Doing a VA loan cash out refi six months after purchase?

QuestionsDoing a VA loan cash out refi six months after purchase?
asked 4 years ago

I just bought a home with a NFCU Homebuyer’s Choice mortgage after being denied a VA loan due to being an IT consultant.  Before being denied, NFCU had called in a VA appraisal and the amount came in $ 21,000 over what I paid.  At closing,both realtors said I had a great deal and that house comps in the area are selling for over a $ 100,000 over what I ended up paying.

 

I am due to hired on perm in November and intend to do a VA cash out refi soon after.  My question is, will the appraisal be recycled from the one in April or will it be redone?  I am hoping to take cash out to build a small minimalist granny flat on our property and would love for a new and stronger appraisal to borrow against.  I purchased the home for $ 375,000 in May and since then, two very similar have sold for $ 460,000 and $ 467,000.  My realtor said that the initial appraisal was “stingy.”

 

Any thoughts?

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