Texas Lone Star Lending Video
House Hacking Using a VA Loan
Housing hacking is renting part your home so that the rental income covers some or all of the costs of home ownership. With a VA loan, you can buy a multi-unit home as long as you live in one of the units.
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Read the transcript
In this week's 5-Point-5, we'll learn about housing hacking using a VA loan.
First point: What is house hacking?
Housing hacking is renting part your home so that the rental income covers some or all of the costs of home ownership. The goal is to live for free while still enjoying the benefits of owning a home.
Second point: Duplex, Triplex, Fourplex
With a VA loan, you can buy a multi-unit home as long as you live in one unit.
Third point: Rent the other units
Earn rental income from the other units, and if you've previously managed a rental property, or you agree to hire a property manager, you can use the prospective rental income to qualify.
Fourth point: Payment reserves
VA requires that you have enough extra money to cover up to 6 months of house payments, but this money can be in a retirement or investment account.
Last point: No down payment
As with all VA loans, no down payment is required.