FHA loan to VA IRRRl?
Hello all,
I am active duty and purchased a home in 2010 utilizing my VA loan for 112k. I then wanted to utilize the VA loan again for a townhome in Florida, but was denied because the purchase price of the townhome I was attempting to purchase was "too low." I was told I would have to spend a certain dollar amount in order to utilize another VA loan while the other was still active - strange, I know.
I ended up purchasing the townhome in Florida utilizing a FHA loan (09May17). The home appraised for 125k and I got it for 100k. I want to refinance the Florida property in order to pull the equity out to do a flip.
My question is:
Can I do a FHA 30 yr fixed to a VA IRRRL to pull the equity out?
How soon can I refinance? I've heard six months and I've also heard one year.