Thoughts VA refi to Conv loan to house hack multi fam house w/VA

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Thoughts VA refi to Conv loan to house hack multi fam house w/VA

Bruce Gaines
Member since 2020 · 7 posts · 2 votes

In the near future I want to refi my home that has a VA loan to a Conventional loan. I had been living in it for awhile and recently rented it out to live in girlfriends home. The goal is to live in a multi family home and use a VA loan to finance it. Any suggestions, advice or experience in the aforementioned? Your experience or advice would greatly be appreciated as I proceed in my endeavor to secure more doors.

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  • Austin Steed
    Real Estate Agent · Columbus, OH · Member since 2016 · 593 posts · 664 votes
    5y

    @Bruce Gaines I've used my VA loan a couple times now and I am in the same boat actually.

    I have a double in Columbus OH that has VA financing on it. I am currently doing a refi on the property to conventional.One thing that I would now is that when you do this you have to use the VA one time reset. The only way you would not have to use this is if you let another veteran assume the property or you sell. This is all the info that I received from the Cleveland VA help line.

    Also note that the VA loan is not meant to grow a rental portfolio. I was in contract on a 4 unit building and they denied me for that... I still think it's worth a second shot. I am growing a rental portfolio though haha.. so I kind of wish I would have purchased a 4 unit early on since I've got 9 doors now.

    Best of luck!

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  • Bruce Gaines
    OP
    Member since 2020 · 7 posts · 2 votes
    5y

    @Austin Steed

    Mr. Steed, thank you for taking time to respond to my message the information you is greatly appreciated. I will using the information soon Have to bring my credit score up from 691 and lower Debt by 20%

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  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    5y

    @Bruce Gaines that's a great strategy! I'm doing the same with an FHA loan right now so I can buy another multifamily with 3.5% down

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