The only way to remove a VA guarantee on a current loan would be to refinance the property. Having said that you can actually have to VA loans under certain circumstances. The 2nd VA has to be more than 144k
You can pay off the existing VA loan with a refinance to a different loan, but you might also qualify to keep the existing VA loan and still buy another. It's sort of a goofy calculation, so to figure it out, contact a local VA lender in your area. I offer VA loans in MN, WI, IA, SD, and ND. Visit me at VAmortgageMN.com. NMLS274132
You can actually have more than one VA loan out at a time. You may not need a down payment on the new VA loan as long as you have enough entitlement left.| John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Great Plains Bank | jburke@gpbankTX.net | (877)228-9069 | NMLS# 787231 |
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