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Updated about 9 years ago on . Most recent reply
What are my options? VA, 2nd home, Buying/Selling
We currently have a VA loan for a single family home in Delaware. We have rented it out for the last 4 years, but are now moving to South Carolina and want to buy there. We need the VA loan because we don't have enough cash for a down payment in SC. The SC home will be our primary residence, but we are going to rent one of our rooms out to help pay down the mortgage or save for a future investment (haven't decided which). My question is, what are my options with the first home? We have it listed for sale, but I'm wondering if we are able to keep it as a rental and still find 100% financing on our new home. Do we have to sell the first home in order to use the VA loan again?
Most Popular Reply
Hi Sharee,
I would recommend refinancing your home into a different type of loan. You can then get a VA loan in SC.