For the Veterans living in Pennsylvania who currently have a VA loan, many have heard about the Pennsylvania VA streamline refinance – also known as the VA IRRRL program.

Many are also wondering “what is the minimum credit score for the Pennsylvania VA streamline refinance?” to which there is a potentially confusing answer:

The answer to the question of “what is the minimum credit score for the VA streamline refinance is:

According to VA guidelines, there is no minimum credit score. But according to lender guidelines, there may be a requirement for minimum credit score depending on the lender.

VA isn’t the organization that actually lends you money, various VA / HUD approved lenders do. And so even though the VA doesn’t have a minimum credit score guideline, if a particular lender does, then that guideline will apply and a with that particular lender, they will have a minimum credit score requirement for the VA streamline refinance program.

VA Streamline Refinance: What Minimum Credit Scores Apply?

Although each lender has their own guidelines, many lenders right now are requiring their minimum credit score for the VA streamline refinance is 620. There may be a select few that don’t require a minimum credit score, but most of the lenders offering the VA streamline refinance are requiring a 620.

So if your mid credit score is below a 620, and you have a lender (or two, or three…) tell you that they require a 620 minimum credit score, be sure to ask them if they are aware of any other lender who doesn’t require a minimum credit score for a VA streamline.

There is at least one lender out there who currently is still offering the VA streamline with no credit score requirements.

But it could change at any time!

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and much, much more.

Please contact us directly with any questions that you may have about mortgages and we will work hard to provide the right answers!