VA to Conventional

[Austin Steed]

I currently have a VA loan on a home in Lemoore, CA. It is right next to the Lemoore Naval Air Station. So I plan on renting mostly to military personnel.

I think there is potential in converting my VA loan to a conventional loan. By doing this I could reuse my VA home loan to buy a multi family home in Ohio. This Multi family home would be more expensive than my current property, thus using the 0% down payment a VA home loan includes, would be very beneficial.

My question is, is it possible to convert a VA home loan to a conventional loan?

Also, I have about 20k invested in the stock market and would consider transferring that investment to a RE one. This is my first post, so I apologize if my formatting is different than usual. Thank you.

[Elizabeth Colegrove]

Disclaimed I am nothing more than a experienced aka jaded landlord. This is not legal advice and I have no qualifications other than experience and a big mouth ;)

Yes and no, 

Yes you can refinance it but you will have to have 20-25% in your house. You will have higher rates. When you buy a personal va loan you will have to pay a higher funding fee. 

Have you thought about FHA loans? We own 7 soon to be 8 properties, 4 soon to be 5 of them are located in the hanford/lemoore area. If we get Virginia Beach for our next duty station I plan on buying a four plex. I found that VA loan was too expensive refinance/didn't make sense for us. I also didn't want to pu t20% down for a personal property as required for a conventional. So after research a FHA loan looked like my plan.

Another food for thought. What is your price goal in Ohio. Can you just use the rest of your va loan? We have bought 2 houses with the same va loan. This was awesome and really worked out well for us. Since this was a commonly asked question I create a guide on my website where I talk about how I did this and all the rules and regulations. Let me know if I can be of any assistance.

Look forward to seeing you around.