@Patrick Blankenship there are a few big questions you need to ask yourself: 1) How much entitlement do you have left? A few earlier commenters were correct in that you can have multiple VA loans, the funding fee increases a bit for each subsequent loan which is why I usually put a few percentage down to lower it a bit.
2) What do you want to do with your current primary residence? $100 is a decent amount per month that will add up in the long run. Every refi has a break even point, some call recoup time. Based on how much it costs you, how long will it take you to “repay” that and start going positive?
As far as the "no cap" loans, that only applies if you don't have a current VA loan, which if you refinance out of the VA loan into a conventional (something I recently did to save only $60/month but anticipating moving to a more expensive market in the next 2-3 years) you'll have no VA loan and be able to take advantage of the lifted cap. I'm not sure what others have seen in this area, but I've spoken to a number of lenders and it looks like the "no cap" is being loosely (but fairly consistently) defined as about $1.5M.
You could refinance now, and if you anticipate that much appreciation, apply for a HELOC (NFCU has been the highest LTV I've found, used them a few times already for HELOCs) after that appreciation and tap into that equity. NFCU will let you go up to about 90% LTV on your primary residence. The key here is to close on the HELOC while it's still your primary, otherwise if you try to get a HELOC on a NOO property you'll have access to way less of your equity, generally only up to about 70-75% LTV based on a recent appraised value.
If you have any questions please reach out!
Best,
Rhett
