VA loan questions, refi, and 4-plex

[Charles Wickware]

Hello all,

I am interested in buying a 4-plex to act as an investment property and also a primary residence. It is around 950K in California. I do not have the 190K of cash for a dp so I am looking at my options. I have a SFH that I've had rented out for a year that was purchased using a VA loan. I purchased the house for 270K, and the mortgage is currently at 230K with an approximate house appraisal cost of 339K for the area.

At the beginning of the year the VA loan removed its limits but I am still unsure what all the stipulations are so I am looking for some feedback and information on what my options are ie: Refinance under traditional loan to free up VA loan or simply try to get another VA loan on the 4-plex now that there is no limit under the new rules?

FYI: I have excellent credit (>800) and a DTI of around 12%.

Thanks for the help and insight! 

[Zack Karp]

@Charles Wickware yes @Chris Mason is your guy.  Knows his stuff and he's right there in CA.