All Forum Posts by: Oscar Leon

I'll be there!

@Cris Normandt

Wouldn't using an irrrl keep that chunk of my entitlement locked up in this house?

@Ned Carey

The house I'm planning to refinance will have enough cash flow to be fine. I'm just curious if using the equity to maintain a 80 ltv will backfire if the price of the house drops.

@David Kelly

I don't think I'm exempt from the funding fee, however when I first used the VA loan I got the funding fee warped into the financing.

I've only used the VA loan once.

@Cris Normandt

The house I purchased used majority of my VA loan allotment, and where I live I don't have enough to purchase another house. Am I incorrect on how that works?

And I'm just trying to use the conventional mortgage to free up my VA allotment.

@Ned Carey

I will look into this, thank you!

As for my strategy, I plan to refinance to free up my VA loan for another primary residence. I could be wrong, but I think I can use the equity I've built up with this house to cover the 20% for the conventional mortgage and avoid PMI. Are there any flaws in my thought process? For example, of the market tanks will this backfire on me?

Hi BP,

I currently have my first house financed with a VA loan. I've been considering refinancing into a conventional loan with the equity I have.

Is this feasible? What are the pros/cons?