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Updated over 8 years ago,
Options for a second VA loan
Hello all. Here is my situation:
I bought a house with my VA loan in 2013. The maximum allowed in Maryland was 417K and I used $410K. The home is now estimated on Zillow at $470K so I have a small amount of equity built.
I'm now stationed in Hawaii and want to purchase here. I was told the maximum here for a VA loan is $721K, which means I can get another VA loan, but it has to be less than the difference of $721K and my first loan ($410K). The problem is I can't find anything in that price range here (<$311K).
I just want to know if I have any alternative options that would allow me to open up my VA loan. I don't know if I can transfer the current loan to an LLC due to the "due on sale" clause, or if that would even free up my VA balance. If it's possible, I will contact Well's Fargo and ask permission to transfer the loan.
Are there any other options out there that I do not know of? I don't want to put anything down so I was trying to avoid a traditional mortgage.
Thanks in advance!
Josh