VA Loan Refinance to Conventional??

[James Letchford]

I'm currently financing my primary residence through a VA Loan. It's a jumbo mortgage ~$1.2M (at 3.25%) and it would likely appraise at $~1.5-1.7M. My family and I are currently looking at purchasing another home (that will likely be another jumbo) and renting out my current home.

I also own my first BRRRR rental property that I'm about two weeks away from refinancing. It's leveraged for $105k and will appraise at $180k.

My thought is that I should refinance my current residence under a conventional loan (even though I won't score the same great rate) to free up my VA Loan for my next home purchase. The VA Loan allows me to throw down very little cash relative the purchase price, so I'd love to take advantage of that.

Here's are my questions:  Am I thinking clearly?  Is this the right way? Or is there something better being that I have a small rental? Etc?

Thanks in advance for any help.

[Kris Quinones]

I refinanced out of my VA into a conventional. Lost the rate but it appraised at 20% so no PMI and I got my VA back to use again. I would do it. But as always. Conduct your due diligence.