3rd VA Home loan

VA Home Loan Question

Looking for some experienced VA Home Loan Vets. Many VA loan companies tend to be hit or miss so I'm coming to seek the experience of r/Veterans

I bought a Home with a VA loan at my first duty station (in OK) then PCS'd to FL and got another home via VA. (due to being a PCS and my first home being so cheap I was authorized a second VA Loan)

As I will be leaving FL in 6-12months, can I just refinance (my FL Home) out of the VA loan or do I have to sell the home in order to regain my VA Home Loan Eligibility? The verbiage I've have seen online has been "pay off the loan in full" and was wondering if a refinance to conventional would solve this.

The VA Home Loan program is amazing and really a game-changer for boosting veterans' lives. I truly recommend it. My goal is to have rental properties to supplement my retirement and boost my portfolio.

I truly appreciate your time and experience.

Posted Jun 13, 2020, 3:53 PM UTC

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closebutnot100•6 yr. ago

When you sell, it will pay off the loan at closing. I went with PennyMac, they got me a 30 year fixed at 2.5% just waiting for the title company to finish their paperwork to close. We plan on making double payments and will pay it off in 11 years and saving a ton of interest.

Good luck

Papo28OP•6 yr. ago

Thank you for the response. My main question is do I have to sell? I would prefer to just refinance into a conventional loan. Does the Refi count as paying off the loan?

Awesome job with the deal and planning to pay off early. Sounds like your setup for success.

closebutnot100•6 yr. ago

Ask the lender

Brick656•6 yr. ago

Yes, you can refinance to a traditional FHA to regain your VA eligibility.

joeywv77•6 yr. ago

How long did it take to get your COE reinstated after you closed on your sell?

closebutnot100•6 yr. ago

I didn't have to reinstate, they used original

WiDirtFishing•6 yr. ago

You shouldn’t have to sell it. You can have concurrent VA loans as long as the 2nd loan is going to be you “primary” residence.

Verify with your lender but i looked into pretty heavily a year or two ago

Brick656•6 yr. ago

You also can’t rent out a VA backed property. They have a different program for that.

WiDirtFishing•6 yr. ago

What other program? I rented mine out that was backed by a VA loan. I had to provide the lease agreement with the tenant and sign an affidavit that the new VA loan was my primary residence. Maybe it’s lender dependent?

HalfBakedPotato84•6 yr. ago

You just have to live in the house that has a va loan. My buddy just refinanced to a conventional loan and freed up his VA loan again.

Brick656•6 yr. ago

You can use any lender you’d like for your loan, so find a reputable one. Any decent mortgage company is going to have tons of experience. The VA is guaranteeing the loan with them. The VA isn’t actually lending any money.