Refinance

•	Max. 90% LTV/CLTV: Based on the property value indicated on the CRV/NOV plus the cost of any energy efficiency improvements plus the VA funding fee. There must be a lien of record and the veteran must occupy the property

•	Max. cash-out on loans >$417,000: $325,000

•	Refinance of construction loans, installment land sale contracts, and loans assumed by veterans where the interest rate was higher than the proposed refinance are not limited to 90% LTV/CLTV. No cash back to the borrower is allowed.

Cash-Out Refinance

•	Cash-out refinances for loan amounts greater than $144,000 are allowed as long as the VA guaranty, or a combination of VA guaranty plus down payment and/or equity, covers at least 25% of the loan.

•	Up to 90% of the reasonable value of the property indicated on the CRV or NOV plus the cost of any energy efficiency improvements plus the VA funding fee. There must be a lien of record and the veteran must occupy the property.

Other Refinance Loans

•	These consist of loans to refinance any of the following: construction loans, installment land sale contracts, and loans assumed by veterans at interest rates higher than that for the proposed refinance.

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The maximum loan amount will be the lesser of the: Sum of the outstanding balance of the loan being refinanced plus allowable fees and charges (other than the funding fee) plus discount points, or VA reasonable value of the property, plus VA funding fee, plus cost of any energy efficiency improvements.

•	These loans are like cash-out refinancing loans in all respects except the maximum loan amount is different -- These loans are not based on 90 percent of reasonable value, and no cash is received by the borrower.

•	*** VA-IRRRL in North Carolina and Illinois require full/standard verification of Income and Assets for all borrowers.