VA has adopted new cash-out rules for refinances. These changes are effective February 15, leaving a very short period for lender comments, as well as meeting new disclosure requirements. Refinances other than IRRRL's are divided into two types. TYPE I cash-outs are actually rate and term refinances. TYPE II are true cash-out refinances. In either case, the funding fee cannot be financed over 100%, which is the maximum LTV. A 210-day seasoning requirement is in place and there must be a net tangible benefit met. The VA gives eight options to meet this standard. In addition, fees must be recaptured within 36 months for Type 1 cash out refinances. See VA Circular 26-18-30 for more information.