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I want to purchase a rental property (duplex); however, it must be purchased along with the other duplex on the property. I was wondering if I would be able to use my VA loan for one property and a FHA loan for the other property. Yes, I will be living in one of the units and renting the other 3 units.
Has this ever been done? How would I go about getting the ball rolling on this, if it is permitted.

1 Thought on Can a VA loan be used with a FHA loan?
  1. Reply
    February 7, 2013 at 9:31 am

    Your question is confusing because at one point you say they are on the same property but at another point you reference two different properties. If they are two separate lots, then definitely no. Both VA and FHA require you to live in the property purchased and you can’t possibly live on both lots at the same time. If they are the same property/lot, then you would likely have to choose one loan program or the other. They are not likely to play together because one would be the primary lender and the other would be secondary. If you stopped paying, the secondary lender would lose their shorts because the first lender would get first dibs on any proceeds from selling the home. Bank owned homes rarely go for full price so the second lender would feel the loss. So the only way I think it would work is if both duplexes are on one piece of land and the whole ball of wax is within the limits for one of the loan programs. But you’d probably want to check with a good mortgage broker to be sure.

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