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FHA Streamline refinancing allows lenders to use the original home loan documents to. There is no home appraisal required, which saves you time and money.. the need for income verification, proof of employment, and even credit checks!
This means there is no minimum credit score for FHA loans.. There is one type of FHA Streamline Refinance that does require a credit check.
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If the rates drop, you may have the option of doing a simple refinance into a lower rate. You cannot pull out cash, but you can get into a lower rate mortgage with a streamline refinance. There is no credit check or income verification, and you can even use your old appraisal.
As far as mortgage refinancing goes, the edge goes to fha “streamline” refinancing. With no credit check, no income verification and likely no home appraisal, it’s about as easy a refi as you can get..
This BLOG On FHA Streamline Refinance With No Income Check Was Written By gustan cho nmls 873293 Home purchase loans and refinance mortgage loans require income documentation, minimum credit score requirements, and asset and liability verification through bank statements and credit reports.
The primary purpose of the non-credit qualifying FHA streamline refinance is to provide a benefit to you with a new mortgage loan using limited approval documentation and no credit check. However, if there is no benefit using the program, and your monthly principal and interest payments increase by refinancing, you must apply for a credit.
The FHA permits streamline refinancing loans with no credit check with the borrower has owned the property for at least six months. According to HUD 4155.1 Chapter 6 Section C: ".the borrower must have made at least six payments on the FHA-insured mortgage being refinanced.
This FAQ will answer your questions about the FHA Streamline Refinance program which was created by the FHA to make it quick and easy to refinance your existing FHA loan. The FHA created the streamlined refinance program over 25 years ago to make it simple and fast for anyone with an FHA loan to lower their interest rates.
Unlike a traditional refinance, the FHA Streamline Refinance allows borrowers to “streamline” their refinance by not requiring them to get an appraisal on their home or verifying their income. This means that there is an unlimited loan-to-value limit; if you are underwater on your home it won’t matter because there is no appraisal required.
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