By Ken Powell · NMLS #2656628 · September 2026

How Veterans Can Use the VA Loan to Build Wealth in Southern Maryland, the DMV, and Hampton Roads

By Ken Powell, U.S. Navy veteran (Ret.) and Mortgage Loan Officer, NMLS #2656628 | Serving Calvert, Charles, St. Mary’s, and Prince George’s counties, and the Hampton Roads area of Virginia

Thirty years ago today, I was an 18 year old kid leaving Brooklyn Heights for boot camp in Chicago. I had been in the United States less than eighteen months. I grew up in Jamaica as a cadet scout, and my plan was simple: join the Army. I walked into the wrong recruiting office. That mistake turned into the best decision of my life, and it started a 20 year career in the United States Navy.

I tell that story because most great financial decisions start the same way mine did, by accident, or because someone showed you a door you did not know existed. The VA loan is one of those doors. Too many veterans and active duty service members walk past it their entire career without realizing what it actually is: not just a way to buy a house with no down payment, but one of the most useful wealth building tools available to anyone who has served.

What the VA Loan Actually Allows

The VA loan is a benefit you earned through your service. It allows eligible veterans, active duty members, and surviving spouses to purchase a home with no down payment, no private mortgage insurance, and competitive rates. Most people stop there. That is where the opportunity gets missed.

A VA loan is not limited to a single family home you plan to live in forever. It can be used to buy a property with up to four units, as long as you occupy one of them. That detail is the difference between using your benefit to buy a house, and using your benefit to build your future.

A Lesson I Learned Too Late, Little Creek Road, Norfolk

When I was younger in the Navy, several of us shipmates rented a two bedroom apartment together, first on Little Creek Road, later on Chesapeake Boulevard in Norfolk. We pooled our money every month to cover rent. We had steady income, we had BAH, and we had discipline. What we did not have was the knowledge to turn that arrangement into an asset.

If we had pooled that same money and income to buy a 3 or 4 unit property with a VA loan, we could have lived in one unit and rented out the others. Our BAH would have covered most, if not all, of the mortgage. Instead of paying a landlord, we would have been building equity every month, in one of the steadiest rental markets on the East Coast. Our financial futures would have changed years earlier, for good.

What Changed My Thinking, Patuxent River, MD

Years later, stationed at Naval Air Station Patuxent River in Lexington Park, Maryland, I read Rich Dad Poor Dad. Around the same time, I started talking with senior enlisted and officers who were doing exactly what I wish I had done back in Norfolk. They were buying a property at every duty station. When it came time to PCS, they did not sell. They turned the home into a rental and moved to the next base with a plan already in motion.

By the time they retired, several of them had multiple income producing properties and real equity, simply by using tools every service member already has: VA loan eligibility, BAH, and BAS, used with intention instead of just spent.

Why This Works So Well in Southern Maryland, the DMV, and Hampton Roads

If you are stationed at Patuxent River, Indian Head, Andrews, or Quantico, or anywhere in the DMV, or you are in the Hampton Roads area, including Norfolk, Virginia Beach, Chesapeake, or Little Creek, you are sitting in some of the most consistent rental markets on the East Coast. Proximity to federal installations, defense contractors, and steady military turnover keeps rental demand strong in a way that few civilian markets can match.

A 2 to 4 unit VA purchase in these areas is not a hypothetical. It is a realistic strategy for a junior enlisted service member just starting out and for a senior officer a few years from retirement alike. BAH often covers most, or all, of a mortgage payment on a multi-unit property once the other units are rented.

How to Actually Start

1. Confirm your entitlement. Know your VA loan eligibility, whether you have used it before, and how much entitlement remains.
2. Get an honest number, not a guess. Understand what you qualify for based on your actual income, BAH, and BAS.
3. Analyze the property like a mission. Real cost, real rental income, real risk, real upside, before you make an offer.

That third step is where I come in. I spent 20 years in the Navy before becoming a real estate professional and then a mortgage loan officer. I specialize in working with veterans, self-employed borrowers, and investors, including 1099 income, DSCR loans, bank statement loans, and other paths for people who do not fit into a simple W-2 box. I understand the self-employed borrower and the investor mindset because I have lived both.

Frequently Asked Questions

Can I use a VA loan to buy a multi-unit property?

Yes. A VA loan can be used to purchase a property with up to four units, as long as you occupy one of the units as your primary residence. This allows service members and veterans to live in one unit while renting out the others.

Can my BAH cover the mortgage payment on a multi-unit property?

In many cases, yes, especially once rental income from the other units is factored in. BAH-supported rental demand near bases such as NAS Patuxent River and the Hampton Roads installations often makes multi-unit properties work well for owner-occupant veterans.

Do I need a down payment to use my VA loan benefit?

Most eligible veterans and active-duty service members can purchase with no down payment using a VA loan, including on eligible 2 to 4 unit properties, subject to loan limits, entitlement, and underwriting approval.

What happens to the property when I PCS or leave the military?

Many service members convert the property into a rental once they PCS or separate, using rental income to cover the mortgage and build long-term equity rather than selling. This is a common approach among senior enlisted and officers who buy at each duty station.

Does this strategy work in Southern Maryland and Hampton Roads?

Yes. Both regions have strong, steady rental demand driven by nearby military installations, including NAS Patuxent River in Southern Maryland and the Norfolk-area bases in Hampton Roads, which makes multi-unit VA purchases a realistic wealth-building strategy in both markets.

The Point of This Article

I am not writing this to tell you what to do with your money. I am writing this because I wish someone had sat down with me on Little Creek Road and shown me the math. I want to be that person for the service members and veterans coming up behind me now, whether you are stationed in Hampton Roads, based somewhere in the DMV, or calling Southern Maryland or Prince George’s County home.

Your income, your BAH, and your BAS are not just money to get you through the month. They are tools. Used with a plan, they can build a retirement that has nothing to do with a pension and everything to do with equity you controlled from day one.

Explore more: VA Loans · DSCR Loans for Investors · SOMD Military and Investors · Prince George’s County Mortgage · Hampton Roads, VA

About the Author

Ken Powell · Mortgage Loan Officer, Fairway Home Mortgage · NMLS #2656628 · La Plata, MD

Ken is a retired U.S. Navy veteran, a former Realtor with more than 10 years and $22M+ in closed sales, and a real estate investor since 2014. He specializes in VA, DSCR, and self-employed financing across Maryland and Virginia. Learn more →

Ken Powell | Mortgage Loan Officer | NMLS #2656628 | Fairway Independent Mortgage Corporation d/b/a Fairway Home Mortgage | NMLS #2289 | NMLS Consumer Access | Equal Housing Lender.

This article is provided for educational purposes and is not financial, legal, or tax advice. VA loan eligibility, entitlement, loan limits, and multi-unit occupancy requirements are subject to VA and lender guidelines in effect at the time of application. Not all borrowers will qualify. Consult your own financial advisor regarding your specific situation.