What are My VA Purchase Options?

Sorry, no. VA loan benefits can only be used for a primary home, not an investment property.

Ok.. there is no benefit to using both entitlements on the same loan if you are both applying jointly unless one of you is receiving VA disability benefits.. if so, then VA will waive the upfront funding fee.. outside of that, there is no benefit to have veterans use their benefits on the same home. But understand that VA can only be used for a "Primary Residence".. Now if you wanted to exit your existing home and turn it into a rental, then use your benefits as your new primary home.. that is allowed. But Investment purchases require a minimum of 20% down.. and it could be more if you are buying multi housing (duplex, tri-plex, 4plex).. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

It appears you received a couple of good answers to your question. I would simply add that you can look at cashing out from an VA refinance on your current home if need be to provide sufficient down payment for an investment property. Advantages of the VA cash out refinance over some other options is rate tends to be at least a couple of eighths lower than most conventional loan rate offerings, you can often exceed the maximum allowable VA loan amount in a particular county based on current equity, and you can obtain more cash from equity than a comparable conventional loan allows. I have a VA loan on my primary property.

Hi, there is no known additional advantage to a VA loan because both of you are U.S. Military. VA loans are primary residence only at the time of purchase. If you buy a house and live there a few years, then turn it into a rental, that is OK. Or if you want to buy a new home with a VA loan, and turn your current home into a rental, that is OK also. For VA loans in WI, MN, and SD, visit me at www.VAMortgageMN.com

We have VA Experts ready to discuss optionsPlease feel free to call me to discuss 210-317-4454 Thanks, Dianne

Hi ArmyHusband,No, you cannot purchase a rental property with a VA mortgage because VA doesn't allow that but here is what you can do. Convert your current home into a rental home & buy a new home with your VA entitlement. If you want to buy an investment property you'll need to put at least 20% down & you're going to pay a higher interest rate. That's why it makes more sense to convert your current home & buy a new one with your VA entitlement. Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains Bank | http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states