Home Buying in 94114>Question Details

Paul M, Home Buyer in San Francisco, CA

Looking for experienced VA Loan Officer in San Francisco, with multifamily experience

Asked by Paul M, San Francisco, CA Thu Sep 6, 2012

Hi,

Do you know a VA Loan Officer in the San Francisco area with multifamily experience?

I am looking to purchase a 2-4 unit property in San Francisco and live in one of the units as my primary residence. I have experience owning a condo that has been rented for the past six years. Will this experience be sufficient to include the rental income from the other units in the debt to income ratio during the loan qualification?

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Answers

3
Specific Guidelines apply when it comes to FHA or VA 3-4 unit properties. You are right... You need a Loan Officer with VA experience. The bonus here is....We have amazing rates!

- Cash reserves totaling at least 6 months mortgage payments and

- Documentation of the applicants prior experience managing rental units or other background involving both property maintenance and

- Rental income to include the effective income based on 75% of:

o Verified prior rent collected on the units (existing property), or

o The appraiser’s opinion of the property’s fair monthly rental

Hope this helps! Feel to reach out to me if you have further questions.

Ivan Diaz
Home Mortgage Consultant
(415) 271-7740 direct/cell
idiaz@lhfinancial.com
1 vote Thank Flag Link Fri Sep 7, 2012
Hi Paul,

As long as you can document that you've received rental income through your tax returns, you'll be fine,

Here are the VA guidelines for multi-family units and rental income.

Verification: Multi-Unit Property Securing the VA Loan
Verify:

• cash reserves totaling at least 6 months mortgage payments (principal, interest, taxes, and insurance - PITI), and
• documentation of the applicant’s prior experience managing rental units or other background involving both property maintenance and rental.

Analysis: Multi-Unit Property Securing the VA Loan
Include the prospective rental income in effective income only if:

• evidence indicates the applicant has a reasonable likelihood of success as a landlord, and
• cash reserves totaling at least 6 months mortgage payments are available.

The amount of rental income to include in effective income is based on 75 percent of:

• verified prior rent collected on the units (existing property), or
• the appraiser’s opinion of the property’s fair monthly rental (proposed construction).
Note: A percentage greater than 75 percent may be used if the basis for such percentage is adequately documented.

Please feel free to contact me for more information or help. You can also find info on my VA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
ENG Lending
(877)228-9069
http://www.trulia.com/profile/johnburke/#__rec
1 vote Thank Flag Link Fri Sep 7, 2012
Hi Paul,

VA loans a specialty for us.
With rental experience, that is a plus.
I would be very happy to have an opportunity to help you.
I am located in Fremont just steps from the BART station.
Let me know if you would like to discuss. cgravelle@diversifiedmg.com
0 votes Thank Flag Link Fri Sep 7, 2012
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