Another easier qualifying VA refinance loan option is generally referred to as a “ VA Streamline ” ( IRRRL Interest Rate Reduction Refinance Loan ). With some noncredit qualifying VA Streamline loan programs ( subject to change ), the borrower ’ s application process includes :
● No minimum credit score
● No appraisal required
● Primary and nonowner occupied properties may be allowed
● Must be current on existing mortgage loan about to be paid off
● Manufactured homes attached to the foundation may be eligible
To learn more details about qualifying for VA refinance loans , here is a link to VA Pamphlet 267 , Revised , Chapter 6 : Refinancing Loans
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Military Experience Eligibility for VA Loans
How does an active or military personnel member qualify for a VA loan based upon their military experience ?
Date of Service Minimum ActiveDuty Service Time Period
Between 9 / 16 / 40 and 7 / 25 / 47 ( WWII ) |
|
90 continuous days * |
Between 7 / 26 / 47 and 6 / 26 / 50 ( postWWII ) |
|
181 continuous days |
Between 6 / 27 / 50 and 1 / 31 / 55 ( Korean War ) |
|
90 total days |
Between 2 / 01 / 55 and 8 / 04 / 64 ( postKorean War ) |
|
181 continuous days |
Between 8 / 05 / 64 and 5 / 07 / 75 ( Vietnam War ) |
|
90 total days |
Between 5 / 08 / 75 and 9 / 07 / 80 ( postVietnam War ) |
|
181 continuous days |
Between 9 / 08 / 80 and 8 / 01 / 90 |
|
24 continuous months |
Between 8 / 02 / 90 and the present ( Gulf War ) |
|
24 continuous months |
You separated from service after 9 / 07 / 80 ** |
|
24 continuous months |
You are on active duty now |
|
90 continuous days |
* An earlier discharge date for a serviceconnected disability may still qualify you . ** Officers who separated from service after 10 / 16 / 81 may be eligible .
Once an active or retired military person meets the minimum qualifying guidelines , he or she will be given a Certificate of Eligibility that ’ s issued by the Department of Veteran Affairs . The VA mortgage loan applicant will then send a copy of the VA Certificate of Eligibility ( VA Form 261880 ) to their mortgage broker or banker . For VA loan applicants who do not have a copy , they may complete a form entitled Request for a Certificate of Eligibility ( Fillable ) that ’ s linked here :
https :// www . vba . va . gov / pubs / forms / VBA261880ARE . pdf
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