Quote:
Originally Posted by Spazkat9696
We have a VA loan and basically they just told us to find a place and sign. I am surprised you have a VA loan on a rental property because you have to certify it is your main residence as a requirment of the loan. Aren't you worried about getting in trouble?
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Our rental property was our primary residence at the time we purchased it. When we did the refinances - we used the irrrl which while still a VA loan has different residency requirements. Trust me - I am so not a "rule breaker" type person, LOL
You can't take out a VA loan with the intention of making it a rental but once you satisfy the residency requirements, you are free to rent it out. We never intended on renting out the first house - but my husband changed jobs. In fact, he commuted several hours a day when he started the new job because we had gotten the 8K first time home buyers credit at the time when you had to pay it back and an additional 10K incentive from the state.
In any case, we refinanced the first home at the same time we bought the second. Since this refinance was an IRRRL - we only had to state that we had previously occupied the house. later on, we refinanaced the second place as well - again using a IRRRL loan so now that we are looking to move again, we could rent out both places if we wanted to.
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