Many people who currently have a VA loan are interested in possibly taking advantage of low interest rates and refinancing their loan so they can lower their mortgage payments. The most popular refinance program for people who currently have a VA loan is the VA streamline refinance program.
The VA streamline is popular because the documentation requirements are “streamlined” (hence the name) and less documentation is required than when they originally qualified for the VA loan they are in.
One of the popular things that people look for is a VA streamline without an appraisal, and the other one is where no cc is required. Some VA approved lenders will do a streamline without an appraisal and some will do a streamline without an official credit check – they will just do something called a “verification of mortgage” (VOM) where they will look at the last 12 months of mortgage history to make sure that you paid on time.
VA Streamline No CC
If something has happened since you took out your VA loan that impacted your credit score in a negative way, you will want to shop for a lender who will not use your credit score but will go off of a Verification of Mortgage – or in other words, just look at the last 12 months of your mortgage payment history to make sure that you have paid on time.
VA Streamline No CC Lenders
If you are worried about your credit score meeting the minimum that many lenders will require (remember – every lender may require a different minimum credit score – if they require one at all) then you would be well served to shop for a lender who doesn’t require a minimum credit score or do a credit check. Each VA approved lender will be able to give you their own policy when you speak with them regarding a credit check – so you will want to speak with as many as it takes to find the right one for your situation.
Get matched up with a VA approved lender here – simply submit your information below and a VA approved lender will contact you to discuss your situation.