If you can get a VA loan for your first multifamily, that would probably be a better choice if you have the chance of being transferred in the next year or so, as VA only requires that you intend to occupy the property within 60 days of closing. If something comes up out of your control (like new duty station), you’ll still be ok.
VA Loans and Multi-Family Units. Some vets applying for a VA home loan aren’t looking for a traditional suburban home, and the Department of Veterans Affairs has plenty of options for those looking at condos, duplexes and other properties.
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Multi-Family Homes The VA loan can be used to purchase up to a 4-unit house so long as it is owner occupied. These homes are also known as multi-family dwellings, and can be referred to as 2, 3, or.
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The VA loan can be used to purchase up to a 4-unit house so long as it is owner occupied. These homes are also known as multi-family dwellings, and can be referred to as 2, 3, or 4 family houses. Another area that you will see differences with the multi-family home is the minimum property requirements. The VA has MPRs for any loan that it insures.
VA does not allow loans for any other rental property apart from multifamily homes. One thing the borrower has to make sure is that he stays in one of the units of these structures otherwise he is not eligible for loan.
Technically, if you live in one of the units than it is considered owner occupied and therefore not classified as an investment property. VA Loan Limits for Multi-Family Homes. The loan limits for VA loans are the same as Fannie mae conforming loan limits. These are set by the Federal Housing Finance Agency (FHFA).