What are the pitfalls I should avoid when refinancing?
My dad qualifies for a VA loan and is excited to enter the REI arena. We want to know what the process would look like when refinancing a VA loan. We plan to buy a property with a VA loan, refinance it with a conventional loan and purchase another with a VA loan. How long do we need to stay in the property before we can refinance? What are the other fees we need to know about? Is this strategy feasible? What are the pitfalls if any? by lerner384 from Twin Lakes, Colorado. Apr 22nd 2022
John Burke (jburke)
#27 ranked lender in Texas - 321 contributions
Hi Lerner384,Be careful. VA specifically says the program is not to help people become real estate investors. | John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |
Technically, you can also have two VA loans simultaneously. You need to reside in the first home for at least a year. Then, you need to determine what the remaining VA benefit is for the next purchase. Finally, you'll be required to write a letter with a compelling reason for the next purchase.
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