We hear it all the time!
What's the minimum credit score for an FHA loan? The answer is it depends on who you ask. All the major banks Wells Fargo, Bank of America, Chase, Citigroup, etc. have minimum FICO score requirements.
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. Effective on or after April 18, 2011, 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
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.
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