Many of you out there might have access to a VA loan and not realize how much of a gold mine it is!! It is by far the best loan program in existence and it is just sitting right in front of you.
The VA loan has many benefits you my not realize.
1. There is 0% down
2. There is NO PMI
3. No require credit score(some lenders may say you need to have a certain score but this is false, I personally know a lender that has closed on a VA loan with a credit score of 500)
4. If you happen to get VA disability the funding fee is waived
5. You can also buy a multi family property and have your tenants pay the majority of your mortgage if not make money while living there!
I have personally used a VA loan to buy a duplex. During closing, I ended up receiving checks for earnest money back, prorated months rent and security deposits verses having to write a check. My tenants in the other unit paid the majority of my mortgage leaving me with having to come out a pocket $180 a month for expenses.
About six months ago, I moved into another property and now seeing a cash flow of $1200 a month on a property I didn’t put any money down on. Not only do I receive passive income on my property, the rental payments pay down my principle on my mortgage resulting in increased equity and I am able to receive the tax benefits of the mortgage interest.