Refinancing a conventional loan into a VA home loan. If you don't have a VA home loan but would be eligible for one, you may refinance your conventional mortgage into a VA loan. Generally, most members of the military, veterans, reservists and National Guard members are eligible to apply for a VA home loan.orrowers refinancing an existing VA home loan through this streamline program pay a lower funding fee than they would pay under other VA loan options. The fee generally is 0.5 percent of the total loan amount and can be added to the loan balance.