VA Home Loan to Conventional-Is It Too Late

[Anthony Parsons]

Hello. I have recently decided to rent my home and move due to working from home. I have a VA loan at 2.25%. Being new at this I am just realizing as I intend to purchase my long-term home in 3-4 years from now, I need to convert my VA loan to conventional so that I can free up my VA loan for the new purchase in 3-4 years from now. Or are VA loans a thing of the past in the new norm market?

With rates on the rise, should I roll the dice and rent under my VA loan and look at converting in 3-4 years when I'm ready to purchase again? I wanted to get a HELOC in the next couple of months to provide safety for my rental should there be unexpected costs. This also brings a concern because some lenders don't let your refi your main mortgage with an outstanding HELOC (any lender recommendations to avoid this?).

Or, if I've waited too long to convert, can just sell and walk away with 40-60k.  

Any advice is appreciated.  Thanks.