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VA IRRRL

Generally, the obligors (i.e. borrowers) on the original loan must be the same obligors on the current loan, and the veteran must own the property being refinanced. If there is a change in the obligors from the original note to the current loan, this change must be analyzed. There are scenarios where a change in obligors is acceptable, which are outlined in the table below.

 

PARTIES OBLIGATED ON OLD VA LOANPARTIES TO BE OBLIGATED ON NEW IRRRL  IS IRRRL POSSIBLE?
1 Unmarried veteran Veteran and new spouse  Yes
2 Veteran and spouse Divorced veteran alone Yes
3 Veteran and spouse Veteran and different spouse Yes
Veteran alone Different veteran who has substituted entitlement Yes
 5 Veteran and spouse Spouse alone (veteran died) Yes
 6 Veteran and non-veteran joint loan obligors Veteran Alone Yes
 7 Veteran and spouse Divorced spouse alone No
 8 Unmarried veteran Spouse alone (veteran died) No
 9 Veteran and spouse Different spouse alone (veteran died) No
 10 Veteran and non-veteran joint loan obligors Non-veteran alone No