? anyone used it on an investment property?
The VA and the law requires that you must occupy or intend to occupy the property.
I discussed this with a VA rep today. VA never checks to see if the owner is actually occupying the home. Technically I could tell me my fam will live there for a lil bit, OR if i get questioned i can say I lived there for a lil bit but then moved out.
Good luck trying to find a Loan Officer that is willing to risk their license by commiting fraud. Lenders are really clamping down.
It is not easy to obtain licensing privileges for VA or FHA to begin with.
Also if you get caught OR your renter trashes the house or you can’t afford the payment and it gets foreclosed on you lose the VA benefit forever. Are you really that desperate to get into REI? Work on your credit, find a good hard money lender, and do it the right way. Starting off committing fraud is never the right way to go.
If finding a loan officer that is desperate/dumb enough to willingly go along with this notion isn’t difficult enough, you’ll need to find a dumb and dumber veteran willing to act as your straw buyer (another no-no).
Please explain to the veteran the virtues of mortgage fraud and the lifetime recission of his VA benefits.
Don’t do it!!!
Regards,
Scott Miller