VA Loan Requirements

Each VA Loan comes with its own set of requirements and specifications. Some, such as the VA Cash-Out Refinance Loans, require a credit report and income verification, whereas others like the VA Streamline Refinance Loan do not even require a pay stub or job verification.

General Specifications

  • A veteran, spouse of deceased military personnel, a Reservist or National Guard member.
  • A certain amount of time served. For veterans, they must have served 90 days of active duty in wartime and 180 consecutive days in times of peace.
  • An honorable discharge.
  • A Certificate of Eligibility that entitles you to a VA Loan, which can be attained by submitting a DD 214 Form to the Department of Veteran Affairs.

VA Streamline Refinance Loan Requirements

Because the VA uses the previous paperwork for the original VA Loan to process a VA Streamline Refinance Loan, the requirements are much less stringent than during the initial application process. You cannot have more than one 30-day late payment on your mortgage in the last twelve months.

There are few other requirements, and some other benefits include:

  • No appraisal required
  • No credit check required
  • No pay stub or income verification
  • No job verification

VA Cash-Out Refinance Loan Requirements

Because the cash-out program offers actual money, whereas streamline refinancing does not, the requirements are much greater in order to qualify for a VA Cash Out Refinance Loan. However, unlike a VA Home Improvement or Energy Efficiency Loan, you may use the cash you receive from a VA Cash Out Refinance Loan in any way you need it.

Requirements for a VA Cash Out Refinance Loan:

  • Income Verification
  • No late payments in the last year
  • Full Credit Report
  • Home Appraisal
  • VA Loan holder must inhabit the property
  • 90% Loan To Value amount
  • 3% funding fee unless otherwise exempt
  • You can combine a first and second mortgage if you so desire.