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One of the most amazing benefits of a VA loan is that you can use one to purchase a multi-unit property. However, there are some restrictions you'll have to follow in order to get one.
For starters, you cannot purchase a multi-unit property with a VA loan if the building has more than 4 units. While duplexes, triplexes, and four-plexes are all fine, anything above that is not approved for purchase with a VA loan.
In addition, you can't rent out all of the units in the building. What we mean by that is that YOU must live in one of the units as your primary residence. Living on the property is necessary as part of the VA loan program's occupancy requirement.
Now, these aren't the only restrictions you'll encounter when it comes to purchasing a multi-unit property with a VA loan. There might also be some additional financial requirements you'll need to meet, along with some extra minimum property requirements (MPRs) for the home.
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This video is not intended for residents or homeowners in the states of WA, NY, or MA.
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