Another option is through buying a multi-family members assets with your Va mortgage. The fresh Virtual assistant enables you to buy property with around five units, meaning you can buy a great duplex, triplex, or fourplex. not, you need to propose to live in one of many units just like the most of your household.
Lease Your property Immediately after one year
After you have lived-in your house having a year, you can rent out your own Va loan-financed assets. Although not, understand that you will never have the ability to purchase an alternate house or apartment with a great Va financing up to you’ve recovered your own entitlements throughout the earliest loan.
Refinance Your loan
You can find choices for refinancing their Va mortgage to change your home toward an investment property. As an instance, while you are an energetic-obligation user and you also need to relocate to a separate place, you’ll be able to get another number one residence. If that’s the case, rather than offering their dated possessions, you can take out a great Va Improve Refinance, also referred to as an excellent Virtual assistant Interest rate Protection Refinance loan (IRRRL).
After you convert your own mortgage loan to help you a great Va IRRRL, you happen to be excused from the laws requiring that make use of the property since your number one house. From there, you can purchase an alternative number one house with another type of Virtual assistant loan and you can loans the dated possessions having an effective Virtual assistant Improve Refinance.
If not qualify for good Virtual assistant IRRRL, you might re-finance your Va financing to help you a conventional real estate loan. not, Virtual assistant financing normally have even more flexible being qualified criteria than simply old-fashioned mortgage loans, therefore it is important to make sure you qualify and will pay the closing costs.