VA refi for primary residence or 5% Conventional

[Patrick Blankenship]

Here we go- I will try and be concise. I live in Charlotte and own a home on a VA loan and am considering refinancing at 2.75% 30 yr fixed. Would only cut about $100 off current payment bc I have a 3.25%. Plan is to rent it when I move (Marine) summer of 21. My next duty station is my last and plan to buy. I have about $30k in equity in my current home, the way the market "has" been going I expect to have $30-50k in equity in one year. I want to use a 5% or no money down mortgage thru Navy Fed for the next purchase. 5% is about $25k for the house I am interested in. I want to hold my current house as a rental for a few years, sell within 5 to avoid capital gains or take $ out to buy other properties. Looking for some advice, alternative options and or ideas... thanks

[Justin Tahilramani]

Originally posted by @Patrick Blankenship:

Here we go- I will try and be concise. I live in Charlotte and own a home on a VA loan and am considering refinancing at 2.75% 30 yr fixed. Would only cut about $100 off current payment bc I have a 3.25%. Plan is to rent it when I move (Marine) summer of 21. My next duty station is my last and plan to buy. I have about $30k in equity in my current home, the way the market "has" been going I expect to have $30-50k in equity in one year. I want to use a 5% or no money down mortgage thru Navy Fed for the next purchase. 5% is about $25k for the house I am interested in. I want to hold my current house as a rental for a few years, sell within 5 to avoid capital gains or take $ out to buy other properties. Looking for some advice, alternative options and or ideas... thanks

Why not refi your current VA using the IRRRL at 2.75% - then use your VA again at your next duty station? You can have more than 1 VA loan at a time.