VA Loans-need help - Posted by AnnNC

Posted by Ed Garcia on December 24, 2000 at 13:45:46:


Most lenders will use 75% just as you thought. It’s difficult for me to discuss various strategies, when we’re talking hypothetical and don’t have an example with numbers.

Also, I would need to have information about the subject property, the area, you, etc.
How realistic your concept of having the rents fully cover your payments would depend on your area, and how good of a buy you’ve made, but in many areas it’s not out of the question.

Remember Ann, You make your money on the buy, rather it be equity or cash flow.
If you buy based on equity, the cash flow should be automatic.

Ann, I want to wish you and your family a Merry Christmas,

Ed Garcia

VA Loans-need help - Posted by AnnNC

Posted by AnnNC on December 22, 2000 at 16:26:48:

I have VA elligibility certificate. What rent %age applies for qualifying. Is it 75% of rental income? I am considering how feasible would it be to get a 2,3,4-plex and owner occupy, and get enough rent from other units to totally cover myself, that is, to have the rental income be my qualifying income. I have reasonable credit, haven’t checked it, don’t have a verifyable steady income; have some credit line as cushiion.
Any thoughts/strategies would be appreciated. Ann