Title says it all, really. I already asked chatgpt but it gave me kind of conflicting answers so I wasn't sure if it was hallucinating or not. I bought a house in Virginia with my VA loan in 2023 and I want to do a VA IRRRL because I am planning to move out in the next three months and it'll be harder to do while renting it out.
So my question is: after i do this, would i be able to use my VA to purchase another house out in Arizona? And can I work with the same broker across state lines? I just wanna know if there are any legal (non-legal) considerations I should be aware of.
Can I use my VA loan to buy a second home? And can I use my broker in the state I'm currently living in if the property I'm buying is another state?
byu/sriracha_saws inpersonalfinance
Posted by sriracha_saws
2 Comments
VA loan is for a residence intended to be your primary, not exclusively your primary residence. What this means is that if you lived in the
original home (not sure if theres a minimum amount of time) and you plan on renting it out and buying a new primary, you can do that. But you can only use what is left of your entitlement not attached to your current home.
First: You should really not use ChatGPT for financial advice, especially financial advice like this. We have seen cases of it being WILDLY incorrect.
Second: Your first step is reading through your loan paperwork to see if it mentions anything about this. Your second step is calling your lender and having a conversation about this. From a quick Google, it SEEMS like this kind of thing is allowed if the new place is going to be your primary residence, but there may be certain requirements that need to be met.