We hear it all the time!
What's the minimum credit score for an FHA streamline loan?
The answer is. There is no minimum credit score required.
All the major banks Wells Fargo, Bank of America, Chase, Citigroup, etc. have minimum credit score guidelines. What this means is that all the major banks including Wells Fargo, Bank of America, Chase, Citigroup, etc. banks make the rules for the loans they approve.
Because the banks make the rules for loans they will approve they may require a minimum credit score of 640 for their loans. These guidelines are the bank's guidelines. When you apply for an FHA streamline loan at a major bank and they tell you their minimum credit score requirement is 640. This does not mean that it's the same as FHA's minimum credit score requirements.
It means that they are the bank's minimum credit score guidelines.
On January 20, 2010 FHA announced a policy change to address risk and strengthen finances. FHA changed the minimum FICO scores for new borrowers.
The 2016 FHA streamline refinance program does not have a minimum FICO score requirement. FHA no longer requires employment and income verification on streamline refinance loans.
A borrower is eligible for a FHA streamline
refinance if for the last 12 months mortgage payments were made on time and there current mortgage is an FHA mortgage. To qualify
for a streamline refinance there must be a net tangible benefit to the
The 2016 FHA streamline refinance is designed to lower the monthly principal and interest payments on a current FHA-insured mortgage. The new loan must involve no cash back to the borrower, except for minor adjustments at closing, not to exceed $500.
The 2016 FHA streamline guidelines requires no minimum credit score, no employment verification, no credit report required, no appraisal required.
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FHA Streamline Refinance Requirements
To qualify for a streamline refinance your current mortgage must be a FHA mortgage
No Minimum Credit Score Required
There are no minimum credit scores required to qualify for a streamline refinance
No credit score required
No Appraisal Required
There is no appraisal required to qualify for a streamline refinance
No appraisal required
No employment verification
You don't even have to have a job they don't verify it
No employment required
No credit report required
You must have 12 months on time mortgage payments
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