If you currently own a home you can use your eligibility to re-finance the home .  The current mortgage on your home is paid off by the new Veterans Affairs financing.

If you have built up equity in your home you may be able to take cash out of your house for things like home improvements or to pay off other debts. VA cash out re-financing allows for financing of up to 90% of the appraised value of your home (except in certain states where prohibited by state law).

If you currently have a Veterans Affairs Mortgage on your home you may be able to lower your interest rate and payments through a Streamline Re-Finance, also known as an IRRRL (Interest Rate Reduction Re-Finance Loan).