For as long as I can remember, the Arizona FHA streamline refinance has been a no income, no asset, no credit score loan – meaning, you didn’t fully have to re-qualify for a new loan, you were able to streamline the documentation needed in order to qualify.
Recently, many lenders have tightened their guidelines where credit scores are being required on an FHA streamline 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 program.
This means that many people have recently been turned down for a FHA streamline refinance because they have a low credit score. NO MORE!
We now have a lender who will do an FHA streamline with NO CREDIT SCORE REQUIREMENT and only 3 criteria that you need to meet:
- You can’t have more than 1 30 day late payment on your mortgage in the last 12 months.
- You must occupy the property as your primary residence.
- Participating in the FHA streamline program must make financial sense – meaning that the benefits of participating in the FHA streamline refinance program must outweigh the costs involved.
If you are currently in an FHA loan that is above 6% and have a bad credit score but meet these criteria, now is the time to act before rates go up or another lender decides to change their guideline.
While it is possible that the guidelines may change for this particular lender at any point in time — we are happy to have found them because virtually all of the other lenders that we are aware of are now requiring a tri-merged credit report with at least a 620 credit score.
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{ 5 comments… read them below or add one }
Looking for a Streamline refi, the closing cost money plus any points to be spent is in the bank.
are you still doing FHA Streamline no FICO? please let us know asap.
Thank you
would deffinately like to know more about the program, if someone from arizona mortgage team is seeing this please respond to my email address entered!
Let meknowif u do TN?
I’m looking to streamline my current FHA interest loan of 6.25% in a lower percentage. I dont have a good credit score but meet the criteria above. First is it possible for you to do this even though I live in Fontana, Ca? Second what percentage would I qualify to lower my percentage? What are the fees or cost for me to do this streamline? Please let me know at your earliest convenience.
Thanks,
Jose Gallardo