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Is it possible to convert va loan to conventional loan?

by Terence.Littleton928 from Dumfries, Virginia. Apr 11th 2014 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

You are not able to convert any loans.. you can however refinance, which would pay off the VA loan with the proceeds from the new loan.. but VA is the best loan product out there.. and it's very likely you would pay a higher rate if you refinanced into a conventional loan.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 11th 2014
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

You will have to refinance. Be sure you have sufficient equity, and that you will have a net lower rate if you change.

Apr 11th 2014
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Jason Vondrak (jvondrak)
#220 ranked lender in California - 1,741 contributions

You will have to refinance in order to change loan programs. When you refinance, you will take out a new conventional loan and use it to pay off your current VA loan. Contact a local lender to find out if you qualify for a refinance.

Apr 11th 2014
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

You can't just convert a loan, so I assume you mean refinance from a VA loan into a standard conventional loan... Sure. You can do that... www.VA-IRRRL-Loan-MN.com

Apr 11th 2014
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Mike Silkworth (msilkw_195_870)
#29 ranked lender in Michigan - 531 contributions

Absolutely. This begs the question of why however. A VA to VA refinance for purposes of a bettering your rate and terms is tough to compete with. If the reason is because of divorce or to free up your VA benefit. The other question I would ask is: Do you have equity in the home? VA allows for a Interest Rate Reduction Loan (IRRL) that is allowed with negative equity and if you are in that situation, you would not be able to convert to a conventional.

Apr 11th 2014
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