Hello all Veterans! And THANK YOU for your service! Many of you are aware that you can purchase a home with your VA loan benefits. But did you know that you could purchase “income” property too?
Most veterans don’t, but then again there are a lot of real estate agents that don’t know you can either!
But I recently had a client, Tom, who did just that! AND, here’s how he did it.
- First he got a copy of his DD-214 (I know you’re a veteran if you know what that is) the lender has to know that you are entitled to this benefit.
- Must be owner occupied. That was easy because he will be living in one of the units.
- Loan limit in San Diego County is $580,750 (it changes every year). Actually you can borrow more but the ZERO down payment is only for loans up to $580,750. After that Tom was required to put down 25%, so he put $52,062.50 down ($789,000 - $580,750 x 25% = $52,062.50).
- Then he hired me, a real estate agent who is also a Veteran too. Having used my VA benefit several times I understand, in depth, the “quirks” that go along with a VA loan.