The FHA Streamline Refinance without an Appraisal and without a Credit Score
The FHA Streamline Refinance has changed quite a bit since HUD issued the HUD Mortgagee Letter 09-32. So we have revised our FHA Streamline Refinance programs for new loans to fit properly and to provide the most benefit to our borrowers.
There are many changes, but there is also some great news about the FHA Streamline Refinance and credit qualifying.
The first update to the FHA Streamline Refinance is that it does not require a credit score for qualifying. Qualifying for the new FHA Streamline Refinance requires that we provide a current mortgage rating only, no credit scores. This is important as the vast majority of FHA Lenders are now requiring a minimum of a 640 middle credit score to qualify, even if it is an FHA Streamline Refinance. I have seen this help families lower their monthly payments dramatically even if the primary borrower has a very low score, such as 540.
The second update is that now the FHA Streamline Refinance requires borrowers to verify their jobs. And the third change is the FHA Streamline Refinance now requires the verification of assets, if assets are required to close the new loan.
Best of all, the FHA Streamline Refinance can still be done without an appraisal in Arizona as long as the principal balance of the new loan does not increase.
We help families lower their monthly mortgage payments through the FHA Streamline Refinance from Flagstaff to Scottsdale to Tucson to Yuma. So if you’d like to find out how much you can save, click the Get Started tab above and we’ll let you know right away.