VA-backed purchase loan
Helps eligible borrowers purchase a home through a private lender. Many qualified VA purchase loans close without a down payment, subject to entitlement, value and lender approval.
Cash-out refinance
May replace an existing mortgage and, where eligible, provide cash from equity. The complete cost and effect on the borrower’s balance should be reviewed carefully.
IRRRL
The Interest Rate Reduction Refinance Loan is for an existing VA-backed loan and is intended to reduce or stabilize the payment under applicable benefit and recoupment rules.
NADL
The Native American Direct Loan is made directly by VA for eligible Native American Veterans, or qualifying spouses, for homes on federal trust land.
VA-backed versus VA direct
For a VA-backed loan, a private lender makes the mortgage and VA guarantees part of the lender’s risk. For a Native American Direct Loan, VA is the lender. Each program has its own purpose, property and eligibility requirements.
Potential benefits and costs
- No private mortgage insurance requirement on a VA-backed loan.
- Potential zero-down purchase financing for qualified borrowers.
- Limits on certain closing costs and assistance for borrowers facing payment difficulty.
- A VA funding fee may apply unless the borrower qualifies for an exemption.
Choose by objective
Use a purchase loan to acquire a primary residence, an IRRRL to refinance an existing VA-backed loan under streamlined rules, a cash-out refinance when replacing a mortgage and accessing equity, or NADL when the borrower and trust-land property meet that program’s requirements.
Personal guidance
Want to discuss how this applies to you?
Greg can help you compare current loan options, documentation, costs and timing for your property and financial goals.
This educational summary was prepared from the referenced official material and reviewed on September 13, 2026. Program rules, limits and eligibility can change. Your lender’s current underwriting requirements and official disclosures control.