VA loan to Conventional

[Daniel Lee]

If I were to use my VA loan to purchase a property and let's for numbers sake I use all of the 470ish K cap on the loan. After a year lets say I want to refinance the home and it is about the same equity and value. I hear there are some banks that do 90% refinancing for VA loans. If I were to apply this method, would I have to pay PMI on the first home when it has less than 20% in equity in the property so I can apply the VA loan on a new property? All input would be highly appreciated thank you