Can I use a VA loan to invest and buy non owner occupied, mixed use or multi family properties?

by | Real Estate Investing, Indy Anna

Can I use a VA loan to invest and buy non owner occupied, mixed use or multi family properties?

Here’s how to use a VA loan as a real estate investor for purchasing property with non owner occupied loans.  Here’s what you need to know to buy investment property with a VA loan.

First of all, THANK YOU again for making this channel the number one channel for Indiana real estate on YouTube according google analytics and SocialBlade info for BigReia.com.

Can I use a VA loan to invest?  VA loans for real estate investors and non-owner occupied loans.  The basics of VA loans for investors.

Indy Anna Explains…
– The basics of VA loans and how real estate investors can use them to buy investment properties
– The “occupied” requirements and details on refinancing
– How to use VA for duplexes, multi family and mixed use properties

So I got a few questions about VA loans and how real estate investors can use them, so I asked a few of our lenders (BigReia.com/people) about this and here are the answers I got.  

This will help both borrowers and investors and I’m still learning so if I missed something please let me know.  A few starting notes:
– Today we are focused on residential and mixed use properties so NOT anything with more than 4 units
– The VA loan requirements are slightly different but there will be at least some time that the borrower will have to live there
– You won’t need PMI (private mortgage insurance, remember this is to protect the BANK not you) even if it is 0 down, which is usually only waived with 20% or more down

What about refinancing?
– There’s not a hard limit on how long you have to live there before refinancing and changing to IRRRL (Interest Rate Reduction Refinancing Loan AKA VA Streamline)
– There must be a provable benefit like the rate, a lower payment, improved terms, etc.
– You aren’t allowed to do this from an adjustable to a fixed rate

Occupied versus owner occupied?
– This may be subject to change based on your situation, but generally the property must be used as your primary residence within 60 days of closing
– With a four plex you have to live in at least one unit at some point
– Duplexes and multi-family are okay as long as you had one as your permanent address at some point after that you can rent them out and that is still not considered non-owner occupied, same for condos

So yes you can get loans for duplexes, multi-family, condos and mixed use properties:
– In the case of mixed use the commercial portion cannot be more than 25% of the space
– The property needs a “remaining economic life” of at least 30 years
– No more than 4 residential units total

I think I got that right lol, here’s what we covered:
– The basics of using a VA loan as a real estate investor and the requirements
– Also we touched on the refinancing requirements for IRRRL
– We went over the different property types that you are allowed to and NOT to buy with regarding the zoning and the occupied status

Okay so like I said please let me know if I missed anything and if you want to make another video or answer another question please let me know that too.

If you need any more help in getting a VA loan for yourself or a client just text me or go to BigReia.com/people.  It helps to…

Make the Universe Smile.

Thanks! = )

~ Indy Anna

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Thanks so much!  = )

Make the Universe Smile.

~ Indy Anna
Love (at) BigReia.com
(YES that's my actual Direct Line and I really do answer lol, so please text me first Thx!)

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