To stay VA or change to Conv. and use the VA again?
Hello, My husband and I currently have a home we bought about two years ago with a VA loan and are interested in buying another single family home to be our first rental property. The issue is coming up with the down payment in Cali. So we might hold off and just wait till we get our next orders in about a year and a half:(. Which most likely will be cross country. Of course we are going to keep our home here in Oxnard, CA as a rental if possible and buy another primary house in the next location. The questions is:
To anyone who knows VA loans really well. Is it best to try and refi out of our current VA loan to a conventional? Our current rate is %3.75? This way when we buy or next house we can use the VA loan once more? Or is it best to keep our current home a VA loan due the purchase price here in California being a lot higher then where we would be going next? We could also possibly do the VA IRRRL refinance if the rates get a little lower with our current home.
Thanks SO much for any advice!!
Kristen