Explore VA-backed financing to buy a home or refinance an existing VA mortgage. We'll help you understand the options and find the next step that fits.
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We've combined the information from both of your VA pages into one easier-to-read guide.
For eligible veterans, service members, and certain surviving spouses purchasing a qualifying home to occupy.
If you already have a VA-backed loan, an Interest Rate Reduction Refinance Loan (IRRRL) may help change your interest rate or loan terms.
Both use VA loan benefits, but they serve different goals.
| Feature | VA Purchase | VA IRRRL |
|---|---|---|
| Primary purpose | Buy an eligible home | Refinance an existing VA-backed mortgage |
| Existing VA loan required? | No | Yes |
| Down payment | May be $0 for eligible borrowers | Not a home purchase |
| Appraisal | Generally required | Generally not required by VA |
| Income and credit review | Standard lender underwriting | Often streamlined; lender requirements vary |
| Costs | Closing costs and possible funding fee | Closing costs and possible funding fee |
| Cash out? | Not applicable | No; ask about a separate VA cash-out refinance |
VA entitlement and loan limits are more nuanced than a blanket “no loan limit” claim. Lenders evaluate affordability and eligibility. A VA funding fee exemption may apply to certain borrowers.
Eligible veterans, active-duty service members, certain National Guard or Reserve members, and some surviving spouses. A Certificate of Eligibility helps establish benefit eligibility, while lenders evaluate credit and income.
VA loans do not require monthly PMI, but a one-time VA funding fee may apply unless you're exempt.
No. Closing costs may apply. Some offers offset costs through a higher rate or other financing arrangements, so compare the complete Loan Estimate.
VA cash-out refinancing is a separate option with different underwriting and appraisal requirements. An IRRRL is not designed for cash-out borrowing.
Talk with I Love My Lender about buying or refinancing. Call 844-WHY-LOVE (844-949-5683).
All loans subject to lender approval, VA guidelines, and availability. This page is informational and not a commitment to lend.
