VA to Non owner occupied Refi advice

[Seth Larson]

Im looking a purchasing a multi family in Kansas City. I spoke to the VA loan office and they said I would likely be approved.

Being that VA is Owner occupied for the life of the loan, not one year like many people like to say, Im prepared to move.

That being said, coming from southern California I dont intend to stay there any longer than I have to

Im having trouble finding any good info on a VA to non owner occupied refi.

I intend to purchase at a discount and force equity in the property by renovating. Im thinking I could refi at 75-80% LTV and get out of the property under a year, No?

thanks for any help 

[Mark F.]

@Seth Larson When taking out a VA loan, you have to intend to live in the home, but it's OK if you move out down the line and turn it into a rental. In fact, if rates drop from here (not sure how likely that will be, mind you), you could even streamline refinance the VA loan even if it's a rental. As a mortgage professional, I've done VA streamlines on rental properties in the past - the only requirement is that you prove you used to live in the home. 

VA isn't as strict as FHA is about the owner-occupied requirement, but your intent must be to live in the home when you initially take out the VA loan.

For more great information about VA loans (this is one of the better sites I'm aware of) go here:

http://themortgagereports.com/va-loans/

*** Note that I'm not affiliated with this site in any way, it's just a good resource I'm aware of.