No Equity? Bad Credit? Refinance FHA Streamline Your Mortgage

Mortgage and Lending with Independent

FHA HUD Streamline Refinance


Don't Be Quick To Turndown a Loan

Just last week a client was referred to me by reading one of my blog posts.  The reason he was searching for a local lender is because he tried to get approved in refinancing his mortgage from an 8% rate.  The lender he tried to go with did not even bother calling the client back after pulling his credit.  This is a sign that usually the client had qualifications lower than the minimum and the loan officer decided not to call the client back.

However, I work with the client till the end even if they don't qualify now, I will try to find a way to help them work on their credit or finances so they can be ready down the road.  Customer for life and not a customer for right now as I always say.  So when working with the client I have came to find out that he had scores under 550 but also had a FHA loan insured.  Under FHA Streamline guidelines I was able to refinance my client with...

1.) No Appraisal Necessary

2.) No Credit Check

3.) No Income/Assets Check

This is a great way to lower your rate and payment even if you are upside down in equity, having trouble verifying income or even having trouble with low fico scores.  Below are the guidelines for a FHA Streamline Refinance.  More information via HUD on the FHA streamline can be found here

  • The mortgage to be refinanced must already be FHA insured. 
  • The mortgage to be refinanced should be current (not delinquent). 
  • The refinance is to result in a lowering of the borrower's monthly principal and interest payments. 
  • No cash may be taken out on mortgages refinanced using the streamline refinance process.


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Just-In-Time Loans - Mortgage Needs and Advice on Time. (757) 692-3464


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
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Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

How do you find out if your loan is FHA backed?

May 05, 2009 12:08 AM #1
Justin Williams
Independent - Virginia Beach, VA
Loan Officer

@Missy - You can check your Loan Note, your HUD statement or even your current mortgage statement will show what type of loan you have.

May 05, 2009 02:03 AM #2

How much does a FHA streamline cost?

Jun 24, 2009 04:36 AM #3

I want to refinance with streamline in Ga.  do I need credit score?

Aug 25, 2009 01:31 PM #4

I am at a 5.5 and have bad criedit now.. I was trying to get a loan modification but couldnt get the one I wanted.. Please advise if you couls help.. I live in Ca.

Sep 16, 2009 01:14 PM #5
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Justin Williams

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