Can I refinance a VA loan to a conventional loan?
2010 February 2
I know it is backwards but we have a household here in NC with a VA loan. We want to buy a household when we are stationed in Alaska…and genuinely we want to use our VA loan lacking selling our household in NC.
So can we refinance to a conventional loan and release the VA certificate in peacefulness to use it in Alaska?
3 Responses
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Yes. Really there are era when you can get a better fascinate rate with conventional loans. You might be able to refinance and get a better rate anyhow.
I believe you can — but you must try out with the institutions that you’re production with.
It’s my understanding that once you pay off a certain percentage (it’s either 10% or 20%, or a touch like that) of the opinion of the first household that the VA loan sort of becomes a fixed loan. But the bank you went outstanding to would have all the specifics, so you’ll have to question them. Each contract has specifics that have to be dealt with, so it’s hard to answer that sort of inquiry here.
Shop nearly locally for the best excise and situation. Bear in mind that you will have to refinance the VA loan with an investor loan since you no longer live in the home. That will generally plea at least 20% justice in the material goods, the more the better. If you can re-fi before to you go, that would be much better, though bear in mind that since you know that you are moving, the bank may possibly treat it as fraud if you don’t reveal this material fact.
Caution: Do NOT friend any of the scam artists that respond to your inquiry with an e-mail take up and promises of loans! This forum is rife with loan scams. You will LOSE YOUR MONEY and get NOTHING in return for it!