Updated over 11 years ago on . Most recent reply
Does the VA do cash out refinances?
We have a "paid for" home with a 60k home equity line (70k, with 60k used to purchase a rental house outright). The house is worth approx. 200k and we would like to take out about 175k to pay off the equity loan and purchase a second home for us (that we would vrbo during the times we are not using it). So we'd have the mortgage on our primary residence and have a paid for vacation home and a paid for rental home. Is this doable? Or would I be wasting my time talking to banks about this scenario. Alternatively, does the VA finance second homes?