Veteran’s Roadmap to Building Wealth Through Homeownership Using a VA Mortgage
1. Obtain Certificate of Eligibility from ebenefits.gov
2. Get a pre-approval from a qualified VA loan specialist who has Veteran friendly programs
3. Obtain a qualified Realtor who has a Veteran’s program
4. Purchase your home with no money down, this home can be a multifamily up to 4 units, you MUST reside in the property as your primary residence
5. After you have been in the property for a period of one year, refinance it to a conventional loan, freeing back 100% of your borrowing entitlement
6. Now that you have your complete borrowing power back, you can buy your next owner-occupied home, again you must reside in the property
7. Negotiate your new home purchase
8. Negotiate the renting of your existing home
9. Close on your new home purchase, again using your VA loan benefit
10. Repeat steps 1 – 9
By following this process, you can use your VA loan benefit countless times, acquiring multiple income producing properties while increasing your net worth. I personally give every Veteran a credit at closing to help with their closing costs, a Realtor with a Veteran program will do the same as well as the title company that closes the transaction.
Contact me today to get started!
Michael Lux, Sr. Loan Officer