I am aware of only 1 VA home loan at a time and that would limit my funding options for the new residence.
mjones6788 wrote:I am aware of only 1 VA home loan at a time and that would limit my funding options for the new residence.
You may or may not be able to have two VA home loans at the same time.
If you go to Ebenefits, log in, click on Manage (second from the left), go down to housing, click on Certificate of Eligibility for Home Loan you'll be able to see how much of your benefit is not being used by your current home loan.
Also, not saying this is a good option that depends on the circumstances, you can refinance your home loan as a regular home loan and free up your VA benefit for another loan if you need/want to.
evilanne wrote:Be careful on the refinance option...the rules are different once it becomes a rental property so you would need to do that while you are still living there. Since you haven't been in the house that long...it may be difficult to meet the equity requirements.
Well judging from all the IRRL (and similar) junk mail we get it shouldn't be a problem at all!
Seriously, thank you for the insight.
Be careful of renting, renter did 60,000 worth of damage to a rental property near me. Out of state owner had to sell at a loss because of them.
Check it out..
https://www.zillow.com/homedetails/5068 ... 3512_zpid/
Daily Seasonal Strategy since 23 Aug 17
Following Strategy #16292
Current 12 Month PIP 27.38 %
Maxing 100% Roth TSP
1. If the place did not rent, or you weren't getting paid by the renter, could you make two mortgages for several months? (It can take months to get a renter out, depending on state laws)
2. How far are you going to live from the rental? If that distance isn't within driving distance, you're asking for trouble.
To me, you are running a high risk plan by keeping the place, unless it's paid for now. If you're sitting on a large pile of cash and want to take the risk, go for it. If money is tight, this isn't the dream scenario for you.
Pending AllocationsUnder development. For now, you may view Pending Allocations by going to "fantasy TSP" and selecting "Leaderboard sort" of "Pending Allocations".
What else"Don't ever half-ass two things. Whole-ass one thing."
- Ron Swanson