The VA does not say that you can use your VA loan for investments, but it is possible if you understand the rules and plan to buy a property intended for personal use. In the case of a single-family home, you first must live in the home and if you receive assignments elsewhere then turn it into a rental property or allow your spouse to live in the property.
If you choose to buy a 2-4 unit property by using your VA benefit loans, you can also invest with a VA loan. Then makes a lot of sense in my opinion, to maximize your benefit and allow others to pay down your mortgage! You just need to occupy one of the units for at least one year.
This is an extremely useful advantage if you are interested in buying an apartment building with a small down payment. If you qualify for a VA mortgage, you may be able to purchase a property with four units without a down payment.
What if You Have Challenged Credit or Carry a Little Extra Debt?
The government offers multiple loan options that may be a better choice besides a VA loan. If you have challenged credit and can’t hit the required 620 fico for a VA loan, with the FHA loan you can qualify with only a 580 credit score. If you have a higher debt-to-income ratio, they will allow for 43% or higher.
These loans guidelines apply or single-family, mobile homes, or manufactured homes.
You can check current mortgage rates here.