All over Georgia, many Veterans who currently have VA loans are wondering if the rules have changed with the VA streamline refinance program (also known as the VA IRRRL) because they are being told that “VA now requires a minimum credit score”.
Which isn’t true. VA doesn’t require a minimum credit score on VA streamline refinances.
But…
What is true is that many lenders have started requiring a minimum credit score for all VA streamline refinance loans. Notice the word “many” in that last sentence. As in “many, but not all“.
Many lenders have started requiring a minimum credit score on VA streamlines over the last year. Some are requiring a minimum credit score of 580. Some are requiring 620. Some are requiring a 640. The point is that although many lenders have their own internal requirements for the VA streamline program, VA isn’t requiring a minimum credit score.
Which means that if you have been told by a loan officer who works for a lender that they are now requiring a minimum credit score of <fill in the blank> and you don’t meet that minimum, you need to just shop around a little bit for a lender who doesn’t require a minimum credit score.
They are out there — and are happy to help you!
