Refinance to buy another property?

[Jacob Humiston]

Hello,

I have lived in my house for a year, im ready to rent it out. I used a VA loan for it.

Can someone give me a 5th grade understanding how this works?

I owe 407k

Wells Fargo says its worth around 485k (Yes i understand its an estimate)

If I refinance to a conventional loan, can I use my VA loan to buy another property 0% down?

Can I use the cash out refinance to buy another house?

If I refinance am I now paying the mortgage for a 485k home?