Have you ever wanted to own a facility where you could rent out rooms and help people find a place to stay? Have you ever wanted to help a fellow veteran get off the street and into a warm, safe home? If you are interested in buying a multi-family unit, the VA can help you. The VA requires that you rent your multi-family home to other veterans in order to help them if they have fallen on hard times. However, the VA completely insures your home. If your veteran tenants cannot pay their rent, it is paid for by the VA. Under the Loan Guarantee Program for Traditional Housing.
Believe it or not, you can receive up to 15 loans totaling up to $100 million. The benefits of owning a multi-family unit can be tremendous. However, the burdens of owning a multi-family unit can also be taxing. If there is something wrong with the property, such as plumbing, roofing, or pest control, you have to fix that. You are also under obligation to keep the property in good condition and to meet the code requirements based on the state you live in. If you qualify for a multi-family unit, is also important to plan for times when some of the units will not be occupied, and you have to pay more in order to cover the costs.
The loan money from the VA is not only used for buying a multi-family house, but also for renovating your existing multi-family home as well. You can build a new property, buy new furniture, supplies and materials for your home. The VA has become determined to help as many veterans get off the street as possible, and by buying a multi-family unit, you never know who you may help one day. Although there are several aspects of owning a multi-family home that may turn you away from owning one, there is good money in the business of renting rooms to people. A number of people have done quite well for themselves while receiving help from the VA.
While the VA allows for this practice, finding a matching lender may prove tricky. Currently, Veteran Loan Center can provide financing for 1-4 unit dwellings used for residential purposes. For condominiums, Veteran Loan Center finances one unit properties.