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Updated over 6 years ago, 08/30/2018
VA loan exit strategy
I'm trying to learn the best way to exit out of my VA loan. I currently have a VA loan on a 4br/2ba SFR that I am house hacking.
For the past year I have been renting out two bedrooms which covers more than half of my PITI. The goal of this purchase was to significantly lower my out of pocket expenses, which it has.
I have one tenant moving out and when I advertised the available room to employees at the govt agency I work for, I had 6 inquires on day 1.
I have no doubt this pool of available renters will be available for quite some time.
So theorectically, I could rent all four bedrooms out to individuals and cash flow on the property. That would leave me with no where to live though so I would have to find another property.
I could use an FHA loan but I don't like the idea of PMI for the life of the loan. What are some ways I can refinance out of the VA loan so I can use it again? I can pay 0% down and no loan fees because I am exempt from it.
I could