Can you turn a VA loan into a conventional loan?
I have a VA loan w/ a second mortage. Can you turn a VA loan into a conventional loan. Being the military has moved me and I had to turn to leasing it because Im not in the house anymore. Can I convert the VA loan to a conventional. Overall freeing up my VA to purchase my official home because I retire in 5 and 1/2 years by colechristianson from Baton Rouge, Louisiana. Jun 8th 2011
Gianni Cerretani (mortgagegodfather)
#32 ranked lender in Georgia - 238 contributions
Great question: You are actually allowed to own two VA loans when you have your particular situation of being moved by the military. I am VA loan specialist and I would be happy to help you out. check out my VA special loan program at www.homesforheroes.com
Jason Guerin (jason@areahomelending.com)
#8 ranked lender in Louisiana - 6 contributions
Yes, it is possible to refinance the VA loan to a Conventional loan freeing up your eligibility with the VA. We'd have to look at the new loan amount compared to the appraised value but may even be able to consolidate both the VA loan and second mortgage into one new conventional loan. Another option would be to just refinance the first mortgage and leave the second mortgage as is. Feel free to email me directly at jason@areahomelending.com with any questions.
Glory Bialli (gloryb4u)
#17 ranked lender in Illinois - 3 contributions
You could, if you were living in it - in today's market! Unfortunately, now that you have rented it out, it has become investment property. No one will refinance an investment property, in today's tight market. Anyone that tells you any different, is not being honest!
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