a VA refinance WITH a VA purchase ......

[Michael Dunn]

Good Evening,

I have a question please , regarding the use of my VA Loan for FIRST a refinance on my Primary residence ( which was purchased using an FHA loan ) , and then when I can SECONDLY us my VA loan again for the Purchase of my Next Primary ?

A brief rundown on my current situation:

I purchased my Primary residence back in December of 2015 with a FHA loan

I am wanting to use my VA loan for a refinance on my Primary ( since I was told that you can get 100% of the Equity out , when you use the VA loan for a refi.

My main question then is ...... If I go ahead at the end of this month ( July ) and do the refi. using my VA loan , when then would I be able to use my VA loan for the Purchase of my next Primary residence ?

Is there a 1 year waiting period between each time you use your VA loan ? Or would this not matter in this case, since i'll Firstly be using it to refi. and then look to use it for the purchase of my next primary residence ( around Jan. of 2017 .... which will be right around the 1 year mark that is required , before I could sell my current primary and then look to purchase anther )

Thank you for any and all input and help 

[Kerry Baird]

The previous poster's situation is irregular. The poster insinuates that you can refinance a rental. You cannot by regulation. You can use the VA to refinance your owner occupied house and then occupy it for the legally agreed period of time. This is typically a year. It is possible to reduce this time, due to PCS orders.

I would leave the first loan in place, rent out that residence and obtain a new VA on your next owner occupied property (can go up to 4 units, btw).

If you do it the other way around, you have two loans to qualify for, with no obvious benefit. And it resets the time you are obligated to occupy the first, before you can move to the second. Just move on to the next property, rent the current one for positive cash flow (including capex), and roll forward.