Many veterans and active duty military men and women wish to purchase property often consider an investment opportunity to produce a residual income. There is certainly something financially attractive about investing in property and having tenants settle or contribute to the monthly mortgage. You can purchase various types of potential income properties with your VA home loan. We look at buying income property with your VA home loan and the benefits it can provide.
It is possible to purchase a duplex, even a four-plex provided that it meets the necessary regulatory requirements for VA occupancy. It is important to adhere to the regulations as issued by the government military program. Speak to the Hitchens Team. Our professional and specialized services can assist with all your veteran and military needs from investment properties to occupants.
Considerations for Rental Income before Purchasing Property
The idea of buying a rental property is to obtain valued tenants who pay their rent on time and assist in addressing your mortgage requirements. The limitation is that application for the loan cannot account for the rental income required to settle the loan. This requires a closer look at future projected income.
Future Projected Income
The future projected income against a mortgage may not be considered by all borrowers unless you have had previous experience as a landlord. It is to safeguard against the major risks associated with multiple unit and rental purchases.
You can purchase a developmental condominium based on a complete evaluation and recommendations by your trusted military and veteran property service. With the assistance of your real estate agent, you will be advised on the condominium properties your VA loan qualifies for.
Military and VA home loans can be used to purchase duplexes and multi-unit properties provided that you as the buyer as the buyer, live at the residence. It is important that these options be discussed with a professional and a reliable service to prevent any complexities or fail to adhere to VA loan requirements.
New Property Developments
You can apply for a VA construction loan to build your own property. The limitations include the difficulty finding the services needed to construct your new home without having the necessary finances. New construction also allows for home loan approval without having to place any deposit.
The purchase of a modular house is regulated by the VA construction loan. It is a home that is built to regulation and on-site. Once you have found the modular home of your choosing, it is treated as the VA home loan for any other residential property purchase.
In the search for properties with your qualifying VA home loan, speak to us. Our professionals at The Hitchens Team are available to assist in buying income property that complies with regulation and meets your needs. It is important to apply the correct regulations and practices when buying income rental property.