FHA Streamline Refinance Rates 2016

FHA Streamline Refinance Rates 2016

                            

We hear it all the time!

What's the minimum credit score for an FHA streamline?

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.

FHA streamline guidelines does not require a minimum credit score. FHA does not use a credit score to qualify for an FHA streamline.

Effective on or after April 18, 2011, 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

FHA streamline guidelines requires the new loan amount must not be more that the current loan amount. So, if you currently owe $100,000 after a FHA streamline refinance you will still owe $100,000. The only changes to your mortgage is a lower interest rate and lower payments. 

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

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.

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 Rates 2016 FHA Streamline Refinance Rates 2016

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