The VA created the home loan program with the intention of helping veterans get into their first home. They never intended for it to become a vehicle to help with the purchase of investment properties. This also affects people wanting to buy a second home or vacation home.

There is only one exception to this rule with the VA.  That is with the streamline refinance.  As long as you fit the other guidelines the VA allows you to refinance into a lower rate via their IRRRL program.  You would get the same excellent rate as if it were your primary residence.   For more information, get a free VA streamline refinance quote customized to your situation.