2016 FHA Streamline

2016 FHA Streamline

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.

  • New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
  • This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
  • This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.

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.

  • No minimum credit score to qualify
  • No employment verification
  • No credit report required
  • No appraisal required

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 homeowner.

  • the borrower must have made at least six payments on the FHA-insured loan
  • mortgage being refinanced at least six full months must have passed since the first payment due date of the refinanced mortgage
  • at least 210 days must have passed from the closing date of the mortgage being refinanced

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.

Apply Now

FHA Streamline

Please note that all fields followed by an asterisk must be filled in.

We look forward to working with you.

We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.

Call us 888.958.4228

Apply Now

Call us 888-958-5382


www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.


We look forward to working with you.

LOGO

FHA streamline Florida, FHA streamline refinance Florida, FHA streamline rates Florida, FHA streamline refinance rates Florida, FHA streamline program Florida, FHA streamline loan Florida, FHA streamline, FHA streamline lenders Florida,

Image 12

Apply Now!

Call 800.516.9166

Email Us!


Recent Articles

  1. Minimum Credit Score FHA Loan 2024 FL

    Feb 26, 24 08:56 AM

    blog.png
    Minimum credit score FHA loan 2024. Minimum credit score is 500. Credit score above 580 require a 3.5% down payment. Credit scores below 580 10% down payment.

    Read More

  2. NJ Mortgage, Mortgage Rates NJ, Mortgage Refinance NJ, NJ Home Buyer

    Feb 22, 24 06:39 PM

    Blog 1
    NJ Mortgage, Mortgage Rates NJ, Refinance Mortgage NJ, New Jersey Mortgage Rates, NJ First Time Home Buyer Mortgage, NJ Cash Out Refinance Mortgage.

    Read More

  3. NJ Refinance Closing Cost

    Feb 22, 24 06:37 PM

    Blog 1
    NJ Refinance Closing Cost, Lowest Refinance Closing Cost in New Jersey, Refinance Closing Cost in NJ, Mortgage Closing Cost, Refinance Closing Cost, NJ

    Read More


LOGO

New Jersey Location

Call Now, Our Staff is Available!

800.516.9166

Z1.png

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

Apply Now

Call Us 888-958-4228