Seeking to purchase 2nd home. 1st home is VA loan. Options?

[Corey Collins]

Hi everyone,

As the title states, I am looking to purchase a 2nd home that could either be used as a new primary residence or a buy/hold rental. My main concern is working around VA occupancy rules. Ideally, the 2nd home would be a larger home or a multi family that we could move into (Me, my wife, and infant child). If that were the case the original home (VA loan) would then be used as a rental.

What are my options for this type of loan? Would it be best to refinance the VA loan into a conventional and then reuse the VA loan? Is an FHA loan possible to use on the 2nd home? A down payment would be possible but would like to keep it as low as we're able.

It would be great to hear from some experienced investors who have been in a similar situation.

Thanks in advance!

[Marshall Martinez]

@Corey Collins If you have enough equity in your 1st home you could refinance into a conventional loan to free up your VA entitlement for the 2nd home.