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2 to 4 Unit VA Multi-Unit Requirements | VA Home Loan

by Nicholas Auriemma, NMLS# 1455001
6 years ago
in Purchase, VA Loan
2 to 4 Unit VA Multi-Unit Requirements VA Home Loan

2 to 4 Unit VA Multi-Unit Requirements | VA Home Loan

Are you looking for a 2 to 4 unit property and how to obtain a VA home loan? An eligible Veteran can obtain financing for a VA multi-unit loan as long as they are going to occupy one of the units. VA multi-unit requirements allow Veterans to finance up to 100% loan-to-value and increase their earnings by renting out the other units.

5 Steps to a Fast Pre-approval for a VA Multi-Unit Loan

1st step: if you have not already, obtain a Certificate of Eligibility (COE). This can be done by applying online through the eBenefits Portal  or expediting the process by talking to an experienced Loan Originator who has access to the WebLGY System.

2nd step: you should ask a Loan Originator for a list of documentation required for a VA multi-unit loan.  They will ask for a list of documentation required for processing and underwriting the VA multi-unit loan.

Some examples for a VA home loan include, but not limited to:

  • 30 day pay stubs.
  • Last 2 years tax returns and W2s/1099s.
  • 401k and investment accounts.
  • Copy of photo ID.
  • 2 months checking/savings account statements.
  • Awards letters (SSI/pension/disability).
  • VA Certificate of eligibility.
  • Other documentation depending on your case scenario.

3rd step: once enough documentation and information has been gathered, a Loan Originator will run the Automated Underwriting System (AUS) to determine your VA home loan eligibility.  The automated underwriting system is a risk based system that analyzes credit, capacity, and collateral. This system will determine if you are qualified for a VA loan – in some cases a VA loan can be manually underwritten.

There is an option to get a rock solid pre-approval by having an underwriter review everything, but the property. This is often referred to a To-Be-Determined (TBD) pre-approval. This often takes pressure off the end of the process because everything has been reviewed, but the property.

4th step: one of the final steps to the pre-approval process is being issued a pre-approval letter for a VA multi-unit home. If you follow these steps before searching for a VA multi-unit home, financing will go a lot smoother.

Often, the pre-approval process or guidelines vary by lender, which some mortgage companies have an internal guidelines on top of VA guidelines called an overlay. An example of a VA overlay would be requiring a minimum credit score.

5th step: if you do not already have a realtor, the Loan Originator can help you get in contact with one to start searching for a home.

Reserve Requirements

Cash reserves are not always required, but in some cases they are. This will be determined during the pre-approval process when a Loan Originator runs the automated underwriting system. Reserve requirements can depend on many factors, but not limited to using rental income of the 2-4 unit property to qualify, credit, capacity, and collateral.

Using Rental Income to Qualify

Prospective income can be considered effective income with a VA multi-unit loan. When using the subject properties prospective rental income, VA multi-unit guidelines state:

  • The applicant must have evidence that indicates the likeliness of success being a landlord.
  • Having at least 6 months mortgage payments in reserves.

The rental income can be considered effective income based on the lesser of 75 percent of the verified prior rent collected or the appraiser’s opinion of fair market rent. VA multi-unit mortgage guidelines are similar to FHA 2 to 4 unit guidelines.

Solid Pre-Approval for a VA Multi-Unit Mortgage

Some lenders often write pre-approvals based on verbal information, which can cause stress during the mortgage process and result in a last minute denial. Once a veteran is properly pre-approved, it is important to remember that just because they qualify, this does not mean all properties will. Veterans should make sure that they work with a realtor who understands the basics of VA approved multi-unit homes.

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Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma is a Loan Originator at Nationwide Mortgage & Realty, LLC, providing information on mortgages that can often be confusing even to real estate and mortgage professionals. Borrowers can be discouraged because mortgage professionals can be mistaken due to guidelines always changing, the extent of guidelines, their company having an overlay (stricter guideline), or other lenders not offering a loan program. Call or text Nick anytime at 630-779-8430 or email at nick@nationwidemtg.net.

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Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines.  Nationwide Mortgage & Realty, LLC is not acting on behalf of or at the direction of HUD/FHA or any government agency. CO: Check license status of your mortgage loan originator at www.dora.state.co.us/real-estate/index.htm. Also licensed in: CA, FL, IN, NC, TN, VA, WI and TX: NMLS ID 276777. Virginia law says that finance charges may be higher in a refinance. Illinois Residential Mortgage License | MB. 6760210. WA: Consumer Loan License MB-276777. GA: Georgia Residential Mortgage Licensee 60857. MN: This is not an offer to enter into an interest rate lock agreement under Minnesota Law.

  • Home
  • Request Information
    • Apply Now
  • About Us
    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Loan
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo & High Balance
    • New Construction
    • Non-QM Loans
    • USDA Loan
    • VA Purchase Loan
  • Refinance
    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
    • FHA 203k
    • FHA Streamline Refinance
    • Investment
    • Non-QM Loans
    • Reverse Mortgage
    • VA IRRRL
  • Loan Process
    • Application Checklist
    • Credit Report
    • Home Buying Do’s and Don’ts
    • Interest Rates
    • Mortgage Calculator
    • Pull Credit
  • Mortgage Blogs
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NMLS # 276777
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