 VA loan eligibility? (by Shannon [NY]) Dec 9, 2010 10:40 AM
 VA loan eligibility? (by Reid [KS]) Dec 9, 2010 11:44 AM
VA loan eligibility? (by Shannon [NY]) Dec 9, 2010 11:57 AM
VA loan eligibility? (by Josh [CA]) Dec 9, 2010 12:21 PM
VA loan eligibility? (by Jason PA [PA]) Dec 9, 2010 1:27 PM
VA loan eligibility? (by Ken [NY]) Dec 9, 2010 4:40 PM
VA loan eligibility? (by Joe [CA]) Dec 10, 2010 1:02 AM
VA loan eligibility? (by Joe [CA]) Dec 10, 2010 1:04 AM
VA loan eligibility? (by Gen [NM]) Dec 10, 2010 7:19 PM
VA loan eligibility? (by Shannon [NY]) Posted on: Dec 9, 2010 10:40 AM
Message:
Hello all... I was wondering if anyone here would know the answer to this. I own a 2 family duplex and I live on one side and I rent the other. I bought the home before I got married.
My husband and I have been kicking around the idea of buying a one family to move into and renting out the duplex. My husband is a vet and we would like to jointly own the home with the help of a VA loan. My question is, would I now be considered an investor even though this new home would be owner occupied? I would hate to think I will have to put 20 % down on a new home just because of the duplex. Thanks for your input everyone.
--166.137.xxx.xxx |
VA loan eligibility? (by Reid [KS]) Posted on: Dec 9, 2010 11:44 AM
Message:
The more you put down the quicker you'll own the place , nothing wrong with that ? You don't want to be paying for it your whole life do you?? --99.117.xxx.xxx |
VA loan eligibility? (by Shannon [NY]) Posted on: Dec 9, 2010 11:57 AM
Message:
Sorry to make myself sound like a young newlywed. I'm 42. I'll have a 30 year fixed. So... Yeah, I will be paying for it my whole life. I just want to put minimal down to get in a new place. --166.137.xxx.xxx |
VA loan eligibility? (by Josh [CA]) Posted on: Dec 9, 2010 12:21 PM
Message:
I doubt it. Is this your husbands 1st home? If so you might qualify for 1st time buyer tax credit.
--71.80.xxx.xxx |
VA loan eligibility? (by Jason PA [PA]) Posted on: Dec 9, 2010 1:27 PM
Message:
I am fairly sure you would be ok to do that. I had 2 va home loans in the past. You can turn your primary residence into a rental property, I think you may have to had lived in your primary for 2 years first then it should be ok. --71.251.xxx.xxx |
VA loan eligibility? (by Ken [NY]) Posted on: Dec 9, 2010 4:40 PM
Message:
As I understand it you can show you are moving from a 2 family to a single family so it makes sense and it should be ok.A VA loan can be a pain to qualify for but depending where you live in NY state look into a USDA Rural housing program loan.I even know a couple cities that qualify for this program and you can get in for almost nothing down especially if the seller will work with you for seller concessions etc --67.252.xx.xxx |
VA loan eligibility? (by Joe [CA]) Posted on: Dec 10, 2010 1:02 AM
Message:
Anyone know if VA Loan eligibility can be applied to a free and clear six-plex? --76.105.x.xxx |
VA loan eligibility? (by Joe [CA]) Posted on: Dec 10, 2010 1:04 AM
Message:
Forgot to mention 6-plex would become primary residence for myself. --76.105.x.xxx |
VA loan eligibility? (by Gen [NM]) Posted on: Dec 10, 2010 7:19 PM
Message:
You should be ok but remember they'll want you to have at least six months cash reserves in the bank for your duplex, in addition to your downpayment and closing costs.
Also... FHA wouldn't let me buy another duplex (I owner-occ a triplex that has a VA mortgage) because the purchase would have been "going down in value." WTH? There is some weird stuff out there.
Maybe some little rule will trip you up, or maybe not. Good luck! --97.119.xxx.xx |
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