The VA Lender's Handbook describes two basic types of VA refinancing loans. One is the VA Interest Rate Reduction Refinancing Loan, which features no money back to the buyer and can be done in "streamline" mode for those who already have VA mortgages (under the right conditions). Another is the VA Cash-Out Refinancing Loan, which as the name implies does feature cash back to the borrower, requires a new credit check and other underwriting requirements.
But the Department of Veterans Affairs also has rules for "other refinancing loans", which are described in Chapter 16 of the VA Lender's Handbook.
According to Chapter 16, these additional VA refinancing loans are for construction loans, installment land sale contracts, and mortgage loans "assumed by veterans at interest rates higher than that for the proposed refinance."
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