VA loan to another kind

[William Bartling]

My wife and I currently own our house with a VA loan and we want to buy a new home with some land by next year. We plan to rent out the current one. What are some suggestions on how to go about doing this... when should we start the process and would switching from a VA loan cause a problem getting the loan again?

thank you 

[Ronnie Galindo]

@William Bartling, You have a good plan going! I also am using my VA loan on my primary. When I last spoke with my Mortgage broker, he told me as long as I refinance into a conventional, I could use my VA loan again. The problem being that you will have to come to the table with the closing costs and any down payment (if the home is over 80% LTV). Further, in order to get a good interest rate, you will need to have a signed lease for your current home to show how much the rent will be paid and how much profit (hopefully) you are getting to off-set that loan so they don't see it as a current debt when getting the new loan. Lastly, you will have to pay the VA fee again when you buy your next property but hey thats the cost of using the VA loan right? Good luck!