I have used my VA loan to buy a single family home in California. If I understand correctly, after two years I can rent out the property. A Veteran must live in the house for the first two years.
My question is, is there any way I can transition the VA loan to a regular loan to free up the VA loan again?
Then of course my next thought would be to use the VA loan to get a duplex, triplex, fourplex, or fiveplex.
Anyone have a good strategy to achieve this? Thanks.
@Daniel Reitz you should be able to refinance conventional up to 97% depending on the program
Do you still need to live in the property for 2years before you can refinance up to 97%?
Don't know about the 97%, but you only need to live in the property for 1 year before renting it out (assuming SFR).
Also, you can do 1-4 units with a VA loan, but not 5 or more, unfortunately.
@Melvin List What programs will let you refi into 97% LTV? I thought that 75% was the most you could refi into on investment properties...
@taylor c. yes I thought you were living the property. Owner Occupied.
@Daniel Reitz I've used my VA loan a couple of times before. I know that they only lend to purchase residential homes. 5+ units enter the realm of commercial properties. Plus, there is a limit to how much they will loan. It depends on each state and you can look up the limits on their website.
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