Looking for some advice/help on what to do with my current situation.
I currently have a VA loan in Texas for a now rental property. I owe 126k on a estimated 144k dollar house. I need to restore my VA benefits ASAP.
The mortgage is 941 a month, and I have a tenant that pays 1250 monthly and is under contract until April, and should be able to up the rent to 1300.
I am unsure what to do. It looks like a conventional refi will not work due to not having enough capital to put down, or enough equity to do. What else can I do? Can I bring in an investor to help with the refi? please advise!!
@Eric Giovannucci When you bought the property where you enlisted? Why did you move away and make it a rental? Where did you move to?
In certain circumstances VA will allow you to get a 2nd VA backed loan. You certainly should have enough benefits left over. Talk to a VA loan specialist to figure out if you might be able to get a 2nd VA loan.
I am currently am enlisted. I am working with NFCU on the purchase of the second home. However, the local VA limit is 417k and the combination of the two loans will bring me over the limit. I need to refi that first house in some way or bring in another a party to help me in some way. I am unsure of another way?
@Eric Giovannucci You can use your left over VA loan benefit to purchase the 2nd. If the loan is going to be more then the benefit, then you will have to put a 25% down payment on the excess loan amount. A seasoned VA loan specialist will know what to do.