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Best option for refinancing a conventional home loan? Also VA or no VA loan?

I have a conventional home loan with Navy Federal Credit Union. I am looking to refinance to lower my monthly payments and lower my 6.0 interest rate. With so many options it is hard to choose what is the better/best option. Also should I go with a VA home loan?
  • August 27 2012 - Virginia Beach
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Answers (10)

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Thanks for the reassurance of what I was being told was correct. So just as figured I will have to wait till I once again live in the house in order to refinance. I was always hoping there was a military clause to get around this, but have yet to ever find one. Thanks again!
  • May 16 2013
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You would not be able to refinance from your conventional to a VA loan if you are not currently occupying the home, which sounds like what PNC has told you. Unfortunately, refinancing on conventional terms will not work since you do not have 20-25% equity which is required on a non owner occupied property. Not sure of your long range plans, but if/when you move back into the property and values have increased there would be options including FHA, VA and conventional.
  • May 16 2013
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Wayne,

I tried to run a refinance through PNC as a VA loan. So when the VA inspector went to my house in VA Beach, she noted that I was not living there and was renting out the house. I was then told by PNC that I no longer qualified for a primary home VA refinance at the lower rates and would have to get a second home rate which is drastically higher. I don't know if this helps explain my situation a bit better. I am only renting out the house I currently live in while in MD and do not intend to buy.
  • May 16 2013
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AD,
 Little confused about "can't do a VA loan.......if current loan is conventional and you qualify with both payments you could do a VA loan in MD.
  • May 15 2013
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LOL Wayne. I still read this though. I am currently pending a refinance due to the fact I can't do a VA loan as I am having to rent out my house while on military orders to Maryland and renting a home there. So I was told it counts as a second home. Thanks.
  • May 15 2013
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Jeanette,
You are getting more current........ this post is only 9 months old.
  • May 14 2013
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A seasoned Mortgage Banker will run several options for you to review and decide on based on what is best for your family's future.  Contact me through my profile information and I will be happy to provide you with options.
  • May 14 2013
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i am here in the virginia beach area, you may have some options feel free to contact me thru my profile to discuss further
  • September 10 2012
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I am not currently in a VA home loan and am not sure if it is a better option as there is fees with using the VA loan. My loan is not through Fannie Mae or Freddie Mac either. I currently owe around 216k on my home and estimate its value a little south of that at 210k'ish. So that will probably be my biggest concern.
  • August 27 2012
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If you are in a VA loan, the IRRRL program might be best, depending on your LTV. If you are not in a VA loan, your LTV will guide you to the best product.
Best wishes, Jim, American Bank
  • August 27 2012
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