- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Rental Property Board: Both my SO and I have access to a VA loan
Posted on 5/27/17 at 12:47 pm
Posted on 5/27/17 at 12:47 pm
We currently live in NOLA-proper and are looking to buy on the NS. (In fact, we may have found the perfect home just this morning!)
I'm wondering if there's someone here, or someone here who knows where to direct me, to someone with a broad understanding of both VA loans and rental properties.
I understand there are eligibility requirements in terms of "primary residence", etc., but there's got to be a solid scenario to use our VA loans to the most efficient end.
Currently, she is active duty and I'm a veteran and neither of us have used our VA loans. As it stands today, she's listed as the "primary borrowing" and I'm a "non-purchasing spouse"... we needed to use her credit score and my income respectively.
So what would the best plan be to ultimately purchase a home, perhaps uptown NOLA, to rent and effectively double our "equity building efforts"?
Go through this first iteration for a couple years until my credit is repaired enough to refinance in my name only on this house and then have her apply for a standard loan for the rental property at that time?
Also, I'm aware that a VA buyer can use the loan more than once as long as the previous property has been paid off... will I be precluded from using *my* VA loan until this first home is either sold or paid off because I'm listed at the "non-purchasing spouse"? (i.e. If things were to go south with the marriage, heaven forbid, and I needed to move out... would I be ineligible from using *my* VA loan on my own?)
Kind of flying blind and while I hate asking a message board about "life advice", I don't even know where to look for assistance.
Thanks for anything you guys can offer...
And for your trouble:
I'm wondering if there's someone here, or someone here who knows where to direct me, to someone with a broad understanding of both VA loans and rental properties.
I understand there are eligibility requirements in terms of "primary residence", etc., but there's got to be a solid scenario to use our VA loans to the most efficient end.
Currently, she is active duty and I'm a veteran and neither of us have used our VA loans. As it stands today, she's listed as the "primary borrowing" and I'm a "non-purchasing spouse"... we needed to use her credit score and my income respectively.
So what would the best plan be to ultimately purchase a home, perhaps uptown NOLA, to rent and effectively double our "equity building efforts"?
Go through this first iteration for a couple years until my credit is repaired enough to refinance in my name only on this house and then have her apply for a standard loan for the rental property at that time?
Also, I'm aware that a VA buyer can use the loan more than once as long as the previous property has been paid off... will I be precluded from using *my* VA loan until this first home is either sold or paid off because I'm listed at the "non-purchasing spouse"? (i.e. If things were to go south with the marriage, heaven forbid, and I needed to move out... would I be ineligible from using *my* VA loan on my own?)
Kind of flying blind and while I hate asking a message board about "life advice", I don't even know where to look for assistance.
Thanks for anything you guys can offer...
And for your trouble:
Posted on 5/27/17 at 4:19 pm to yankeeundercover
I have used my VA loan several times. Unfortunately it has a occupancy clause. I believe you have to live in it for 12 months before using as income property. My friend Stacey Chehardy works for Regions Bank. Call or text her. She will help you. 985 710 0050
Popular
Back to top
Follow TigerDroppings for LSU Football News