VA and Refinance idea

[Michael Woods]

Do you ever feel like you have an amazing idea and think there is no way someone else hasn't thought of this already? Well, that's where I'm at right now. So I am a veteran and I am eligible for a VA Home loan. This will get me into a loan with no money down but I have to intend to live there within a year of purchase. My crazy idea is to refinance the loan to a non-VA loan. Then I could house hack or BRRRR the property. I would then get my VA Home loan eligibility back and I could use it again. What I'm looking for is someone telling me why this won't work.

[Richard Hamm]

@Michael Woods I have thought about this same thing. Currently my GF (also a veteran and we are not legally married yet) has our rental property and current residence under VA loans. We have a good bit of equity in the rental and are considering refinancing the rental and buying another property with the equity. This would also give her back her second VA loan eligibility.

I have gone as far as thinking of using my VA loan eligibility to purchase a home and live in it for the first year, then rent it out. It is a loose idea and lots more to it, but just being honest that it has crossed my mind! haha