VA IRRRL hacking question???

[David Moore]

I'm a veteran that is currently under a VA Mortgage Loan for my primary home. Right now I'm in the process of acquiring a VA IRRRL for my current house to lower my payments. Can I utilized a VA loan to get another primary residence? Basically, I want to move into a bigger property using a VA loan again and rent my home that I currently reside in. Is there any rules against this VA mortgage/refinancing hack strategy?

Also, what's the best way to look for another lender? How eligible am I for another VA Loan to look for another property while I have this mortgage? Is it difficult to get another mortgage? Keep in mind: great credit score, good career in a state agency, but in high cost California.

Thanks All,

David

[Clifford Paul]

@David Moore

Below is a post I did, if you have any specific questions please send me a message. I'm not an expert but I know a little bit about the process.

Originally posted by @Clifford Paul:

@Phillp Tamez

Like @James Wise said above the VA loan is the best loan product on the market.

The second best VA loan product is the VA IRRRL loan.

The reason this loan is so good is you only have to certify you lived in the house. This means you can move out and rent house before the one year requirement of a standard VA loan.

Example I bought a house using my VA eligibility. Then I moved into the house and after 30 days refinanced with a VA IRRRL loan. Got a rate reduction from 3.75 to 3.0. I then bought another house with my remaining VA eligibility to live in and rented the first house.

When we PCS we did the same thing with my wife's VA eligibility. So with no money down we had 3 rentals and a primary house in 4 years. I believe this is most under used strategy to getting started in real estate investing.

As a side note I have done 3 VA loans and 1 VA IRRRL loan. I'm out of VA eligibility. My wife has done 1 VA loan and 1 VA IRRRL loan. She still has more eligibility which we will use when she PCS.

Also we both still have the Texas Land Board home loans. Will will be using them when she retires. TLB home loan requirement is 3 years occupancy.