Owner occupy Conventional loan, while having a VA loan

[Ricardo T.]

Hi everyone!

I recently bought a multi family with a VA Loan where I am occupying one of the units.

I am looking to buy another multifamily within the next couple months using an owner occupied conventional loan where I will occupy one of the units, which will allow me to put down a smaller down payment.

My question: Has anyone obtained an owner occupied conventional loan while having a va loan? If so what steps should I take? Are there any limitations?

Thank you!

[Shauna Abbott]

Hi Ricardo, 

I have not done what you are trying to do, but we have used a VA loan, refinanced into a conventional loan and thereby enabling us to use the VA loan over again. As soon as your first VA loan has been paid of (in this case, by refinancing out of it) you are free to use it again in perpetuity. That may be a good option for your if your new multi family can clear the Section 1 requirements and you want to put little to no money down.

Best of luck to you!