VA loan to Conventional REFI, then VA again immediately

[Ross Y.]

Hi Everyone,

I'm a current investor and have only used conventional financing for my properties but my father is in an interesting situation and I wanted to run my thoughts by the community to get some sound advice. Please let me know your thoughts here.

My father is currently tying up his VA loan limits with a condo he currently rents out, he has 70% LTV on that prop and just got into a contingent contract on a new house (he did this without telling me). The condo is amazing with a killer view of downtown San Diego and will continue to gain equity IMHO, plus he's positive cashflow on the rental. I told him to keep the condo, refi the VA into a conventional, and then purchase his primary with his VA loan; what i'm not sure about is if he does a conv refi, will that prevent him from getting the VA loan for 6 months or so? I couldnt find any time limits on that but just wanted to know. We're trying to keep it in the family but he wants to close on his new place asap.

I look forward to responses. Thanks BP.