VA loan refinanced to a commercial loan...

[J J]

I purchased a 4 plex with a VA loan 2 years ago. I really enjoy living here but I want to move out and buy a SFH or a duplex/4plex but I need a 3/2 (Having a baby) But I dont want to sell the 4plex! we've been living in it for free and it will cash flow quite nicely with the 4th unit rented. I want to refi into a commercial loan. I have 150k avail for almost any LTV reqs a bank can come up with I think. But the transition is maybe weird VA-> commercial and I dont know if its even possible or if I can get another VA loan after that. VA has rules about you must sell your house or pay off the mortgage to get a new house...
Dont.....want......to......sell.....!

Thanks for your replies!

[Bill Gulley]

You're misinformed I think. VA does not require you to pay off or sell the property, unless something has really changed. You lived there and the loan qualified as initially made, that requirement does not remain forever, you can move out and rent it, there should be no foul with that.

You lose your VA entitlements so long as that loan is outstanding so you are limited in obtaing other VA financing.

I wouldn't believe anyone who told me what you explained, not until I got a letter from the VA/Lender.

Now, the definition of single family dwelling include propertys with one to four living units, so you do not have a "commercial" property you have a SFD. You don't need a commercial loan as a matter of classification, but you could get one if that's what you wanted.....but I wouldn't.
Good luck....