MHN July Newsletter

Should you buy a tenant occupied home? Find out!

July 01, 2021

Hey ,

If you’re new around here or you haven’t figured it out yet, we are somewhat obsessed with helping military families PCS like pros! To better serve you, we have started our new PCS Pro Show Facebook LIVE series that will be airing every Wednesday at Noon MST in our Things I Wished I Would Have Known Before I PCS’d Facebook group. Each week we’ll be speaking with a guest expert to answer your questions live in the group. Here’s our latest episode with Michelle from Caliber home loans and a quick recap for those of you who missed it:  

Q1: Can I buy a home that is tenant occupied with my VA loan?

A: Yes, but I wouldn’t recommend it. The VA loan is designed for owner occupancy and it requires you to take possession of the home within 60 days.

Q2: What happens to my VA loan if the tenant refuses to move out?

A: You could refinance into a Conventional Loan as an investment property. If you find yourself in this situation, I would recommend speaking to a real estate attorney to understand your options.

Q3: If I’m buying a tenant occupied home, and the tenant is going to be there for the next 30 days, can I claim the tenant’s deposit?

A: No. That would not be a qualifying asset, it would need to be returned to the tenant.

Q4: I know the VA loan doesn’t require 20% down but would you ever recommend putting more than 20% down?

A: It’s up to you. You have to weigh what’s best for you.

Q5: Does the VA loan fee get waived even if you’re active duty with disabilities?

A: That’s a really rare situation. We would have to submit that to the VA and have them make the decision.

Be sure to join us for our next LIVE for your chance to win one of our giveaways! Subscribe to our YouTube channel and get in the Facebook Group:

Hey PCS Pros! Our new market tool allows you to plug in any area across the US and instantly see market updates for that area! It also gives you an idea of average rent and days on the market. This tool is super helpful if you’ve got a PCS coming up and want some info on housing. Check it out! 

Movie Night Fans!Can you believe our next MilHousing Network movie night is almost here!? Join us for your chance to win $1,000 in prizes, have some family fun, and get free snacks all shipped to your door!Get started in our Facebook Group: https://www.facebook.com/groups/mhnmovienights Already a member? Start a chat with our movie night bot to get all the insights on prizes and PCS resources: https://m.me/MilHousingNetwork?ref=movienight2

Have you ordered your PCS Pro or Movie Night Tee yet? These shirts were so popular that we opened up a store just for you AND a portion of each sale goes to a military spouse real estate scholarship fund!

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Just a few happy MilHousing Network military families...