VA Loan Modification ProposalSubmitted by tajitj on Mon, 06/04/2012 - 20:05
I am tired of hearing about how veterans are all homeless, drug addicted, suicidal and in need of govt help. Here is my simple idea that might help the situation a little.
Allow them to use their VA loans for an investment property, like a duplex. Currently the VA only allows them to use their VA loan on a single family house and it has to be over $40,000. There are plenty of single family houses under $40,000 and plenty of multi-family homes that a veteran could buy to help them produce some income.
It seems simple and it is something that would not require a huge new benefit to them. Just allow them to become sole proprietors and self sufficient.
I bought a triplex when I got out of Army and it has been a great benefit. I lived in the upstairs for two years and rented out the other two apartments. The VA would not give me a loan, which was ok for me because we had the down payment and good credit to get conventional financing. But if a vet needs a low down payment, low interest rate home, they should really consider a duplex so they can collect rent which helps pay the mortgage.
If we really want to help the vets, give them the opportunity to become self sufficient property owners not needing even more govt handouts.