Using a construction loan to buy on raw land backed by VA. The land is further away from work than my current residence. We move to the newly constructed home within 60 days of close (or the time it takes to the rent the pre existing home), live in the newly constructed home for one year, sell the newly constructed home only to start the process all over again. This satisfies occupancy requirements from what I can tell and would be a great way to manage real estate as an investment. What are your thoughts?
@@WinTheHouseYouLove Wow thanks! Lots of money to be made in San Diego county! Is there an issue with the property being further away from work than my existing home?
It’s tricky, renting out the first property. What happens if you don’t have a tenant before PCSing to another station and using the VA loan to purchase a new home at the new station. So does that mean I’m going to be paying both homes until the first home gets a tenant?
If I already own a home in a conventional loan. Could I use the VA loan to buy a newer house that I would consider my “forever home” and turn my current property into a rental? I’m not looking to sell my current property because I have a lot of equity in it
Lets say I have an investment property owned by me and some other family members that thru a partnership to fix up properties, flip them or rent them out. Well this one property I may wish to purchase for my own dwelling instead. Can I purchase a property from the partnership with a VA home loan?
So to avoid occupancy/mortgage fraud using the va loan, all you have to do is live in that property for at least a year correct? After that are you able to purchase more multi family properties and repeat the process?
That's correct! You can buy another, but buying another multi-family gets tricky. You need a really compelling reason to not "upgrade" your housing for an underwriter to approve it. They are very hesitant to approve loans that look like someone is gaming the system.
Correct me if I'm wrong, but VA has a requirement of 6 to 12 months of rental experience before qualifying for a VA multifamily loan. Therefore, you must have worked for a property management for that period of time o have owned previously a multi family home.
I've done VA multi families without needing rental experience. Usually the rule is you need 12 mo rental experience to use rental income in your debt-to-income ratio.
@@WinTheHouseYouLove Thank you to clarify, it makes sense now. However, I need the rental income to qualify according to my loan officer. After watching your video information on this channel I may have to go through regular FHA, wait a year and then refinance to a VA loan to get rid off the PMI, by that time I already have the 12 month requirement as a Landlord to quailify for the VA loan. Thank you for your input along with your informative videos, keep it up!👍
Real estate investing, question. Do you think it's better to go as biggest as I am comfortable mortgage for my first property and wait for property value and equity to build or should i start small with 3 bedroom then a 4 bedroom after a year? Could you explain the pros and cons of both? This is from a Veteran who wants to get into real estate investing of course starting out with the VA Loan. I hope understand my question
So I’m in this situation now trying to grow my portfolio using my VA. If you want to purchase a multi-family property you should do so first. Then a 3bed then a 4bed. Every time you reuse your VA loan your house has to grow bigger in either rooms or square footage in order for you to reuse your va loan after a year. And you also don’t have to wait a full year. I’m eligible at 9 months.
My family and I just purchased with a VA loan about 6 months ago and are thinking we should downsize for personal reasons. However the VA has a one year occupancy requirement from what I understand. Are we able to qualify for a second VA loan prior to fulfilling the one year occupancy stipulation on our current home to build a smaller home that will be completely built shortly after we we meet the one year occupancy requirement? We would like to rent out our current home and intend to occupy it later. When we initially purchase this home we were planning on growing our family however things have recently changed. Would appreciate your input.
ok.. so i buy a 4 plex..stay in one of them..but is there an actual time frame of how long i need to live in it?.. is it written down somewhere, or does every lender have their own rules??.. also, what kind of credit score do i need to get a 4plex?
So can I use the VA loan to purchase a house in California , live in it for a year and a half and then EAS. Move back home (Utah) and rent out the property in California ?
So I can’t buy a house in Arizona while I’m stationed in Hawaii even though I plan to move back to Arizona ? Just curious because I want to own a house just actually where I want to live
Hey I’m 17 and want to join the airforce. Where can I get informed on all the benefits, pay, and when I can actually buy a house. I know that I’m the airforce it’s pretty crowded so you can move out of barracks at e-3
The 60 day rule is when you have 60 days to occupy the property after you purchase it with a VA loan. VA doesn't allow you to purchase investment properties. So you'll need to occupy for usually a year. Otherwise, it may look like occupancy fraud.
You'll need to live in the duplex as a primary residence. Also, the underwriter will most likely question why you and your wife intend on having separate primary residences. You'd have to have a really good reason. Most underwriters wouldn't sign off on this because it looks like occupancy fraud.
If I purchase a home using a VA loan, how soon after purchasing is my daughter (not a dependent) able to assume the loan? Does the one year occupancy apply in this scenario?
Great info. Will this apply if my active duty spouse stays at his current duty location and me, as the spouse, move to a different state (using the VA loan). Will I (the spouse) be able to fulfill the occupancy requirement? Thanks.
You'll need to live there for a year. The occupancy requirements are pretty open-ended. However, a great question to ask yourself would be: is there any way that in court it could be argued that I was manipulating the lender to believe this is a primary residence when I really was just using the home as an investment property?
Awesome video, much appreciated! Quick question - I'll be eligible for the VA loan in a couple years, but already have a conventional loan on my current residence. Will it be possible to utilize the VA loan for my next place of residence (honestly my long-term residence), and have my current place/current loan be a rental property?
Super helpful, simple & clear vid
Glad you think so, thanks!
Using a construction loan to buy on raw land backed by VA. The land is further away from work than my current residence.
We move to the newly constructed home within 60 days of close (or the time it takes to the rent the pre existing home), live in the newly constructed home for one year, sell the newly constructed home only to start the process all over again.
This satisfies occupancy requirements from what I can tell and would be a great way to manage real estate as an investment.
What are your thoughts?
Yep! That's a very common strategy.
@@WinTheHouseYouLove Wow thanks! Lots of money to be made in San Diego county!
Is there an issue with the property being further away from work than my existing home?
It’s tricky, renting out the first property. What happens if you don’t have a tenant before PCSing to another station and using the VA loan to purchase a new home at the new station. So does that mean I’m going to be paying both homes until the first home gets a tenant?
Yes but if you put it on the market or in the ether to be rented, itll get rents, esp around a military installation
If I already own a home in a conventional loan. Could I use the VA loan to buy a newer house that I would consider my “forever home” and turn my current property into a rental? I’m not looking to sell my current property because I have a lot of equity in it
Yes you can
How far should you live from your primary residence for the VA to approve the 2nd loan?
That's a good question
Lets say I have an investment property owned by me and some other family members that thru a partnership to fix up properties, flip them or rent them out.
Well this one property I may wish to purchase for my own dwelling instead. Can I purchase a property from the partnership with a VA home loan?
So you can acquire a second VA loan before the 1st loan is paid off?
So to avoid occupancy/mortgage fraud using the va loan, all you have to do is live in that property for at least a year correct? After that are you able to purchase more multi family properties and repeat the process?
That's correct!
You can buy another, but buying another multi-family gets tricky. You need a really compelling reason to not "upgrade" your housing for an underwriter to approve it.
They are very hesitant to approve loans that look like someone is gaming the system.
Hey great video, i live in New York and thinking of doing restate, on a family size home. Its just expensive here.
Thanks! Yes, NY is crazy expensive!
Correct me if I'm wrong, but VA has a requirement of 6 to 12 months of rental experience before qualifying for a VA multifamily loan. Therefore, you must have worked for a property management for that period of time o have owned previously a multi family home.
I've done VA multi families without needing rental experience.
Usually the rule is you need 12 mo rental experience to use rental income in your debt-to-income ratio.
@@WinTheHouseYouLove Thank you to clarify, it makes sense now. However, I need the rental income to qualify according to my loan officer. After watching your video information on this channel I may have to go through regular FHA, wait a year and then refinance to a VA loan to get rid off the PMI, by that time I already have the 12 month requirement as a Landlord to quailify for the VA loan. Thank you for your input along with your informative videos, keep it up!👍
So if I use the v.a. on this next one I'm gonna be severely limited
Yes, VA loans require you to live in the property as your primary residence, so they aren't ideal for pure investment properties. Thanks for watching!
Real estate investing, question. Do you think it's better to go as biggest as I am comfortable mortgage for my first property and wait for property value and equity to build or should i start small with 3 bedroom then a 4 bedroom after a year? Could you explain the pros and cons of both? This is from a Veteran who wants to get into real estate investing of course starting out with the VA Loan. I hope understand my question
I'm not super skilled on the investing side unfortunately!
So I’m in this situation now trying to grow my portfolio using my VA. If you want to purchase a multi-family property you should do so first. Then a 3bed then a 4bed. Every time you reuse your VA loan your house has to grow bigger in either rooms or square footage in order for you to reuse your va loan after a year. And you also don’t have to wait a full year. I’m eligible at 9 months.
Did a refi on what was the primary multi fam to a va loan, a year later got married moved to another county, can i refi into another va loan?
Have you known anyone to use the va loan benefit for multiple multi-family properties?
One yes, but not multiple
what about dual military family? can you purchase 2 homes if you are stationed together? if so how? thanks bro
Only one primary residence if living together
how do you use this as a veteran?
??Question can you use your VA loan in the virgun islands ir dominican Rep.
VA loans are only available in the United States.
My family and I just purchased with a VA loan about 6 months ago and are thinking we should downsize for personal reasons. However the VA has a one year occupancy requirement from what I understand. Are we able to qualify for a second VA loan prior to fulfilling the one year occupancy stipulation on our current home to build a smaller home that will be completely built shortly after we we meet the one year occupancy requirement? We would like to rent out our current home and intend to occupy it later. When we initially purchase this home we were planning on growing our family however things have recently changed. Would appreciate your input.
Hi! As long as you can afford another VA loan it is possible.
The best informative video ever thank you 🙏
Glad you think so!
What if we relocate to the same state, how far is the minimum distance between your first and second VA home purchase?
In that case, as long as your new home is closer to work than your previous home, you'll be fine
@@WinTheHouseYouLove thanks for your info.
Would it be smart to use my VA on a multi unit fourplex worth 800k and just live with my parents for a year?
You have to live in one of the units as your primary residence
ok.. so i buy a 4 plex..stay in one of them..but is there an actual time frame of how long i need to live in it?.. is it written down somewhere, or does every lender have their own rules??.. also, what kind of credit score do i need to get a 4plex?
One year :)
On VA, the bare minimum is 500, but a lot of lenders have an "overlay" that requires it to be 620
Can you use the VA renovation loan to fix your property up and pull the equity out in order to buy a new property with another loan, say an FHA loan?
Yes, but not both at the same time
@@WinTheHouseYouLove What do you mean not both at the same time?
So can I use the VA loan to purchase a house in California , live in it for a year and a half and then EAS. Move back home (Utah) and rent out the property in California ?
You sure can!
I need to know if I can use the VA loan to buy another home for my daughter to live in here in CA.
VA is only for primary residence, so you'll have to live in the home.
My question is, can you refinance out of a VA loan into a traditional loan?
Yes
So I can’t buy a house in Arizona while I’m stationed in Hawaii even though I plan to move back to Arizona ? Just curious because I want to own a house just actually where I want to live
VA allows you to purchase as long as you occupy the property within 12 months. Or, as long as a spouse or dependant occupies the property.
Sounds good thank you for your response
What if I juts want a bigger home in the same city? Is that possible?
Yep!
@@WinTheHouseYouLove does it have to be closer to work than current residence?
Hey I’m 17 and want to join the airforce. Where can I get informed on all the benefits, pay, and when I can actually buy a house. I know that I’m the airforce it’s pretty crowded so you can move out of barracks at e-3
www.benefits.va.gov/homeloans/
I have to live in the house I bought for a year before I can rent it out? What's the 60 day rule!
The 60 day rule is when you have 60 days to occupy the property after you purchase it with a VA loan. VA doesn't allow you to purchase investment properties. So you'll need to occupy for usually a year. Otherwise, it may look like occupancy fraud.
Ah, I've lived in it for 6 months now.
So for primary residence, can my wife stay in my house and i purchase a duplex with a new va loan
You'll need to live in the duplex as a primary residence.
Also, the underwriter will most likely question why you and your wife intend on having separate primary residences. You'd have to have a really good reason. Most underwriters wouldn't sign off on this because it looks like occupancy fraud.
@@WinTheHouseYouLove i thought so, thank you
If I purchase a home using a VA loan, how soon after purchasing is my daughter (not a dependent) able to assume the loan? Does the one year occupancy apply in this scenario?
Hmm, I'm not entirely sure! I'd check with your loan officer on their policies. Assumptions are a bit rare for me
144,000’limit ? That is inaccurate! Ive used the va loan 3 times 3 states and all 3 were above 150,000
Great info. Will this apply if my active duty spouse stays at his current duty location and me, as the spouse, move to a different state (using the VA loan). Will I (the spouse) be able to fulfill the occupancy requirement? Thanks.
Yep! A spouse can fulfill the occupancy requirement :)
Win The House You Love thank you, this helps a ton.
Thank you for the video.
Thanks for watching!
What if your a veteran
This video is about VA loans for veterans
if i own the property for a year but only stay a few months in it does that count?
It will need to be your primary residence for at least a year
@@WinTheHouseYouLove ok thanks
Great info
Thank you so much for watching!! :)
Or find something in Virginia that fits what I want
I totally get that; it can be tough to find the perfect property that meets your needs. Thanks for watching!
Thanks!!
Thank you so much for watching!! :)
Define primary residence? Can i just have my main mailing address there, stay a few nights out of the week? looking into buying a duplex or 4plex
You'll need to live there for a year. The occupancy requirements are pretty open-ended.
However, a great question to ask yourself would be: is there any way that in court it could be argued that I was manipulating the lender to believe this is a primary residence when I really was just using the home as an investment property?
@@WinTheHouseYouLove thank you. would you recommend a 4plex for faster cash flow?
Awesome video, much appreciated! Quick question - I'll be eligible for the VA loan in a couple years, but already have a conventional loan on my current residence. Will it be possible to utilize the VA loan for my next place of residence (honestly my long-term residence), and have my current place/current loan be a rental property?
Yep! That won't be an issue at all