Updated about 5 years ago on .
Commercial loan to VA loan?
My wife and I purchased a few properties under a commercial loan. We have since liquidated most the properties and are left with only 2 properties that were under the commercial loan but it is our primary residence and another cheap property.
Our current commercial loan is $550,000, the primary residence that we live in is valued at $750,000 and the other house under the commercial loan is worth about $325,000.
We would like to refinance cash out and do a VA loan on the primary residence that we live in. The reason is we cannot Homestead the property and we cannot apply my veteran disability tax benefits to the property as well with it being under an LLC commercial loan. My lender is telling me we could possibly run into issues because the LLC is in my name. Has anyone had experience with this?