VA Home Loans for Purchase, IRRRL, and Cash-Out Refinance
Buying a home or refinancing a current mortgage, WestPac Lending helps eligible veterans, service members, and surviving spouses find the VA loan path that fits their goal.
Three VA loan paths
Explore VA Loan Topics and Related Options
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Find the VA Loan That Matches Your Goal
Most VA borrowers are doing one of three things: buying a home, lowering the rate on a current VA loan, or taking cash out of their equity. Start with the path that fits.
Buy a Home with a VA Loan
How VA purchase loans work, who may qualify, and the steps from pre-approval to closing.
Refinance Your Current VA Loan
The VA streamline refinance for homeowners who already have a VA-backed loan and want better terms.
Turn Home Equity into Cash
Refinance into a new VA loan and take cash out for debt payoff, home improvements, or other goals.
VA Loan Eligibility, Your COE, and the Funding Fee
VA home loans are available to eligible veterans, active-duty service members, National Guard and Reserve members, and some surviving spouses. Service requirements are set by the U.S. Department of Veterans Affairs; see the VA's eligibility guidelines.
Certificate of Eligibility (COE)
Your COE shows a lender that you qualify for a VA-backed loan. Lenders can often request it through the VA's online system, or you can request it through the VA.
VA Funding Fee
Most VA loans include a one-time funding fee that can usually be rolled into the loan. Some borrowers, such as those receiving VA disability compensation, are exempt. See the VA's current fee chart.
No Monthly PMI
VA loans do not require monthly private mortgage insurance, which can lower your monthly payment compared with many other loan types.
Primary Residence
VA purchase and cash-out loans are for a home you live in as your primary residence. Occupancy rules for an IRRRL are different, so ask us about your situation.
Who May Benefit from a VA Loan?
VA loans can help at several stages, from buying your first home to refinancing the one you have.
Eligible Homebuyers
Veterans and service members buying a primary residence who want to see how a VA purchase loan fits their budget.
Current VA Homeowners
Homeowners with a VA-backed loan who want to know whether an IRRRL could improve their rate or terms.
Homeowners with Equity
Eligible homeowners, with a VA loan or another loan type, who want to refinance and access part of their equity.
Borrowers Not Sure Where to Start
A short call with WestPac Lending can show which VA loan path fits before you apply.
Common Questions About VA Home Loans
What are the main types of VA home loans?
The three most common are the VA purchase loan, the VA IRRRL (streamline refinance), and the VA cash-out refinance. Which one fits depends on whether you are buying, lowering the rate on a current VA loan, or taking cash out.
Who is eligible for a VA home loan?
Eligible veterans, active-duty service members, National Guard and Reserve members, and some surviving spouses, based on service requirements set by the VA. You still need to meet credit and income guidelines.
How do I get my Certificate of Eligibility?
Lenders can often request your COE through the VA's online system during the loan process. You can also request it directly from the VA.
What is the VA funding fee?
A one-time fee paid to the VA on most VA loans. The amount depends on the loan type, your down payment, and whether you have used your VA benefit before, and some borrowers are exempt. View the VA's funding fee chart.
What is a VA IRRRL?
An Interest Rate Reduction Refinance Loan, also called a VA streamline refinance. It replaces an existing VA-backed loan with a new one, usually to lower the rate or move from an adjustable rate to a fixed rate. Learn more about the VA IRRRL.
Can I take cash out with a VA refinance?
Yes. A VA cash-out refinance may let eligible homeowners refinance and take part of their equity as cash, subject to qualification. Learn more about VA cash-out refinance.
Ready to Review Your VA Loan Options?
Whether you are buying a home or refinancing, WestPac Lending will help you compare your VA loan paths and choose your next step.
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WestPac Lending is not affiliated with or endorsed by the U.S. Department of Veterans Affairs or any government agency. VA loans are subject to eligibility, credit, income, and property approval. Not a commitment to lend.