{"id":510,"date":"2024-04-08T14:58:19","date_gmt":"2024-04-08T14:58:19","guid":{"rendered":"https:\/\/nysck.com\/veteransmortgage.com\/?p=510"},"modified":"2024-04-08T15:26:26","modified_gmt":"2024-04-08T15:26:26","slug":"navigating-the-ins-and-outs-of-va-loan-requirements-for-1-4-unit-properties","status":"publish","type":"post","link":"https:\/\/nysck.com\/veteransmortgage.com\/navigating-the-ins-and-outs-of-va-loan-requirements-for-1-4-unit-properties\/","title":{"rendered":"Navigating the Ins and Outs of VA Loan Requirements for 1-4 Unit Properties"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;section&#8221; _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221; custom_padding=&#8221;2px||2px|||&#8221;][et_pb_row admin_label=&#8221;row&#8221; _builder_version=&#8221;4.16&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; global_colors_info=&#8221;{}&#8221; custom_padding=&#8221;||3px|||&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Text&#8221; _builder_version=&#8221;4.24.3&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; text_font=&#8221;Product Sans||||||||&#8221; text_font_size=&#8221;17px&#8221; text_text_color=&#8221;#000000&#8243; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p style=\"text-align: justify;\">When it comes to purchasing or cashing out on a 1-4 unit property with a\u00a0VA loan, there are specific guidelines that borrowers need to be aware of.<\/p>\n<p style=\"text-align: justify;\"><b>Here are some key points to keep in mind<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li>100% LTV financing is available for both purchases and cash-out refinances on 1-4 unit properties.<\/li>\n<li>If there are more than one 30-day mortgage late payments in the most recent 12 months, there may be an automatic manual downgrade.<\/li>\n<li>When using rental income on a 2-4 unit property, borrowers are typically required to have 6 months of PITI reserves.<\/li>\n<li>Condos must be VA approved only, FHA approval does not suffice.<\/li>\n<li>Deed-restricted condos are typically limited to residents who are 55 and older.<\/li>\n<li>Non-occupying co-borrowers are not allowed on VA loans.<\/li>\n<li>Borrower combinations involving family members other than a spouse or married veteran require prior approval from the VA Regional Center.<\/li>\n<li>The current seller must have taken title to the property at least 1 day prior to the signed contract.<\/li>\n<li>A minimum of 2 years of seasoning is required for Chapter 7 bankruptcy and foreclosure.<\/li>\n<li>Gifts of equity are not permitted on VA loans.<\/li>\n<li>Sellers are allowed to contribute a maximum of 4% towards the buyer&#8217;s closing costs.<\/li>\n<li>Borrowers with a FICO score as low as 580 may still qualify for a VA loan.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">By understanding and adhering to these guidelines, borrowers can navigate the VA loan process with confidence and secure financing for their 1-4 unit property. We urge you to get in\u00a0touch\u00a0with one of our VA loan experts who go over your scenario and try to structure your deal to make it work.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to purchasing or cashing out on a 1-4 unit property with a\u00a0VA loan, there are specific guidelines that borrowers need to be aware of. Here are some key points to keep in mind 100% LTV financing is available for both purchases and cash-out refinances on 1-4 unit properties. If there are more [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":502,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<p>When it comes to purchasing or cashing out on a 1-4 unit property with a\u00a0VA loan, there are specific guidelines that borrowers need to be aware of.<\/p><p><b>Here are some key points to keep in mind<\/b><\/p><ul><li>100% LTV financing is available for both purchases and cash-out refinances on 1-4 unit properties.<\/li><li>If there are more than one 30-day mortgage late payments in the most recent 12 months, there may be an automatic manual downgrade.<\/li><li>When using rental income on a 2-4 unit property, borrowers are typically required to have 6 months of PITI reserves.<\/li><li>Condos must be VA approved only, FHA approval does not suffice.<\/li><li>Deed-restricted condos are typically limited to residents who are 55 and older.<\/li><li>Non-occupying co-borrowers are not allowed on VA loans.<\/li><li>Borrower combinations involving family members other than a spouse or married veteran require prior approval from the VA Regional Center.<\/li><li>The current seller must have taken title to the property at least 1 day prior to the signed contract.<\/li><li>A minimum of 2 years of seasoning is required for Chapter 7 bankruptcy and foreclosure.<\/li><li>Gifts of equity are not permitted on VA loans.<\/li><li>Sellers are allowed to contribute a maximum of 4% towards the buyer's closing costs.<\/li><li>Borrowers with a FICO score as low as 580 may still qualify for a VA loan.<\/li><\/ul><p>By understanding and adhering to these guidelines, borrowers can navigate the VA loan process with confidence and secure financing for their 1-4 unit property. We urge you to get in\u00a0touch\u00a0with one of our VA loan experts who go over your scenario and try to structure your deal to make it work.<\/p>","_et_gb_content_width":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blogs"],"_links":{"self":[{"href":"https:\/\/nysck.com\/veteransmortgage.com\/wp-json\/wp\/v2\/posts\/510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nysck.com\/veteransmortgage.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nysck.com\/veteransmortgage.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nysck.com\/veteransmortgage.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/nysck.com\/veteransmortgage.com\/wp-json\/wp\/v2\/comments?post=510"}],"version-history":[{"count":5,"href":"https:\/\/nysck.com\/veteransmortgage.com\/wp-json\/wp\/v2\/posts\/510\/revisions"}],"predecessor-version":[{"id":515,"href":"https:\/\/nysck.com\/veteransmortgage.com\/wp-json\/wp\/v2\/posts\/510\/revisions\/515"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nysck.com\/veteransmortgage.com\/wp-json\/wp\/v2\/media\/502"}],"wp:attachment":[{"href":"https:\/\/nysck.com\/veteransmortgage.com\/wp-json\/wp\/v2\/media?parent=510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nysck.com\/veteransmortgage.com\/wp-json\/wp\/v2\/categories?post=510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nysck.com\/veteransmortgage.com\/wp-json\/wp\/v2\/tags?post=510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}