VA Refinance + 95% HELOC + NOO LOC

[Jesus Shuttleworth]

First post. I need some help. The intent here is to purchase a new primary residence. I currently have 2 VA loans. One on a property in Colorado, another on a property in Washington.

• Colorado: 130M balance, 3.375%, LTV ~51%
• Washington: 262M balance, 3.875%, LTV ~60%

Maximum Loan Limits in Snohomish & King Counties: $667M

My idea to leverage myself into a new primary residence is in 3 parts.

1. Refinance the WA property to conventional financing to free up VA eligibility and back it up with a 95% equity line of credit from SDFCU.
2. Draw a NOO equity line on the CO property
3. Use both equity lines for a downpayment on a new primary residence financed with VA funding

• My question is, does it make sense to refinance the WA property for the benefit of VA eligibility on the new purchase? Or would it be better to maintain the current low VA rates and hope for the best on new conventional financing?
• I'm also considering looking for multi-family units. Max VA on a 4 unit property is $1.282MM and my understanding is I would only have to qualify for 1/4 of the loan amount, using the rents for the remaining 75%.