Can you potentially get a VA mortgage on a new house less than a year after refinancing your current home as owner conventional?

Technically yes but VA is only for owner-occupied loan so it has to make sense to the new lender doing the VA loan. If the scenario isn't a typical owner occupancy scenario you might have a hard time getting a bank to believe that you'll actually occupy the new property if it doesn't fit the typical scenario. In a case like that, the lender may not feel comfortable approving it on a VA loan unless you can convincingly explain to them your motivation to move into the new property you want to buy. As far as the 1 year waiting period to remain occupying the current property one year after you refinance into an owner occupied conventional loan, the lender will probably make you sign a document stating that your every intention is to remain occupying that property for at least one year after you refinance. You should read that document carefully before signing it and proceeding to close on that conventional refinance. If you have specific questions, I can try to be more helpful. You may call me at 818-284-6480 ext. 1. My name is Martin Mesa and I'm a licensed mortgage loan originator in California.I wish you all the best.

When you do a loan as an owner occupied home, you sign documents that your intent is to live in the house at least one year. But the big word is intent. So let us assume a more typical situation, where after 6 months, you quit your job, and take a new one 100 miles away. So you turn the current one into a rental, and buy a new one near the new job again an owner occupied loan. Have you done anything wrong? No, there was no intent to turn it into a rental originally. Now switch that around, and you KNOW you are going to be turning it into a rental shortly after claiming owner occupancy, then that is mortgage fraud.

Before you make the move to refinance out of your existing VA loan, you should speak to a qualified Mortgage Broker that specializes in VA. It IS possible to keep your existing VA loan and obtain a new VA loan. There are specific requirements, and there may be benefit limitations depending on your circumstances. If it turns out, your circumstances do not afford you the opportunity to obtain a new VA loan for your new residence, then refinancing into a low rate conventional may make sense. Generally, a borrower is not automatically tied into living the next 365 days in the home that was refinanced as a primary residence. Where people tend to run into problems is when they refinance and 60-90 days later try and buy a new primary residence in the same general area. I'd be happy to discuss your options. Just give me a call. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ www.ApplyYes.com 480-889-9000.