Depending on your circumstances and the terms of your refinance, it may not be beneficial to leave your home right away. Generally, however, there is no rule that says you can’t relocate after refinancing.
How long should you stay in a house if you refinance?
You can refinance your mortgage as many times as it makes financial sense to do so. The only caveat is that you might have to wait six months from your most recent closing (whether it was a purchase or previous refinance) to do it again. Also, remember that refinancing includes closing costs.
Can a veteran refinance with a VA loan?
There’s also a unique wrinkle for VA Streamline refinance loans. In these cases, veterans only have to certify that they previously occupied the home. For example, a veteran who buys a home with a VA loan and then gets transferred overseas can rent out the home and still refinance that existing mortgage based on prior occupancy.
Can a VA loan be restored when you sell your house?
Your original entitlement can be restored when you sell your house just as long as you pay off your initial VA loan in full. You’ll just need to submit some reinstatement paperwork to the VA beforehand. While restoring your entitlement is relatively straightforward, the timing of it all can get tricky.
How long do you have to live in a VA loan home?
You’ll also be required to occupy the new property within 60 days of closing (up to 12 months in individual cases) which could further complicate your timeline. You can buy and sell your VA-backed home on your schedule by using a service like Orchard.
Can a vet buy a house with a VA loan?
VA home loans are also assumable, which means a qualified buyer can take over responsibility for the mortgage, even if they aren’t a vet. A loan assumption can make your house more attractive to buyers since they’ll save on closing costs and receive your likely competitive VA interest rate.
