Refinancing from a FHA loan and into a VA .......

[Michael Dunn]

I just got off the phone with 2 Lenders , and they both pretty much told me that ...... If I use my VA loan to refinance ( cash-Out ) on my Primary Residence , that the Loan will then go from being an FHA loan ( which is what it was when I initially purchased my Primary roughly 7 months ago ) , and that it will then become a VA loan .

So my question is ...... I am looking to Purchase another Primary Residence in about 5-6 months ( after my 1 year agreement is fullfilled ).

I was hoping to use my VA loan for the Purchase of my Next Primary, but if I convert my NOW FHA loan into a VA loan via Refinancing it , will I still be able to in 5 - 6 months, be able to purchase my second Primary Residence using a VA Loan ? How about being able to use an FHA loan to purchase it ?

I'm fine with purchasing the next Primary with either type of loan ( although I'd prefer the VA loan, since there's no Down Payment with it ), but 3.5% down using an FHA isn't bad either

Anyways, just wanted to make sure from Members on here that I am understanding CORRECTLY, what my options will be .... If I convert my now FHA into a VA loan , and what type of Loan I'll be able to use in 5 -6 months , when I go to purchase my second Primary Residence ?

Hopefully all the forementioned wasn't to confusing lol

Thanks everyone for the help