d. Other Refinancing Loans

The following information applies to any loan to refinance:

·   A construction loan

·   an installment land sales contract, or

·   a loan assumed by the veteran at an interest rate higher than that for the proposed refinancing loan.

The loan amount may include

·   any allowable fees and charges discussed in section 2 of this chapter, and

·   reasonable discount points. 

However, maximum loan limits may not allow inclusion of the full amount of these items.

The maximum loan amount will be the lesser of the

·   sum of the outstanding balance of the loan being refinanced plus allowable fees and charges (other than the funding fee) plus discount points, or

·   VA reasonable value of the property, plus

·   VA funding fee, plus

·   cost of any energy efficiency improvements.