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Updated about 9 years ago,
Need to remove VA Loan from rental
Hello All,
I currently have a rental property in El Paso, Texas that has a long term tenant in place. I need advice on what to do, or assistance if someone is willing to work with me.
I purchased the new contruction in 2013 using a VA loan for 130k, which leaves me with approx. 10k in equity. Soon after purchasing I recieved orders moving me to California. I am now trying to purchase a house out here, but am having a difficult time with my VA benefits being used down in Texas.
I need a way to restore my benefits by somehow removing the VA Loan on the property. I have posted it for sale on numerous board/ facebook groups. I am not trying to sell it traditionally at this point. I havent entertained the thought of letting someone assume the loan, if possible, I would potentially be willing to look at that. I am not trying to make a significant amount money on the deal, just enough to get me out in the positives and restore my benefits.
Can someone lend a hand of advice, or potentially lead me in the correct direction? I am at a loss for what to do at this moment