All Forum Posts by: Lael Johnson

Hello,

I am in need of quality mortgage company or lender who offer cash-out refinances.  I have a duplex that I would like to do a cash-out refinance with since interest rates are low.  Any helpful recommendations will be greatly appreciated. 

Thanks

@Larry Douglas

I bought my first home for $150,000, so I should still be under the total amount allowed. For you to use your VA loan a second time without selling your first home, did you PCS or move on orders and buy your new home at your new location?

@Chris T.

When I applied to get a HELOC from my bank Navy Federal, I was told that I would be allowed to take out $12,500 of equity out at 6%. I want to refinance because my current home loan is a VA loan and I would like to change that to a conventional loan which would free up my VA loan to apply to another property as a primary residence. But I also wanted to take out some money from a HELOC in order to put towards a down payment on a rental property. What do you think?

Hello BP Family,

I can definitely use everyone's help with a situation that i'm currently trying to figure out. I am debating on whether to refinance my home to lower the interest rate from 5% to prime or close to it, or take out a HELOC on my home and use that money as a down payment for a MFH. I have been looking online to see if I can both refinance my home and still take out a HELOC for a down payment but to no avail. If anyone has any sage advice or knowledge in this area, it will be greatly appreciated.

@Kathryn Lindsey Congratulations on getting your townhome on the market for rent!!  Did you already get a tenant to move in?

Thank you @Matthew Coleman for that great information and recommendation! I have read that the VA will only let you use the other portion of your entitlement only if you are moving away i.e. orders or something along those lines. I would be moving into a 3-4 unit place as opposed to a bigger house. More than likely my next property will be under the remaining guaranty, so it will depend on my income and other factors to see if the VA will let me have two loans at one time? Thanks for any more insight that you provide.

@Jerry Bredesen @Eric Dufault

@Jerry Bredesen I appreciate your point and service to our country as well.  One question for you would be; did you refinance out of your Va loan or did you just maximize the entitlement?  Also, if you did refinance, what type of refinance approach did you use?  I look forward to hearing from you and welcome any advice that you have. 

Thanks for the response Eric! One question I have is are there any rules about relatives moving into your current house as a rental? I see conflicting reports where some say they can while others say that they can't due to the underwriter thinking that you may still live at the house and using your VA loan to acquire a rental property.

I will definitely talk to my bank to see what they say about me possibly refinancing or what my options may be. 

Have you ever done this process before or refinanced a VA loan into another loan?

Hello everyone,

I am new to this forum but since I recently joined, I have been scouring this site trying to obtain all the information that I possibly can.  Throughout my search, (as far as I know) I have yet to find an answer to the question that I am going to pose.  Here is my current situation:

Military veteran who used VA Loan to buy a condo for $155K. I currently want to begin real estate investing but not quite sure how to do it. I have about $8K that I could commit to using for investing into a multi-family unit along with the equity that is already in my home which isn't a lot. I have a relative that is willing to rent out my current condo in order for me to be eligible to move into a multi-family as an owner occupant.

I have found a few multi-family units (3 to 4-plex) that range from $50K to $155K that are in C- to B- range areas. My plan is to rent my house out to my relative so that I can keep the property and show that I have a steady tenant, refinance my VA Loan into either a Conventional loan or FHA loan and then use my VA loan again to obtain another property.

I don't want to be too long-winded on my first post but I greatly encourage any type of feedback or suggestions to how I should approach this.  Thank you all for your time!

-Lael