So this is something banks (and perhaps the law) wouldn't like. I'll break this into two parts, my situation and my question:
1. Situation - I'm looking for a home to buy on a VA loan. I have already purchased a house in the past using the VA loan. And there's this weird unexpected outcome of the way the law was written: if you currently have an "active" VA loan and want to use it again to buy another property, the MINIMUM loan amount required is $144,000. So I cannot purchase anything less.
2. What if I found an owner with multiple properties, and I offer to buy TWO for a total price of $144,000, the catch being I actually only buy ONE, in which I give him 144k for, and the other one is basically given to me. In other words, there's only one mortgage of 144k.
Is this even legal? Has anyone done this with a conventional mortgage?