Sample Image

You may only refinance a property under an IRRRL if you have already used your VA loan eligibility on that property. This means that it must be a VA to VA refinance, and it will reuse the entitlement you used in the first place.

The requirement of occupancy is different on an IRRRL than on other VA loans because you will only have to show that you have previously occupied the home, as opposed to when you originally got your VA loan and you certified that you intended to occupy or currently occupied the home.

Please note:

  • No other loan besides your current VA loan may be paid off by the proceeds of an IRRRL.

  • You are not required to have a Certificate of Eligibility.

  • It is possible that you used your entitlement when obtaining your VA when you bought your home.

  • The new loan may not exceed the sum of the outstanding balance on the existing VA loan.

    Sample Image