Check Your VA Loan Eligibility

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VA Loan Refinance Programs  

There are 2 main type of VA loan refinance programs: Interest Rate Reduction Refinance Loan (IRRRL) and Cash Out Refinance

Interest Rate Reduction Refinance Loan  

If you have an existing VA-backed home loan and you want to reduce your monthly mortgage payments with minimal documentation, than an interest rate reduction refinance loan (IRRRL) may be right for you. 

You may be eligible for an IRRRL if you meet all of the requirements listed below.


Already have a VA-backed home loan, and  
Are using the IRRRL to refinance your existing VA-backed home loan, and
Can certify that you currently live in or used to live in the home covered by the loan

Note: If you have a second mortgage on the home, the holder must agree to make your new VA-backed loan the first mortgage.

Cash Out Refinance Loan

If you want to take cash out of your home equity or refinance a non-VA loan into a VA-backed loan, a VA-backed cash-out refinance loan may be right for you.

You may be eligible for this type of loan if you meet all of the requirements listed below.


Qualify for a VA-backed home loan Certificate of Eligibility, and  
Meet VA’s—and your lender’s—standards for credit, income, and any other requirements, and  
Will live in the home you’re refinancing with the loan

Get a VA Cash Out Refinance Loan quote.

How to Apply For A VA Refinance Loan

1. Apply for your VA-backed home loan Certificate of Eligibility (COE) 

You’ll need to show your COE to your lender as proof that you qualify for the home loan benefit.

Learn more about COE eligibility.

Apply for COE.

2. Choose a lender 

Remember, you’ll go through a private bank, mortgage company, or credit union to get your loan. 

Be prepared to pay lender fees. Fees vary from lender to lender and from state to state. 

Find an approved VA lender.

3. Give your lender any needed information. 

In addition to the COE, your lender may also require recent paystubs, tax returns, a recent mortgage statement, proof of your homeowner's insurance, and a recent property tax bill.

Your lender may also order an updated appraisal to assess the house's value.

4. Follow your lender’s process for closing on the loan, and pay your closing costs.

You may need to pay a VA funding fee at closing. This one-time fee helps to lower the cost of the loan for U.S. taxpayers since the VA home loan program doesn’t require down payments or monthly mortgage insurance. Your lender will also charge interest on the loan in addition to closing fees.

Learn about the VA funding fee and other closing costs

Last updated September 23, 2020