A VA Loan Success Story
Buying a home with a VA loan can offer tremendous advantages for eligible veterans and service members. But what happens when the property you want to buy isn't a typical single-family home, or when your income doesn't fit neatly into the standard mortgage application?
That's when experience matters.
We recently helped a National Guard member purchase a unique mixed-use property in Glenside, PA. It wasn't the typical mortgage loan application. The process was lengthy and required us to work through challenges involving the borrower's income and the property itself.
But he knew what he wanted, and we were determined to help him find a way to use the VA benefits he had earned.
His Goal: Buy a Property That Could Also Generate Income
After returning from deployment, our client was ready to put down roots and invest in his future.
Rather than purchasing a traditional single-family home, he had his eye on a mixed-use property in Glenside. The building included residential living space above a commercial unit, giving him the opportunity to live at the property while also generating rental income.
Challenge #1: Documenting Income After Deployment
One of the first hurdles involved qualifying income.
Our client had income from both his full-time local employment and his National Guard service. His recent deployment made documenting and verifying that income more complicated than it would be for a borrower with one conventional W-2 job and an uninterrupted employment history.
That didn't mean he couldn't qualify. It meant we needed to understand his circumstances, carefully document his sources of income, and work through the VA loan requirements.
Challenge #2: The Property Didn't Fit the Typical Mold
The mixed-use property created another challenge.
Because it contained both residential and commercial space, finding comparable properties for the appraisal wasn't easy.
We worked directly with the VA and advocated for the realities of the Glenside market. We needed an appraiser who understood this type of property and could evaluate it appropriately.
That took persistence, communication and a willingness to keep working through the process.
Can You Use a VA Loan to Buy a Mixed-Use Property?
Potentially, yes.
VA financing is primarily intended to help eligible borrowers purchase a home they will occupy. That doesn't necessarily mean every property has to be a traditional single-family house.
Properties with multiple units or some mixed-use characteristics may be eligible when they meet VA requirements. The details of the property, how it will be used, the borrower's occupancy and other underwriting considerations all matter.
That's why it's worth asking before assuming the answer is no.
If you're a veteran or eligible service member interested in an unusual property, talk with a mortgage professional who understands VA lending before ruling it out.
A VA Loan Is More Than a Low-Down-Payment Mortgage
Ultimately, we were able to help our client get the financing approved and purchase the Glenside property he had worked so hard to acquire.
His VA benefits helped make homeownership possible without requiring the large downpayment that might have been necessary with another financing strategy. Just as importantly, he was able to purchase a property that aligned with his longer-term financial goals.
Today, he isn't simply a homeowner. He owns a property with the potential to generate income while building equity for his future.
For us, that's exactly why VA lending is so rewarding.
Don't Assume Your VA Loan Can't Be Done
We've heard from veterans who were told that the home they wanted, their employment situation, or some other aspect of their application made VA financing impossible.
Sometimes the situation simply requires more knowledge, more documentation, or more persistence.
At BMC Keystone, we have decades of mortgage experience and understand that not every borrower fits neatly into a box. As an independent mortgage broker, we can look at the bigger picture, explain your options and help you determine the best path forward.
If you're a veteran, active-duty service member, National Guard member or other VA-eligible borrower considering a home purchase in Montgomery County or elsewhere in Pennsylvania, talk to us before assuming your situation can't be financed.
Have a complicated VA loan scenario? Tell us what you're trying to accomplish. We'll help you determine what's possible and what it will take to get there.