Troy D Doty P.C.
Northwest Realty Source
Principal Broker/Owner
Veteran-Marine Corps Sgt. Fox 2/4
Text or Cell 503.997.4169
Can you buy a 4 Plex with a VA Loan?
Portland Veterans looking to buy a duplex, a triplex, or a four-plex may use your VA home loan benefits. The Veteran must occupy at least one of the units as a primary residence. Using your VA home loan benefit for an investment property can be an attractive option for many veteran buyers.
Veterans who want the benefit of an investment can leverage a VA loan to buy up to maximum of 4 units.
VA home loans can be used for any eligible 1-4 unit property. This includes any 2 unit (duplex), 3 unit (triplex), or 4 unit (fourplex) home, as long as the veteran will occupy one of the units in property. It is considered an owner-occupied purchase as long as you live in one on the units.
The advantage of buying a multi-unit property for veterans is you get the same great rates, 100% financing and no private mortgage insurance.
A veteran buyer looking to buy a multi-family property will need to occupy one of the property’s units as their primary residence. You may not use a VA loan to purchase a multiunit solely as an investment property.
Counting Rental Income:
The veteran still needs to meet VA guidelines to qualify, and income generated from rentals to offset required income can vary for lenders. Here is an example. A four-plex that brings in $4,000 per month for 4 units. The lender may allow to income from 3 of the rented units ($3,000) to offset qualifying income. Be sure to ask your lender about the percent of rental income allowed and any required reserves needed for a VA multi-family loan.
Contact us today to learn more about buying a multi-family property with your VA benefits.
Northwest Realty Source
Principal Broker/Owner
Veteran-Marine Corps Sgt. Fox 2/4
Text or Cell 503.997.4169
224 S Hamilton St Ste 300
Portland OR 97239
troy@nwrealtysource.com
Phone: +1 (503)997-4169
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