FHA Streamline Minimum Credit Score

FHA Streamline Minimum Credit Score

To qualify for a streamline refinance FHA requires you to complete a mortgage application to begin the process. If you currently have an FHA mortgage and want to refinance FHA allows you to refinance:

• No appraisal required
  
• No credit report required
  
• No employment and income documentation

A borrower is eligible for a FHA streamline refinance without credit qualifying if they has owned the property for at least six months. Individuals may be deleted from the title on a streamline refinance if the remaining owner-occupant can demonstrate that he/she has made the mortgage payments during this time.

To qualify for a streamline refinance there must be a net tangible benefit to the homeowner. Net tangible benefit is defined as a 5% reduction to the principal and interest (P&I) of the mortgage payment plus the annual mortgage insurance premium (MIP) or refinancing from an Adjustable Rate Mortgage (ARM) to a fixed rate mortgage.

• the borrower must have made at least six payments on the FHA-insured
• 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
  

FHA to FHA refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.

In order to qualify for a Streamlined Refinance your original home loan must be an FHA loan in good standing and the refinance must lower your monthly interest payments. This type of refinancing option reduces your monthly expenses by lowering your payments but there is no option to receive cash back.

FHA Streamline Minimum Credit Score

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