VA Loans are for active member of the military, National Guard, veteran and reservists. Our veterans deserve the best for their dedicated service to our country and VA loans are one of the greatest financial benefits offered to our veterans. Through a VA loan, one may refinance up to 100% of the properly value without having to pay for mortgage insurance. Current VA home owners may refinance with the Interest Rate Reduction Refinancing Loan (IRRRL) program at a reduced interest rates thereby reducing the monthly mortgage payment. The IRRRL program also allows for shorter terms upon VA Refinance with minimum documentation required. In addition to this, the IRRRL program does not require a credit check or home appraisal; however, some lenders may require this due to internal corporate rules. A VA Refinance can also allow for the VA to cash-out and use the money for whatever purpose they wish.