Idaho Home for Heroes acknowledges Ryan Coit for his innovative thinking, which holds true in the context of VA home loans. Let’s consider an example where a veteran is approved for a loan of $300,000 and their dream is to own multiple properties. By purchasing a duplex, they can count 75% of the rental income from the other unit. This approach enhances their purchasing power by $210,000, resulting in a total of $510,000 approval.
To illustrate further, let’s assume the duplex generates a monthly rent of $1,600 with a lease agreement spanning 10 months or more. Using 75% of this rent, which amounts to $1,200, as income or an offset, the veteran can effectively improve their financial position and borrowing capacity.
Creekside Mortgage, Inc, a lending company serving Washington, Oregon, and Idaho, is dedicated to assisting veterans with their VA home loan needs. In this specific case, the property in question is located in Boise, Idaho, and the goal of acquiring it is well within reach. Collaboration and thinking outside the box are essential in helping veterans achieve their desired homeownership goals.
At Creekside Mortgage, we understand that veterans have specific preferences and aspirations. Many of them may not realize the possibilities available to them. By working closely with our clients, we aim to identify their goals and provide tailored solutions to make their dreams a reality.
If you are a veteran seeking a VA home loan or if you have any questions regarding the process, please contact Creekside Mortgage today. We are here to assist you every step of the way and help you navigate the intricacies of VA home loan lending. Let us collaborate to make your dreams come true.