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Updated almost 3 years ago,
Leveraging VA and FHA Loans for Maximum Return
Good afternoon, folks. I'll try to be specific as possible. I have a few questions related to which loan works best given the below scenario.
Currently, I have a VA loan at 2.25% on my primary residence. Looking to rent this home and move with the goal to purchase a primary home. Would like to keep my VA loan at 2.25% to maximize my cash flow on the rental mostly due to the interest rate and no PMI.
Prior to renting out my current home, I would like to leverage a HELOC to make my next primary home purchase. I am considering an FHA loan with minimal down payment requirements in order to, again, maximize cash.
Is obtaining an FHA loan for a primary while currently having a VA loan on a rental an acceptable practice?
Is there a more beneficial route than an FHA loan, such as using a conventional or another type of loan for my next purchase?
Should I assume the HELOC prior to renting my first home due to ease of approvals, etc.?
At some point would I be required to convert the VA loan due to it being a rental property?
Any feedback is greatly appreciated.