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Refinance Comparison Chart
| Regular Cash-Out | IRRRL Rate Reduction | |
| Statutory Authority | 38 USC 3710(a)(5) | 38 USC 3710(a)(8) |
| Entitlement Required | Yes | No |
| Cash to Veteran | Yes | No |
| Loan Limit | 90% of NOV plus funding fee (with certain exceptions) (80% in Texas) | VA loan balance plus allowable closing costs and funding fee (plus up to $6,000 for energy efficient improvements) |
| Must Veteran Own Property | Yes | Yes |
| Must Veteran Occupy Property | Yes | No, (must have once occupied) |
| Maximum Loan Term | 30 years + 32 days | Existing VA loan term plus 10 years not to exceed 30 years and 32 days |
| Maximum Interest | Negotiated Rate | Rate must be lower than rate on present VA loan (unless refinancing ARM to fixed rate) |
| Lien of Record Required | Yes | Yes |
| OK to Refinance Other Liens | Yes | No |
| Appraisal Required | Yes | No |
| Credit Package Required | Yes | No, (Unless delinquent) |
| OK for Automatic Processing | Yes, Automatic lenders | Yes, all lenders unless existing VA loan is delinquent |
History :: The Complete Lenders Training Guide :: General Rules For Eligibility :: VA Eligibility Center :: Military Records Centers :: Restoration of Entitlement :: Maximum Loan Amount :: Eligible Loan Purposes :: Interest Rate Reduction Refinance Loans :: Cash Out/Other Refinancing Loans :: Refinance Comparison Chart :: Energy Efficient Mortgages :: Joint Loans :: Farm Residence Loans/Adjustable Rate Mortgages :: Prior Approval Loans :: Guaranty :: Appraisal Assignments :: Special Adapted Housing :: VA Repossessed Properties :: Income Verification :: Assets :: Debts and Obligations :: CAIVRS :: Credit Analysis :: Compensating Factors :: Completing VA Form 26-6393 :: Maintenance and Utility Guidelines :: Automated Underwriting Systems :: Closing Packages :: Seller Concessions :: VA Funding Fee :: Guaranty Procedures :: Quality Review :: VA Forms :: Acronyms :: VA Training Broadcasts :: Jurisdiction Codes :: Regional Loan Centers :: VA Loan Number :: Contacting VA
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