being refinanced is a first lien on the property and secured of record. (3) To refinance an existing mortgage loan to repair, alter, or improve a dwelling owned by the veteran and occupied by the veteran as the veteran’s home, if all of the following requirements are met: (A) The loan will be secured by the same dwelling as was the loan being refinanced. (B) The nature and condition of the property is such as to be suitable for dwelling purposes, and the repair, alteration, or improvement substantially protects or improves the basic livability or utility of such property. (C) The amount of the loan, including the costs of repairs, alterations, and improvements, does not exceed either of the following: (i) 100 percent of the reasonable value of the dwelling as repaired, altered, or improved, with such reasonable value determined under the procedures established by the Secretary under subsection (d)(2). (ii) An amount equal to the sum of— (I) the balance of the loan being refinanced