Transferring a va home loan to another type of loan?
Does anyone know about the stipulations in transferring or refinancing a va home loan to another type of loan? This meaning.......the loan is a va loan but is there anyway to transfer it over to another type of loan (conventional........?)
- Glenn SLv 710 years agoFavorite Answer
You want to refi your current VA loan in to a conventional loan?
No big deal but to get in to a new conventional loan you must have at least 20% equity in the property. You will have to re-qualify for the new conventional loan. There isn't any way that you can just transfer from one loan to another.
Check with your current VA lender and see if they offer a streamline loan that would lower your interest rate without having to get a new appraisal or have to re-qualify for the new VA loan. I know the the FHA has such a easy refi program but I don't know if the VA does.
- Ed AtunLv 710 years ago
No. It does not transfer to another type of loan. Except that your record of on-time payments on the VA loan helps you qualify easily for an FHA or conventional loan. Either way, you start all over from scratch to get a new loan.
- brekkeLv 43 years ago
greater effectual thought: lease interior the recent state till you may sell your previous living house. as properly, renting provides you with a guess to grow to be familiar with that new city. something tells me which you does not qualify for 2 mortgages on the comparable time. VA loan people (that placed 0% down) at the instant are not infamous for understanding a thank you to maintain money.
- Anonymous10 years ago
what would be the point? - you would have to apply to refinance, pay refi fees ($1000's) and maybe have to pay more towards down payment
you can never "transfer a loan"