VA Loans (Renting) or converting to conventional

[Kenny C.]

Hello All,

We have own 2 homes under the VA program (Sold one bought another 10 years in between, however at one point We had both properties for a month) A few years back while still in Los Angeles I spoke with a lady from the VA who said you could own more than one property as long as you were still under the maximum loan guarantee limit. Recently I became more intrigued with this strategy and started looking over the rules pertaining to this topic and all I could find were the Intend to occupy statements and you must occupy with 60 days of closing. I can't find anywhere that states how long you have to stay until you can use your benefits again. I know there are different requirements for doing a IRRRL. Reason- We want to buy another house (to live in at the end of 2019) We just bought our current house in May 2018 and are thinking about renting it out when we move, just wondering if we are going to have to convert to a conventional loan.

 Example: A veteran living in a home purchased with a VA loan is transferred to another duty station. The veteran rents out the home. He/she may refinance the VA loan with an IRRRL based on previous occupancy of the home.

"occupancy must be met within “reasonable time,” which in most cases means 60 days. So, a home buyer must move into their new home within 60 days of the mortgage closing. They must also prove that the home is their primary place of residence."

Anyone out there with experience with VA loan willing to provide some clarity on this subject. Any info would be appreciated. Thanks in advance!