I currently have a VA loan on my primary residence. We are now moving and buying another home with my wife's physicians loan. I wanted to refinance the VA loan home to have a smaller monthly mortgage payment, so I can rent it out for a better return. From what I've been told, the VA loan has to be a primary residence for it to be valid? Is there any way around this so that I can actually rent it out to make a good return? I'm just trying to figure out a way I can rent it out without having to sell it, because it's in an area that is actually growing and would make a great rental. Any advice or guidance would be much appreciated.
@Vivek Shah , your scenario is not clear. Are you stating that you want to do a VA IRRRL (interest rate reduction loan) on the property. You should be able to do this; it's a circumstance thing and a lender who offers VA IRRRLs should understand this. If they don't, find another lender, as it's an overlay for the lender, not for VA loans. Hopefully that helps.
@Vivek Shah I still have a VA loan on a home that I haven't lived in for more than 10 years. It's totally ok to keep that VA loan in place and even refinance it if you are not living there. All of that is allowed. Please be very careful when you are refinancing this loan. Lots of lenders will brag about a super low rate and not show you there fees until later. So get it in writing so you know BEFORE you commit to it. Good luck!