The VA mortgage refinance approval process works differently than that of a conventional loan. The general process is as follows.

• You must meet the VA’s criteria for eligibility.
• You then must meet the credit criteria of a VA-qualified lender, such as U.S. Bank.
• Your property must meet the eligibility requirements of a VA-approved appraiser.
• Your closing may be different than a conventional loan. Though, on average, closing times for VA loans are in line with those of conventional loans.

The process doesn’t need to be difficult. Our experienced mortgage loan officers are committed to helping you every step of the way.

A VA home loan offers you the benefits listed below.

• No Private Mortgage Insurance (PMI) – Typically lenders require PMI insurance on a conventional loan if the down payment is under 20%. PMI is never required on a VA loan.
• Building Equity – Without the expense of PMI, more of your monthly payment will go towards paying down your loan. You’ll build your home equity more quickly. Our mortgage refinance calculator can give you an estimate of your monthly mortgage payment.
• Extra funds for energy-efficient improvements – If you plan to make energy-efficient improvements to your new home, you may be able to borrow up to $6,000 above the cost of your home. These extra funds may be rolled into your loan amount.

The VA last updated VA loan requirements on July 21, 2017. These requirements are summarized below. For more detailed information, contact one of our experienced mortgage loan officers.

Service Member Eligibility Requirements

This list of requirements assumes you were honorably discharged. Also, the requirements are less stringent if you were disabled in the line of duty. The VA determines eligibility of military members. It issues a Certificate of Eligibility to the service member proving the borrower meets all requirements. Military members must provide this certificate to lender.

• 90 days of active duty during wartime
• 181 days of continuous active duty during peacetime
• 2 years of active duty if service began after September 7, 1980 for enlisted or October 16, 1981 for officers
• Reservists and National Guard members may qualify if they meet certain criteria
• VA loans are available for surviving spouses and dependents of service members who died in the line of duty. Surviving spouses lose this eligibility if they remarry.

Property Requirements

The VA has a set of criteria a property must meet to qualify for a VA loan. These requirements are summarized below.

• VA loans may only be used for your primary residence.
• The property must be safe, structurally sound and sanitary.

U.S. Bank has minimum credit score requirements for all mortgages. Most qualified VA lenders, though, look for credit scores to be 620 or higher. Talk with a U.S. Bank mortgage loan officer to learn more about qualifying for a VA loan.

VA loans are a good option for eligible service members. However, there may be other loan options (FHA, Conventional) that could be a better choice for your particular needs. Our mortgage loan officers are dedicated to helping you to determine which loan option is best for you.