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i bought a house back in 06 using VA loan. i want to buy a rental duplex what loan should i get?

i need an advice on what loan should i get. thank you for the help!
  • March 08 2011 - Virginia Beach
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Answers (10)

Conventional financing is your best best unless you plan on living in one of the units. The lease with your parents on your currnet place won't work since the property has not been rented in the prior year and the rental income won't show in your taxes. As others have indicated, you will need to qualify with both payments and need asset reserves after closing.

Hope this helps.

Jeff Thomas
  • April 27 2011
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VA and FHA will be the least amount down, however, some issues that have been mentioned arise...the main point being both are limited to primary residences.
The next hurdle is qualifying with both house payments since it sounds like you have not rented for two years.
Find a great lender to go over with you all options and what will be necessary to qualify.
Regards, Jim, HSOA, Chantilly, VA
  • March 10 2011
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If you are living in one side you should be able to go with an FHA loan where a 3.5% down payment is required.  You of course can put more down (at least 10%) and go with a conventional loan.  Be prepared to qualify with both payments as you will not be able to count the income from your parents to offset the mortgage
  • March 08 2011
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Joy Bonney, i forgot to mention that the VA loan was a split entitlement. i purchased the house with my sister and we are both military. we were away most of the time and we bought the house for the main reason to help our parents. Now, i just want to see if i can purchase a duplex. Live in one side and rent the other since i won't be deploying in the next 2 years. Do you think its possbile to buy the  duplex? how much down payment would be required? thank you for the help.
  • March 08 2011
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You may be eligible for split entitlement which would allow you to have 2 VA loans in your name and you can rent out your current home only count 25% of it as your debt.  I do this with alot of military buyers.  Let me know if you are interested and I will be more than happy to help.
  • March 08 2011
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should i write a lease to my parents even though they are not paying me just to show that the house is not my primary residence anymore?
  • March 08 2011
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Hello Military  Guy,


You will need to use conventional financing for this purchase, as you are not able to have two VA loans at a time and the VA will not allow investment property purchases.  Also, FHA financing does not allow for investment property purchases.


Best of Luck,


Philip Mesunas
  • March 08 2011
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Thanks for details, an important question you will need to have addressed is what you need to do related to the VA loan on the current house as it is supposed to be your primary residence.
  • March 08 2011
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thank you for your answer. i will be living on one side of the duplex and rent the other one to help for the payments. i will be helping my parents at the same time by letting them live in the house that i bought in 06.
  • March 08 2011
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If we are to assume you are going to rent both sides of the duplex, You will need to get conventional financing with the appropriate down payment for investment property (>20%).

VA loans are for your home, not investment properties.  FHA loans - you would have to live in at least one portion of the duplex.  

I may have made some incorrect assumptions.  Please clarify
  • March 08 2011
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