Michael, If you refinance to conventional mortgage, especially with the expectionally low rates, it'll allow you to perhaps use your VA loan eligibility again. There are some excellent loan programs out there,that just might work for you. Let me know if you need a name of good Loan Officer and I'd gladly give it to you. Best Regards, Debbie Parks, CRB, CRS, ABR Parks & Associates Realty
If you refinance to a conventional loan you will have to represent it as a nonowner occupied home since you know you will be living there. That is important. There are cases where you can access your 2nd tier of VA to purchase a 2nd home using VA while you have another VA loan believe it or not. You would have to purchase a home over a certain price. One requirement is to show why you would need to purchase another home and prove that the new home makes more sense to live in than the other former home. This would be easy to do since you are moving quite a ways. Contact a knowledgeable mortgage lender and ask about this 2nd tier benefit.
If you do have equity in the home you could refi to a conventional loan paying off the VA loan and freeing up the certificate for reuse one more time. Will you be selling or renting the Oak Harbor home ?
Michael, You can only have one VA guarenteed loan at a time so if you want to use that in Lousianna you need to sell or re-fi the home here to release your VA eligibility. Since you bought in 2009 chances are you currently owe more than you can sell it for. I suggest you talk to a mortgage lender in Lousianna to see if there are any other zero down programs you can use. It might be possible to rent out the house in Oak Harbor until the market is better yet still be able to but a home in LA. Please let me know if you have further questions.
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