Make The Most Of Your VA Loan Benefits With These Cash Out Loan Facts

VA Cash Out Loan Facts For 2023

What is a cash-out refinance? A cash-out refinance (or cash-out refi) replaces your current home loan with a new home loan according to the VA home loan program. This new loan equals more than you owe on your home, which means that you get to pocket the difference. So, if you owe $100,000 on your home and you get a cash-out refinance loan, you will receive a loan for more than $100,000. This is great for you! For both military members and Veterans eligible for VA home loan benefits, this type of loan may offer more options for refinancing than conventional loans.

In this article, we’ll explain current information on cash-out refinance loans. Every year is a little bit different, so it’s important to stay up-to-date on the facts about cash-out refinance loans. Read on to learn more!

What is a VA Cash Out Refinance Loan?

At this point, we’ve explained that a cash-out refinance replaces your existing mortgage with a new one that allows you to keep some extra cash. But did you know that there are two types of cash-out loans?

A type I cash-out refinance doesn’t actually get you any cash to pocket when you close the loan. It’s called a cash-out refinance more because of convention than anything else. However, this is often still a worthwhile decision, because it lowers monthly mortgage payments. According to the Department of Veteran’s Affairs, one loan term is that you also must be able to cover the costs of the refinance within three years of closing. Costs could include closing costs, your VA funding fee, and mortgage insurance. This means that if you pay $2,000 in fees to refinance, the refinance must save you at least $2,000 on your monthly payments in the three years after closing. You can also refinance a non-VA loan to a VA loan with a type I cash-out refinance, which in most cases will also save you money.

“I am so happy that I chose HomePromise for my first time buying a home!!” Brittany W.

va debt consolidation and military debt consolidation

VA Debt Consolidation Loans & Military Debt Consolidation

Even with the best of intentions, bills can start to pile up. From unexpected medical bills to high interest credit cards, debt can happen to anyone. Other expenses like college tuition, delinquent taxes, and second mortgages can also cause financial stress. For veterans and military families currently experiencing financial difficulties, VA military debt consolidation loans can help.

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A type II cash-out refinance is the kind of refinance option that we’ve already described. When you get this kind of loan, you receive a larger loan amount than you need to pay off on your home, so you pocket the difference. Like type I cash-out refinances, you can get a type II cash-out refinance on a non-VA loan, converting it to a VA loan and pocketing the difference.

What Are the VA Cash Out Loan Requirements?

To qualify for a VA cash-out refinance, you need to demonstrate that you qualify for a VA loan and provide your lender with financial documentation. To prove that you are a qualified Veteran, you’ll need a Certificate of Eligibility. To get one, you can apply at eBenefits, a service of the VA. You can check the VA website to see if your military service or service-connected disability qualifies you for VA benefits. You’ll also be asked for information on your income, debt, and taxes.

Your credit score and debt-to-income ratio also matter when applying for a cash-out refinance. Many lenders prefer credit scores of 680 or higher, but at HomePromise, we do loans for people with challenging credit histories! If you’re worried about qualifying with a low credit score, contact us now at 1-800-720-0250 to apply for free!

Is a VA Cash Out Loan a Good Idea?

On paper, a VA cash out loan sounds great. But anytime you refinance, it takes time and effort from you. So what, besides that bonus cash, makes the cash-out loan a good idea?

One great reason to get a cash-out refinance loan is the fact that you can actually consolidate debt this way. Here’s how: when you get that cash, you can use it to pay off debts like high credit card debt. Of course, you will still have some debt, since your mortgage represents what you still owe on your house. But rather than having multiple sources of debt to manage, you can pay off other debts with the cash and focus on your mortgage debt. Plus, the interest rates on your mortgage payments will almost always be lower than other debt payments, like credit card debt. Now you can be paying off debt with just one payment a month, toward your mortgage. In the end, this saves you money and simplifies your financial situation.

Another great reason to get a cash-out refinance loan is because you can use that cash to add value to your home. Whether you want to refresh the design of your home or renovate your kitchen, extra cash allows you to make home improvements. Plus, with those updates, your home is worth more!

Of course, you can also use cash from a cash-out refinance loan at your discretion. Maybe you want to use some to support family members like parents or grandparents, or you’re hoping to put it into a business venture. Regardless, it’s hard to argue with a loan that gets you cash at closing.

What is the Max Cash Out On A VA Cash Out Loan?

Your max cash-out typically depends on your loan-to-value ratio. A loan-to-value ratio is based on how much of your home you already own. In other words, it depends on the equity in your home. For example, if your home is worth $350,000 and your current mortgage is for $200,000, your mortgage is for 57% of your home value. That means that the other 43% of your home value is officially yours. When you get a type II cash-out refinance, you’ll get a mortgage refinance for a greater percentage of your home value. So if you go from your $200,000 mortgage to a $250,000 mortgage, you’re receiving a loan that is 71% of your home value. The loan-to-value ratio for your refinance would be 71%. If you choose to make a down payment, that will lower your loan-to-value ratio.

Every lender is different, but most VA lenders will not approve a cash-out refinance that has a loan-to-value ratio of higher than 90%. In fact, many lenders will actually cap their loan-to-value ratio at a number even lower than that. Why would lenders do this? Because a high loan-to-value ratio is riskier, simply because it is more money. A higher loan-to-value ratio also means that you are making a smaller down payment, which is also riskier for the lender. The VA guarantees your lender a certain amount of any loan if the borrower defaults, but there is a limit to how much a lender could get back.

At HomePromise, we approach things a little differently. We are actually willing to make 100% loan-to-value loans, which means that if you qualify, you could get a cash-out refinance for 100% of your home value without making a down payment. In the example above, that would mean you could receive $350,000 at closing.

Get a 100% VA Cash Out Loan – Refinance with Us!

So how do you know if you qualify? It’s fast and easy to find out. You can call us at 800-720-0250 to speak with a cash-out refinance expert. Applying with us is always free, so you have nothing to lose by giving us a call! We are committed to working with you and understanding your unique situation. That’s the HomePromise Way.

Unlock the Benefits of a VA Loan with Prequalification

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VA Loan Prequalification

If you are an active-duty military member or a Veteran of the armed forces or national guard, you may qualify for VA home loan benefits as specified by the Department of Veterans Affairs. As you consider applying for a VA home loan, you may have heard of VA loan prequalification. Prequalification is a process that gives you an idea of how much a VA purchase lender is willing to loan to you, based on your credit score and other factors. It’s not a guarantee, but it can mean you are likely to get a loan from the lender, and it simplifies the process when you do apply for a loan. Something else to remember is that prequalification is not the same as applying for a loan. You may also be wondering how prequalification is different from VA loan preapproval. At HomePromise, we use the term prequalification but our prequalification is similar to what others call a preapproval. We’ll explain the goals of prequalification, how it makes applying for a VA purchase loan easier, and more in this article!

Make Your Homeownership Dreams Come True – Lower Your Funding Fee

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How To Lower Your VA Funding Fee While Avoiding VA Adjustable Rate Mortgages

One of the most attractive things about VA loans is that you are not required to make a down payment. Because VA loans are backed by the U.S. Department of Veterans Affairs, the down payment is optional. But if you make no down payment or a very small down payment, that will affect your VA funding fee. Essentially, when buying a house, the lower your down payment, the higher your funding fee. So, there’s a downside to making a small down payment on your VA loan.

But there are ways to lower your VA funding fee. You may even be able avoid it completely if you’re eligible to receive VA compensation for a service-connected disability, since there are funding fee exemptions for Veterans. In this article, we’ll explain how to lower or avoid your funding fee, plus give you more tips and tricks to lower your VA mortgage costs. In particular, we’ll go over the big differences between a 15-year mortgage and a 30-year mortgage, plus let you in on the truth about adjustable rate mortgages.

How To Get A VA Loan For An Investment Property

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How to Get a VA Loan for an Investment Property

For eligible Veterans, getting approved for an investment property is worth it. By turning your primary residence into a rental property to generate income, an investment property VA mortgage can help make the mortgage payment for you, which will benefit you, the military service member, and your family, who may be military dependents.

What Are the Options for Getting a VA Loan for an Investment Property with HomePromise?

There are only two ways to get an investment property with a VA mortgage lender. If you don’t want to live on the property while renting it, then you’ll need to buy a home, live in it for one year, and then move out and rent it. Your other option is to purchase a 2-4 unit multi-family home and rent it out while living in one unit. This kind of investment property needs to be owner-occupied.

There are some unique challenges in finding a lender willing to finance an investment VA loan. The first challenge Veterans may face is that some VA lenders only finance single-family homes even though the Department of Veterans Affairs permits financing on multi-unit properties with up to four units.

“The BEST lender for VA mortgages!” – Lauren B.

VA Loan Requirements

The VA Home Loan benefit is one of the most significant benefits for active military members and Veterans. A VA Home Loan comes with financial benefits for qualified Veterans. The VA loan income guidelines and credit score for VA loan approval are more flexible than other home loan programs. For many Veterans, the VA Home Loan benefit is their only option for owning a home.

VA Loan Guide

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Another challenge is that many lenders have strict guidelines for calculating the income from rented units. This situation usually results in a denial or the lender forces the Veteran to receive a smaller loan amount.

How To Get A VA Loan For An Investment Property

If you decide to purchase a multi-family home with multiple units, we are here to help! The VA guidelines for calculating income earned from rental units are generous. With HomePromise, we make it easier for Veterans and active military members to qualify. The secret is finding a lender, like HomePromise, who uses just the VA government guidelines to approve VA loans. Other lenders use their own guidelines on top of the VA guidelines, making it hard to qualify. Why would a lender do this? Because they are afraid that making loans strictly according to the VA guidelines is too risky. With us, you don’t have to worry about strict guidelines that block you from accessing your VA Home Loan benefits.

If you decide to purchase a single-family home, live in it, and then move out so you can rent it, HomePromise can also help! It is possible to have two VA loans at once, so you can buy and live in another home with a VA loan while using your first property as a rental. To do this, you’ll need to qualify with your income and credit score. Don’t give up if you’re worried about your credit score! HomePromise approves loans for people with low credit scores when other lenders will not. Plus, we are VA mortgage experts, so you can use our website as your personal mortgage research center.

Are Investment Properties A Good Idea?

The ability to earn income from the home you call your principal residence is a huge benefit for a multifamily home. You can get the same benefit from a home that you don’t want to sell, even if you move somewhere else. That investment is made even better when you can use your VA benefits to purchase these types of homes with no down payment. That means you can earn income on an investment property for just the amount of your closing costs – and those can often be paid by the seller!

If you were to buy real estate as an investment without the benefit of a VA loan you would usually have to make a down payment of 20% to 25% or more. This dramatically affects the return on your investment which is the key metric for evaluating whether an investment is a good use of your money. VA loans to purchase investment properties are a great idea for veterans interested in earning income from real estate.

What Are The VA Guidelines For An Investment Property?

According to the Department of Veterans Affairs, the basic requirements are that you need to be a Veteran and have enough income to qualify for the VA mortgage loan. A review of your credit history will also help determine that you meet the VA credit history guidelines. Some lenders have guidelines that are stricter than the actual VA guidelines defined by the government agency, so it’s important to find a lender who will accept a credit history that had some challenges in the past.

If you own a multi-unit property, the key to qualifying for an investment property VA loan is to find a lender who will allow you to use the maximum amount of income from the rental units. Some lenders will only allow you to use a tiny fraction of the rental income. But HomePromise will qualify you based on the maximum amount of income from the rented units based on the VA guidelines. The total number of rental units permitted is 3. This means you can buy a maximum of a 4-unit home. This can make a huge difference in being able to qualify for a multi-family VA loan. Other lenders will qualify you using a tiny amount of your rental income. Not us. We will let you use the most income possible under the VA guidelines from your rental units!

If your plan is to rent out a second home that you’ve lived in for at least a year, the key to qualifying is finding a lender who will approve you for two VA loans at once. Some lenders may deny you based on your credit score or because they fear that your rental income will not be consistent. But HomePromise may approve you when other lenders will not!

Why Choose HomePromise?

Some lenders struggle with investment properties because they’re afraid of the risk that they would take on by making that loan. But at HomePromise, we prioritize you, which is why we sometimes approve applicants with credit scores as low as 580. Contact us now at 800-720-0250 to find out more about mortgage rates, your VA loan limits, how to apply quickly for a home purchase or refinance, and more.

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Should I Buy a House While in The Military

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Is It Best to Buy a House While in the Military or Not?

If you’re in the military, you know that housing is a complicated and always-changing issue. Military life means you move a lot. You knew that’s what you were signing up for. But you didn’t sign up for the constant debate – is it time to buy a home? This time, would it make sense?

You are in a uniquely challenging situation. That’s why we’ve compiled some advice on this subject to help you think through your goals in buying a home. Read on to hear more about military families, pros and cons of buying, and how to go about buying a home if that’s what you decide is best for you.

Should Military Families Buy a Home?

It can be frustrating to pay high monthly payments to rent a home at every duty station when you know you could save money with a home you own. Often, making mortgage payments would cost less than renting. But is it worth it?

The benefits of owning a home can be significant. If you own a home, you’re diversifying your investments, and building equity. Plus, being a homeowner will give you a “tax shelter,” which may get you some discounts on your taxes (please discuss tax matters with your tax professional). It’s true that you’re guaranteed to move often while in the military – but the average American moves every seven years anyway. And since you’re in the military, you have unique access to a VA loan, which has special benefits. VA loans are backed by the U.S. Department of Veterans Affairs, which means that it’s easier to get good deals on your loan. For example, you don’t need to make a down payment if you’re getting a VA loan, and VA lenders like HomePromise have low minimum credit score requirements. That means that even if you’ve had financial trouble in the past, owning a home isn’t out of reach! You may qualify at HomePromise.

“Thank you for making my family’s dreams come true.” – Larry T.

VA Loan Prequalification

If you are an active-duty military member or a Veteran of the armed forces or national guard, you may qualify for VA home loan benefits as specified by the Department of Veterans Affairs. As you consider applying for a VA home loan, you may have heard of VA loan prequalification.

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But, you need to be ready for the unexpected. If you’re transferred without much notice, you’ll need a property manager available to help rent and manage the home in your absence. So, there are reasons to buy and reasons not to buy. Sometimes it may not be the best choice to buy a house while in the military. The best answer we can give is that it depends on your unique situation. Whenever you try to assess whether you “should” do anything, your decision is going to be highly dependent on your situation and your goals. Calling HomePromise at 800-720-0250 is a great option because our VA lending experts can give you advice about your options. They can give you the pros and cons to help you evaluate what you should do.

Is It Smart to Buy a House While in the Military?

There are certain reasons that would make the decision to own a home a bit smarter. Besides the fact that you may be able to save money compared to renting, (later, we’ll explain how to tell if you’ll save money if you buy) there are some factors that can make buying a home a great idea. Below, we’ll explain some of those reasons, and why they should encourage you to buy a house.

One reason it would be smart to buy a house rather than rent is if you want to make changes to your property. Those changes could mean painting the house or doing some major landscaping. These kinds of changes might be important to you because they make you feel more at home, or you may be someone who can’t live without using your green thumb. Regardless of the reason, many times any changes to the home are impossible in a rental property. If you want a home that you can make changes to, it would be smart to buy a home instead of renting.

Another reason that buying a home would be a smart decision is if you have a pet. It is legal for a landlord to deny someone who has any kind of pet, or put restrictions on what kinds of pets are allowed in the home. For instance, you may be interested in renting, but can’t find a place that will allow you to keep your pet. If you’re like many service members, your pet is a non-negotiable. At this point, it would be smart to look into buying a home so that you can be sure to live in a place that allows your pet not only to live with you, but to thrive! After all, if you’re buying, your options expand and you can make sure to get a home with a fenced-in yard, or lots of outdoor space.

Something else to consider is that pretty much any landlord will not allow you to smoke in their property (and it is legal for them to do so). If you smoke, it would be smart to look into buying a home so that you don’t have to worry about negotiating that with a landlord. When you own a home, you get to decide what you can do in your house. If you want to smoke in your house, then buying a home would be a smart decision!

Another reason that it might be smart to buy a home is if you have many kids. Landlords aren’t allowed to turn you down for a house rental for a large family, but unfortunately, landlords are often less likely to rent to large families, especially with younger children, because kids are more likely to damage the property. Plus, to make your home safer for your kids, you may want to do things like install safety gates near stairs, which often requires some damage to the walls of the home. Landlords would prefer to avoid this, as it creates more hassle and repair costs for them, so it may be very difficult to find a home that you can rent. Plus, with lots of kids, you’re looking for a larger home. That can be hard to find close to base. In this situation, it would be smart to look into buying a home.

One other reason that would make buying a home a smart decision is if you’ve found your forever home. If you find a home that you can see yourself living in for a long time after retirement, it may be worth it to take on the costs of owning a home and the work of potentially having tenants in the future if your duty station changes. If you don’t buy the home, you may not get another chance. Plus, you can begin paying off the home while you’re still getting a Housing Allowance from the military.

Should I Buy a Home on Active Duty?

So how can you know whether to buy a home while on active duty? Consider the factors we’ve listed above, but it’s also important to know how to evaluate the income a property could bring you. A general rule of thumb when trying to evaluate whether the home you’re considering will be a good rental property is the 1% rule.

The 1% rule helps you evaluate whether buying that house you’re considering would be a good investment – in other words, whether your rental income would offset your expenses. To use the 1% rule, you’ll need to know what similar properties rent for. When looking for comparable properties, look for homes that are close to the one you’re considering. Also, you should look for houses that share other characteristics, like size.

Now that you know this information, you can do the math and use the rule. Figure out what 1% of your purchase price is. For example, if you would buy the house that you’re looking at for $100,000, then 1% of that is $1,000. According to the 1% rule, you need to be able to rent the house for $1,000 per month in order for you to get some return on your investment. If similar properties nearby are renting for that much, then your property is probably a good investment! But if the property fails the 1% test, then it probably isn’t a great financial investment. Remember, though, that you may have other reasons for buying a house which might make this less important to you. However, if the property fails the 1% test by a lot (by thousands of dollars, for example), it probably doesn’t make good financial sense to buy it if you plan to rent it out in the future.

While this is a very useful tool, it should not be used as an end-all standard of what makes a good rental property. The 1% rule does not consider the benefit of home price appreciation. There can be great benefit to you from the value of your home going up while you own it. This is called home price appreciation. Over the last 60 years, homes across the United States have increased in value significantly, although you can’t be certain that any particular home will rise in value. When you add the benefit of potential future home value appreciation, you may find it is worth it to buy a home even when it does not meet the 1% rule.

When Should I Buy a Home in the Military?

If you decide you want to buy a home based on all the factors we’ve talked about, you need to think about timing. Timing matters because it can affect whether you’ll be able to buy a house for a good price. A great indicator of a good time to buy a house is the housing market.

A seller’s market happens when many people want to buy homes, but not many homes are available. When this happens, sellers get to raise their prices, since more people want what they’re selling. Obviously, this is great for a seller but not great for a buyer. A buyer’s market is essentially the opposite situation. This happens when many people want to sell homes, but not many people are trying to buy homes. In this case, sellers have to lower their prices; if a seller makes their property too expensive, buyers will take better deals on other houses, and the property won’t be sold. Even when a market is a seller’s market, there are always some homes available if you work hard and have flexibility in your expectations.

If you’re looking to buy somewhere that is a seller’s market right now, don’t be discouraged! Just make sure it’s a good decision for your personal finances. Your dream home isn’t out of reach! Call HomePromise at 800-720-0250 to get valuable advice about whether you’re ready to buy a home.

How to Buy a House While in the Military

You made it! You’ve considered your options, done the math, and now you know you’re ready to buy that house you’ve been eyeing. Now it’s time to look into getting a mortgage with a competitive interest rate. Mortgage interest rates are important because a mortgage is such a large loan. You want to get a good interest rate so that you’re not paying more money than you need to. Since you are in the military, you may qualify for a VA home loan. Military spouses can also qualify for VA loans! Here are some tips on finding the best VA loan for you. When you’re figuring out next steps, it’s important to find home loan experts who are familiar with lending to service members and spouses. We recommend reaching out to us at HomePromise to hear how we can help you. We are home loan experts!

If you qualify for a VA loan, we will help you evaluate your situation. HomePromise approves loans that other lenders do not, and with the VA program, you often can avoid making a down payment! Plus, HomePromise does not have a low cap on your loan amount – we offer a 100% LTV VA loan. In some cases, we’ll even allow you to use your assets as income. Best of all, applying with us is always completely free, so apply today to see if you qualify!

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Unlock Your Potential With VA Loans For An Investment Property

by | | HomePromise Lending News

Looking For A VA Loan To Purchase or Refinance Multi Unit Properties?

For eligible Veterans, getting approved for a multi-family 2-4 unit property is worth it. Your property becomes an investment property if you use your primary residence as a rental property to generate income. Often, this looks like a multi-unit property, where your property has multiple separate units that you rent. A VA loan for an investment property can help make the mortgage payment for you.

If you’re looking for a VA loan to purchase or refinance Multi Unit Properties? Then keep reading.

How Does An Investment Property Loan With HomePromise Differ From Other Lenders?

There are some unique challenges in finding a lender willing to finance a multi-family investment property VA loan. The first challenge Veterans may face is that some VA lenders only finance single-family homes. Also, many lenders will only finance investment properties if borrowers are able to make at least a 20% down payment on the property or more. The Department of Veterans Affairs permits financing on properties with up to four units that are intended to create income. But a Veteran must live in the property as his or her primary residence.

“HomePromise was there from the beginning to the end.” – James M.

VA Loan Requirements

The VA Home Loan benefit is one of the most significant benefits for active military members and Veterans. A VA Home Loan comes with financial benefits for qualified Veterans. The VA loan income guidelines and credit score for VA loan approval are more flexible than other home loan programs. For many Veterans, the VA Home Loan benefit is their only option for owning a home.

Apply Online Now

Another challenge is that many VA lenders have strict guidelines for calculating the income from rented units. This situation usually results in a denial or the lender forces the Veteran to receive a smaller loan amount.

Looking For A VA Loan To Purchase or Refinance Multi Unit Properties With HomePromise Is Easy!

The VA government guidelines for calculating income earned from rental units are generous. With HomePromise, we make it easier for Veterans and active military members to qualify.

The secret is finding a lender, like HomePromise, who uses just the VA guidelines to approve VA loans. Other lenders use their own guidelines on top of the VA guidelines, which means you have to satisfy government agency requirements and the requirements of your lender! Why would a lender do this? Because they are afraid that making loans strictly to the VA guidelines are too risky.. But HomePromise is willing to take risk of these kinds of loans. With us, you don’t have to worry about strict guidelines that block you from accessing your VA Home Loan benefits. Plus, we’ll help you get great mortgage rates. We are VA mortgage experts, so you can use our website as your personal mortgage research center.

Are Multi-Family Homes A Good Investment?

The ability to earn income from the home you call your principal residence is a huge benefit for a multifamily home used as an investment property. That investment is made even better when you can use your VA loan to purchase these types of properties with no down payment. That means you can earn income on an investment in a multifamily home for just the amount of your closing costs – and those can often be paid by the seller!

If you were to buy real estate as an investment without the benefit of a VA loan you would usually have to make a down payment of 20% to 25% or more. This dramatically affects the return on your investment which is the key metric for evaluating whether an investment is a good use of your money. Investment Property VA loans are a great investment for veterans interested in earning income from real estate.

Is A Multifamily Property Considered An Investment Property?

It is an investment property on your tax return so in that sense it is. But since the home is your primary residence it’s not just an investment property, it is the place you call home. In other words, it is both your primary residence and an investment property – a great combination.

What Are The VA Guidelines For A 2-4 Unit Multifamily Property?

According to the Department of Veterans Affairs, the basic requirements are that you need to be a Veteran and have enough income to qualify for the mortgage loan. A review of your credit history will also help determine that you meet the VA credit history guidelines.

Some lenders have guidelines that are stricter than the actual VA guidelines so it’s important to find a lender who will accept a credit history that had some challenges in the past. Another part of the guidelines for VA investment property loans is to use the income from rented units to the fullest extent possible.

How Do I Qualify For a 2-4 Unit Multifamily Property?

The key to qualifying for a multifamily VA loan as an investment property is to find a lender who will allow you to use the maximum amount of income from the rental units on your property. Some lenders will only allow you to use a tiny fraction of the rental income.

HomePromise will qualify you based on the maximum amount of income from the investment property portion of your home based on the VA guidelines. If using your property to generate rental income, the total number of rental units permitted is 3. This means you can buy a maximum of a 4-unit home with one unit as your primary residence where you live. This can make a huge difference in being able to qualify for a multi-family investment property VA loan.

Other lenders will qualify you using a tiny amount of your rental income. Not us. We will let you use most of the income you are receiving from your leases without any deduction for expenses from your rental units!

Why Choose HomePromise?

Looking For A VA Loan To Purchase or Refinance Multi Unit Properties? Then call us now: 800-720-0250 to speak with one of our VA loan experts.

Some lenders struggle with VA multifamily 2-4 unit investment properties because they require comparable sales on the appraisal that exactly match the number of units of the property. This means you need nearby properties that are being used for the same purpose, and in the case of a multiunit property, you need comparable sales with the same number of units. In other words, in their rules, a four-unit property would not compare well with a two-unit property on an appraisal. If you’re looking for a VA Loan To Purchase or Refinance Multi Unit Properties that’s not a problem with HomePromise! We allow the VA appraiser for your home to use comparable sales of 2, 3, or 4 unit homes regardless of how many units are on your property. Contact us now 800-720-0250 to find out more about mortgage rates, your VA loan limits, how to apply quickly for a home purchase or refinance and more.

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Purchase Refinance