. Yes you heard it properly, you could purchase a 4 unit unit building ant zero down.
Advantages of buying two-4 models as a main residence
There can be some really great benefits to using you VA house loan eligibility to buying a two-4 unit property vs. a single-hold house. The most obvious advantage is that you will receive the lease from the other models to help offset your own housing payment. In reality over time, you could get to the stage exactly where the lease from the other models spend the ENTIRE housing payment and you reside with out a housing payment! Envision what it could do for your spending budget if you did not have a home payment. And even better, the rents from the other models could not only 1 day spend the entire housing payment on the property, but they could also give you additional earnings on top of that. Now if you were to purchase a condo or single-family home, you have to make the entire housing payment your self. You would not have rents from other models.
In addition, you could 1 day move out of your two-4 unit property to move up to a good main residence and retain the two-4 unit property as an investment for existence. Over time this property would enjoy in value and also offer you with cash flow for your retirement.
Utilizing the rents from the other models to help you qualify
A wonderful aspect of using your VA house loan benefits to purchase a two-4 unit property is that you can use the rental income from the other units to help you qualify for the VA loan. For instance, if you were to purchase a 4 unit property exactly where the three models you would be renting would deliver in $one,000/mo earnings every, you could use 90% of that $three,000 in rental earnings to help you qualify for the loan. This can allow a VA eligible borrower to qualify to purchase when if they were to purchase a condo or house with out rental earnings they would not qualify.
So as you can see, using your VA house loan benefits can be an excellent way to purchase your main residence and also offer you with a tremendous investment for your entire existence.
If you want to discover more, please contact Rob our Sr. VA loan specialist using the contact info below.
Rob Chomentowski
Sr. Loan Officer and VA mortgage specialist
858-922-7899
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