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Financing with a VA loan covers more property types than homes and condominiums. Qualified veterans and service members can use a VA loan to purchase a property that has up to four one-family units. The occupancy requirements for these types of properties are the same as with single-family units, and a borrower must certify their intent to live.
For example, FHA loans in Riverside County, California allow a loan of up to $355,350 on a single-family home, but up to $683,350 on a 4-unit property. The conventional loan limit on 4-unit properties is currently $801,950, and even higher in some areas. VA loan limits do not increase for multi-unit homes, but higher loan amounts are permitted.
VA business use requirements are also the same–the property cannot have more than 25% of the floor space dedicated to commercial use, but multi-unit properties are definitely an option for qualified VA loan applicants. The difference in VA loans for multi-unit properties as opposed to single family homes starts when it comes to VA minimum.
existing VA loan ~ Hybrid Adjustable Rate Mortgage ~ Adjustable Rate Mortgage ~ Convert an adjustable rate mortgage (ARM) to a fixed rate mortgage ~ To purchase a multi-family property (up to four units). The veteran must occupy one of the units as his or her primary residence.
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.
FHA loans for financing duplexes or multi-family homes. VA loans are not intended for investment properties, so you can only finance a multi-unit property with one if you or your spouse plan to occupy one of the units. Does anyone know the stipulations for using the va loan on a multi family property. Hi @Joseph Murphy .
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At a glance: 2019 VA loan limits vary by county and generally range from $484,350 to $726,525 (an increase from 2018). They are based on median home prices and remain consistent for the entire year.
With a multi-family unit, the owner can rent the extra space and earn supplementary income to put toward monthly mortgage payments and living expenses. Traditionally, the VA Home Loan program is not meant for, or can be used on, the purchase of investment property; however, multi-family units are a different story.