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While a VA Home Loan cannot be used to purchase property solely for investment purposes, such as a rental home, the Department of Veterans Affairs does allow a homebuyer to use the VA Loan on a residence that has one to four units – as long as the homebuyer certifies that they intend to occupy the home.
Borrowers who are paying on a new purchase VA home loan are required to maintain occupancy in the home, but are not prevented from renting out a room to a tenant–the key is that the borrower obligated on the VA loan must occupy the property unless it has been refinanced with a VA IRRRL or otherwise paid in full.
· Mark, I own 3 properties earning 5k in rent each month. Only one house has a mortgage. I’m considering doing a cash out refi and buy another home. But will this affect me getting a va loan on another home in 6 months? I don’t want to jump the gun on buying a rental and be stuck without buying a home for myself once I move in 6 months.
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The VA stipulates that the VA home loans are intended solely for residential properties and excludes investment properties. The VA defines.
@Kenny Lewis when you refinance a VA loan it is important to ensure that you have at least 20% equity in the property. One of the nice things about the VA loan is that you are not required to pay primary mortgage insurance (pmi), when you refinance the loan you may have to start paying PMI unless you have enough equity (or put down enough cash to create the equity).
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The FHA and VA type-of-financing data presented in this report tend to differ from those published directly by those agencies. For the actual number of FHA-insured and VA-guaranteed loans made.
This means the VA loan can’t be used to purchase a rental property or vacation home. But it doesn’t mean that you can never rent out the property. Many VA buyers purchase in one location and are then.
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