I currently have 2 va loans, one is at 4% and the other is at 3.25%, payments would go up around $100 each mortgage. I am looking Into refinancing both into a conventional loan, but the rate would be 5.4%. This will allow me to have 100% va benefits. However, if I do this I will be able to purchase a quadplex with my VA loan with zero down and a lower interest rate in the mid 4s. Does this make sense?
It makes sense if you are going for a quad plex. Just so you know , if you go back to the same people that gave you the va loan and tell them what you are looking at doing you will most likely get stiff armed. It happened to me both times so you will simply need to find a different lender and tell them what you want to do. Once that lender has refinanced you into a conventional loan then go back to the va people and get another va loan.
@Jeffrey Townsend are both loans on properties with same seller and/or one plot?
@Rudy Planter no 2 separate loans. I Purchased a property for 168k, lived in it for a year. I then purchases another property and moved into it, I was able to use the remainder of my benefits for this property. It was tricky finding a lender but I found one that made it happen.