FHA would be a good choice if you want to pay as little down as possible, but if you go conventional, you'll save some $$ b/c of lower rates and no mortgage insurance.

@Bjorn Ahlblad @Kenneth Garrett @Karl B.

@Christopher B. - this thread is specifically geared towards VA IRRRL Refinance.

First, on a purely investment standpoint, would you leverage the money instead and buy 4 B neighborhood properties? 

My view is that from the outside you can tell it is not stick built but from the inside you can get as nice an interior as desired (at least to B+ class). 

Appreciation likely.East Hartford Mostly a B/C class community.

Pick a solid B-Class suburban area.

@Maria Crenshaw My very nicest spiffiest "A" properties are in a "B-/C+" neighborhood and most of my properties are in C/C- with some in "D/D-" neighborhoods so perhaps my advice will not apply...

@Mayra B.

Investment Info:Large multi-family (5+ units) commercial investment investment in Humble. 260 Unit B class apartment complex I own and manage.