Arizona FHA guidelines are getting tougher.
If you are interested in getting an Arizona FHA loan, most lenders are now requiring that you have a minimum of a 620 mid credit score. For many people who are currently in an Arizona FHA loan and are thinking of refinancing by taking advantage of the Arizona FHA streamline program, the mid credit score requirement of 620 will pose a problem.
Up until last week, if you wanted to participate in the FHA streamline program to lower your interest rate without having to completely re-qualify for a new loan, you would be able to do an FHA streamline and as long as you had made your mortgage payment on time for the last 12 months, your credit score didn’t matter.
Now, your credit score matters.
If you are interested in getting an FHA loan, but you have a mid credit score that is lower than 620, it doesn’t mean that you are completely “out” – it just means that you will need to do a little work to get your score higher than 620 before a lender will lend you money.
Fortunately, for people who may be in this boat and have a credit score that needs a little bit of help, we have programs available to help them improve their credit in the shortest possible time.
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[...] refinance – where the lender will actually pull a tri-merge credit report and you must have at least a 620 credit score to qualify for the FHA streamline [...]