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Updated over 5 years ago,
Just refi'd on Primary, do I have to wait 6 MO to buy another?
I just refi'd on my primary home from a VA to a conventional mortgage (to free up VA loan for future purchase) and took out a simultaneous closing HELOC. I may elect to move school zones within the next year but don't want to wait until the last minute to get the home I want. I spoke with a Loan Officer today who advised nobody would touch me for at least 6 months since I just closed on a primary home refi- he advised it should have been closed on as an investment loan. I disclosed to underwriting of refi that I wanted to get out of VA loan in case interest rates went up in the next year or so and I decided to move and keep current primary home (as rental). I still live in this home with my family and have for 5 years and will continue to live here for some while, I just want the flexibility to move if I find need to prior to 6 months. Am I locked in for that long? Are there any creative workarounds that anyone has used in the past? What else am I missing?
Thank you in advance for any/all help and advice!