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.
VA IRRRL is an interest rate reduction refi. If you're looking to go from an FHA loan to a VA loan, it's a whole new mortgage.
@Timothy Colman you might want to refinance into an FHA or Conventional loan and then use your VA for the next property. What is the reason for the move and how far away is the current house to the proposed house?
@Michael Cohen Thank you for this information. If I go from an FHA to a VA loan, can I pull out the equity?
@Melvin List We are not moving from the TH in Florida that was purchased with an FHA loan, rather I simply want to extract the equity from said home with the intent of using the funds towards a flip. I am attempting to identify the best way to do so.
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