Use your VA Home Loan Benefit to purchase 2, 3 or 4 Unit properties

Eligible Veterans and Active Duty Military can use your VA Home Loan Benefit to finance the purchase of a multi family home (2-unit, 3-unit or 4 Unit, aka Duplex, Triplex, and Fourplex). This can be a strong investment strategy, as you can live in one of the units and rent out the other units.  The VA 2-4 unit loan  requires Zero Down Payment up to the VA Loan Limits for your county, and that you live in and occupy one of the units to qualify for VA Financing.

You can use the rental income of the rented units to help qualify by offsetting the payment.  This will be determined either by using existing tenants and their actual rent rolls, or a projected rent schedule from the VA Appraisal. Our VA underwriters will allow you to use 75% of those rents towards your income for qualifying purposes. The VA does require that the Veteran has a high probability of success in managing the rental units, this can be prior experience managing rental properties or in select cases a well qualified buyer (liquid assets, good income, great credit profile, etc).

Call us if you are interested in purchasing a multi unit property using your VA Loan Benefit, and we can help you with the numbers. You might be surprised what you would qualify for! 866-900-2342 toll free direct.

You can also utilize VA Loans to Refinance your current 2, 3 or 4 unit property.

We do suggest that you utilize a good Realtor when searching for a multi-unit property, as they can help with the property search, cash flow projections, and VA property eligibility.

You can utilize your VA Home Loan Benefit for a VA Loan to make your next home a true investment.

Our minimum fico for VA and VA Jumbo Loans is 580 on loan amounts up to $1.5M

Here are the 2019 VA Loan Limits for high cost California Counties:

State County 2018 VA Loan Limit (same limit applies to 1, 2, 3 and 4 units)

CA ALAMEDA              $726,525

CA ALPINE                   $484,350

CA AMADOR                $484,350

CA BUTTE                    $484,350

CA CALAVERAS          $484,350

CA COLUSA                 $484,350

CA CONTRA COSTA   $726,525

CA DEL NORTE           $484,350

CA EL DORADO          $552,000

CA FRESNO                $484,350

CA GLENN                   $484,350

CA HUMBOLDT           $484,350

CA IMPERIAL               $484,350

CA INYO                       $484,350

CA KERN                      $484,350

CA KINGS                     $484,350

CA LAKE                       $484,350

CA LASSEN                  $484,350

CA LOS ANGELES       $726,525

CA MADERA                 $484,350

CA MARIN                     $726,525

\CA MARIPOSA             $484,350

CA MENDOCINO           $484,350

CA MERCED                  $484,350

CA MODOC                    $484,350

CA MONO                       $529,000

CA MONTEREY              $652,050

CA NAPA                         $726,525

CA NEVADA                    $486,450

CA ORANGE                   $726,525

CA PLACER                    $552,000

CA PLUMAS                    $484,350

CA RIVERSIDE               $484,350

CA SACRAMENTO         $552,000

CA SAN BENITO             $726,525

CA SAN BERNARDINO  $484,350

CA SAN DIEGO               $690,000

CA SAN FRANCISCO      $726,525

CA SAN JOAQUIN           $484,350

CA SAN LUIS OBISPO    $667,000

CA SAN MATEO              $726,525

CA SANTA BARBARA     $625,500

CA SANTA CLARA          $726,525

CA SANTA CRUZ            $726,525

CA SHASTA                     $484,350

CA SIERRA                      $484,350

CA SISKIYOU                  $484,350

CA SOLANO                    $494,500

CA SONOMA                   $704,950

CA STANISLAUS             $484,350

CA SUTTER                     $484,350

CA TEHAMA                    $484,350

CA TRINITY                     $484,350

CA TULARE                     $484,350

CA TUOLUMNE               $484,350

CA VENTURA                  $713,000

CA YOLO                         $552,000

CA YUBA                         $484,350

All other California counties are at $484,350 for the 2019 VA Loan Limit. VA Loans are available with zero down payment for VA 2, 3 or 4 plex purchase and refinance up to the respective county VA Loan Limit. For VA Multi Unit loans over the county VA Loan Limits, we can utilize a down payment or equity in the property to satisfy the 25% VA Guarantee requirement, this basically amounts to 25% of the amount over the county loan limit (not counting the VA Funding Fee).

Here is a complete list of California Counties and their VA Loan Limits

Call the VA Loan Pros at VanDyk Mortgage today at 866-900-2342 to get started, or apply online.

 


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