Any one know the in's & out's of VA Loans?

In order to obtain a VA mortgage loan you would be required to use and live in the property as your primary home. You may purchase a new house and keep you current house as a rental. VA would not add it to a new VA mortgage loan no matter the equity in both properties.

VA would do pay off your existing mortgage and wrap it into a mortgage first for anew house.

If you are looking for a potential rental, VA would approve a mortgage loan if you were to purchase a 4 unit apartment with you residing in one of the four units as your personal residence. You would be able to collect the rent for the other 3 units.

You would need to find a mortgage lender that is authorized to do VA mortgage loans. Once you have found such a lender you would need to complete a mortgage loan application. Once you have completed the application several things would happen, A credit report would be obtained on you. You would need to obtain your VA Eligibility Certificate. It would be better if you signed an authorization form allowing your mortgage lender to obtain this eligibility certificate. They are pros and would have it in half the time.

Once your application is approved you would normally be issued a Pre-approval letter.

Any fees and points normally paid to obtain a VA mortgage loan could be rolled into the mortgage loan, thus your out of pocket expense would be at a minimum. Your closing cost could be as low as $1500.00 depending on the cost of your new home.

You would then find a real estate agent to find the house or units you would want to purchase.

I hope this has been of some benefit to you, good luck.

'FIGHT ON"

only one VA loan at a time period no exceptions and no VA mortages cannot be used to finance other housing or items only the first property

Unfortunately VA loans are higher costs than conventional.

visit dave ramsey to learn from others expensive life lessons b4 u experience them.

being a landlord the way u plan is dangerous.