Can I chage my VA loan to a coventional

Thanks for your question. So, if I'm understanding correctly, you want to convert your current rental property that has a VA loan into a Conventional loan so that you can use your full VA entitlement to buy a primary residence in Florida?If so, then we should be able to assist with both. Once the refinance is completed, we would request restoration to your VA entitlement and once that's done, you should be eligible to purchase a home was a VA loan in Florida. Feel free to reach out to me through the contact info in my profile and we'll work things up for you.

Good morning, you are correct that as it stands if the remaining entitlement on your VA eligibility is not enough to guarantee 25% on the new purchase you would need to make up the difference. What we can do is check on your current entitlement remaining to see 100% whether this is the case. I am happy t help with advice and/or providing financing as needed. Reach me through my profile. https://www.lender411.com/id/rhanson/#

The quick answer is YES, you can refinance the existing VA loan into a conventional loan to free up the VA Eligibility for a new loan. The longer answer, is there are many variables, so sit down with a local mortgage broker who is an expert in VA loans to review your exact personal situation and eligibility requirements for everything you are planning to do. For example, why bother refinancing the existing loan, if you don't qualify for the two loans in the end. For VA loans in MN, WI, and SD, visit me at www.VAMortgageMN.com

To be clear.. you can leave your existing VA loan in place, and purchase the new home using VA.. but your entitlement would be capped at $217K purchase price for 100% financing.. you can still purchase using VA, but you would need to put 25% down for everything over $217K.. Example:. $350K - $217K=$133K x 25%= $33,250. Based on your scenario, you would need to put $33K down to purchase a $350K home.. This really might be worth doing since most VA loans have lower interest rates than conventional, and there's no mortgage insurance. If you refinance your existing home, you would need to refi it as an investment, which would mean you would have to pay a higher interest rate and you would need to have at least 25% equity to qualify.. Try contacting a local (Florida) mortgage professional and let them look at your complete loan profile.. they can put together several scenarios for your consideration.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Hi Gaston, William Acres answered your question great and took the words out of my mouth so to speak. I happen to be a preferred lender in Florida and VA loans is one of my specialties. I would be happy to help you figured out which is the best plan of attack for your retirement along with the best rates and service. You can call me at 954-274-7725 or email me at Ralph@absolutelowrates.com.

Hi Gastonpe540,Yes you can refinance your current home as long as you have enough equity to meet the guidelines for a conventional non-owner occupied mortgage. In addition, you'll have to meet the credit score & debt to income ratio requirements for a conventional loan. There is a little bit of good news. You would not have to cover the difference between $350,000 & $217,000 just 25% of the difference which is $33,250.00. There are other considerations with regards to the new VA loan as well like minimum reserve requirements that could come into play. You'll want to speak to someone that specializes in VA loans (like me) to see what your options are.Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains Bank | http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states