An IRRRL can only be made to refinance a property on which you have already used your VA loan eligibility. It must be a VA to VA refinance, and it will reuse the entitlement you originally used. Additionally: A Certificate of Eligibility (COE) is not required.
http://www.benefits.va.gov/homeloans/irrrl.asp
A funding fee of 2.75 percent must be paid by all eligible Reserve/National Guard individuals. A down payment of 5 percent or more will reduce the fee to 2.25 percent and a 10 percent down payment will reduce it to 2.0 percent. Read More >. How to Get a VA Loan.
https://www.resourcelenders.com/programs/va-loans/va-loan-purposes/
How it Works. The VA will reimburse the lender up to 25 percent of the loan amount if the borrower defaults on his mortgage loan. The current loan maximum is $417,000, which makes the current maximum guarantee $104,250. Vets may borrow the full purchase price of the home plus the funding fee imposed on each VA loan.
http://homeguides.sfgate.com/many-times-can-use-va-home-loan-9278.html
The loans are issued by private lenders like banks and mortgage companies; however, the VA guarantees repayment of up to 25 percent of the loan amount if the borrower defaults. Although the benefit each veteran is eligible to receive is capped, eligibility can be restored and the benefit reused.
http://homeguides.sfgate.com/many-times-can-use-va-home-loan-9278.html
Purchase Loan & Cash-Out Refinance: VA loans are obtained through a lender of your choice once you obtain a Certificate of Eligibility (COE). You can obtain a COE through eBenefits, by mail, and often through you lender. Interest Rate Reduction Refinance Loan: A new Certificate of Eligibility (COE) is not required.
http://www.benefits.va.gov/homeloans/
A loan can be increased up to $3,000 based on documented costs or up to $6,000 if the increase in the mortgage payment is offset by the expected reduction in utility costs. A refinancing loan may not exceed 90 percent of the appraised value plus the costs of the improvements. Check with a lender or VA for details.
https://www.resourcelenders.com/programs/va-loans/va-loan-purposes/
3. They’re for primary residences only. Don’t bother trying to use your VA loan benefits to buy an investment property or a vacation home in the Poconos. VA loans are for primary residences, with few exceptions. 4. They’re not issued by the VA. The VA isn’t in the business of issuing home loans.
https://www.veteransunited.com/valoans/10-things-many-borrowers-dont-know-about-va-loans/
Purchase Loan & Cash-Out Refinance: VA loans are obtained through a lender of your choice once you obtain a Certificate of Eligibility (COE). You can obtain a COE through eBenefits, by mail, and often through you lender. Learn More.
http://www.benefits.va.gov/homeloans/
Here’s what service members need to know about VA Loans: 1. They’re reusable. You can use your full VA entitlement over and over again as long as you pay off the loan each time. But you may be able to obtain another VA loan even if you’ve lost one to foreclosure or currently have one.
https://www.veteransunited.com/valoans/10-things-many-borrowers-dont-know-about-va-loans/
If a vet has repaid a VA loan and sold the home he purchased with it, he may reuse his benefit to buy another home. There’s no limit to the number of times the benefit can be used this way. However, a vet is allowed only one chance to borrow for the purchase of a home while he still owns one purchased with a VA loan.
http://homeguides.sfgate.com/many-times-can-use-va-home-loan-9278.html
how often can a va loan be used
You can use your full VA entitlement over and over again as long as you pay off the loan each time. You can use your full Veterans Affairs entitlement over and over again as long as you pay off the loan each time.