To prepare your "paper," you will generally need the following documents for a duplex purchase:
If you need the projected rent from the second unit to help you qualify for a larger loan, lenders apply specific rules: buying duplex with va loan
12 Key Documents for a Speedy VA Loan Application - Veterans United To prepare your "paper," you will generally need
: You can buy a property with 1 to 4 units . A five-unit building is considered a commercial property and does not qualify for a standard VA residential loan. Using Rental Income to Qualify : The entire property, including the rental unit,
: Many lenders require proof of two years of property management experience or a professional property management contract to count future rent as effective income.
: The entire property, including the rental unit, must meet VA Minimum Property Requirements (MPRs) for safety and habitability. Common deal-breakers include peeling paint in pre-1978 homes, non-functional heating, or roof leaks.