VA Loan Refinancing

[Demetrius Potts]

Hello All,

I have now reached a point where I want to rent my house that was purchased with the VA and buy another using the VA loan, the problem is that I don't have enough equity in my current home to refinance to a Conventional. I would like to know if there are any other options that I may not have thought about. Possibly a DSCR loan?

[Demetrius Potts]

Quote from @John Burke:

You can have more than one VA loan at the same time. The key will be determining how much 2nd-tier or bonus entitlement you have left. Assuming you're buying in the Charleston area, the county loan limit is $806,500. Here's a quick way to determine how much entitlement you have available. Subtract the original loan amount of your current VA mortgage from $806,500. This number will be your max loan amount for your new home with no money down. For example: Let's say your loan was $400,000, $806,500 - $400,000 = $406,500. Your max loan amount with no money down would be $406,500. Here's something cool about VA. Let's say you're looking at homes for $500K, you would think that you'd need to $93,500 down but you don't, you only need 25% of the difference or $23,375.

• Entitlement used = $153,750

• Remaining entitlement = $47,875
• 
  Also I do appreciate that information, that is something I did not know as this is my first time using the VA loan