VA Loan for 2 unit investment refi

[Matt Concannon]

I have a VA loan on a 2 unit that we don't live in (we used to live in it 22 years ago). Are there any refi options that would utilize the VA loan? (everyone I have talking 70ltv on a 30 year fixed conventional product with rates about 4.25 paying points. Wondering if I there would be advantages to going VA and increasing LTV).

[Chris Mason]

Originally posted by @Matt Concannon:

I have a VA loan on a 2 unit that we don't live in (we used to live in it 22 years ago). Are there any refi options that would utilize the VA loan? (everyone I have talking 70ltv on a 30 year fixed conventional product with rates about 4.25 paying points. Wondering if I there would be advantages to going VA and increasing LTV).

VA loans are for owner occupants. VA IRRRLs are for former owner occupants, but you can't do an IRRRL cash out refi.

You're only being told about conventional loans because your scenario is a conventional scenario. 

The good news is that the conventional cash out refinance will free up your VA loan entitlement. Fun fact: VA loans aren't "one time use only."