getting out of VA loan and switching to another loan? upside down in our home.

Why do you want to get out of the VA loan? If you are upside down then I would inquire about a VA streamline.

VA loans are assumable on credit qualifying of the borrower and approval of the current lender. This would allow you to walk away from the home without affecting your credit. However, it's not a guarantee of restoration of your VA benefit, either, so your next home might have to be purchased with a conventional or FHA loan. If you want to stay-put and wait for the value to come back so as you can sell it, look at doing a IRRRL, Interest Rate Reduction Refinance Loan. It's a streamlined VA refinance. If you go through your current lender, or a broker who is brokered with your current lender, an appraisal should not be needed. Cory UreMedallion MortgageSalt Lake City, UT

Who is holding your loan now? Different lender's have different requirements for an appraisal for a VA streamline. The VA streamline is the best way for you to go - less costs and fewer requirements. I am in Salt Lake City and might be able to help you. Just need a bit more information. Give me a call at 801.550.1222.

to answer your question in general.. then no.. you cannot refinance into a different loan product when your upside down. You can however do a VA Streamline refinance which would allow you to take advantage of the lower rates today without an appraisal, however you would need to go back through you original lender to get the appraisal waiver. You could also sell your home and have the new borrower assume your existing loan, although that might be tricky to convince someone to take over a negative loan.. WilliamAcres.com

I agree with my fellow Loan Officers here. I would suggest you look into a VA IRRRL, as it will be the best option for you while you're a little upside down. As has already been mentioned, you'll want to complete that through your current servicer, since many banks are requesting appraisals on these if they are not the current servicer of your loan. I'm here in Salt Lake City and would love to help you if I can; I can guarantee I can help you if your loan servicer is either US Bank, Wells Fargo or GMAC/Ally. Anything else, I may not be able to do it for you without an appraisal, but would be happy to check into it for you. Send me an email at brett@homeloansinutah.com if you'd like additional advice or assistance.

VA streamline is the only way to go...

VA IRRL is the only way to go. I have lender who will do the loan up to 115% of value on an appraisal, not sure how upside your situation is, however I sure can help you.Thanks!