Did you know that as a military member you can purchase a multifamily home (up to 4 units) using a VA loan with zero down payment? This is exactly what we did and in this video we share our experience working with our lender and agent to get the deal closed on our triplex.
Here are some quick facts for using a VA loan to purchase a multifamily property:
🔥To get a multifamily VA loan, you must occupy one of the units. You can then rent out the others to long term tenants, run a short term rental, etc. to help pay down the mortgage. 🔥 There is zero down payment! As a trade off, you will pay a funding fee which is 2.3% of the amount borrowed the first time you use your VA entitlements. The funding fee will be wrapped into the loan so you pay it over time. 🔥As of 2020, there is NO LIMIT on the amount you can borrow with a VA loan if you have your full entitlement. The lender will take 75% of the projected rental income into account when approving your loan amount.
Taking advantage of the VA loan in this way has the potential to set your generational wealth building foundation on hyper-speed!
** the content in this video is not financial advice - we are not making any recommendations on what to do with your money and the content only serves to share our own experience **
