The FHA streamline program was designed so that people were in FHA loans could take advantage of lower interest rates when they were available without having to completely re-qualify for a new loan. This meant that there was no credit-score requirement for the FHA streamline program, the only thing that lenders required was a “verification of mortgage” where they could verify that you had made your last 12 months payments on time.
Now, some lenders are changing this.
Some lenders now require that you have a minimum credit score when going through the FHA streamline program – some require it to be 580, and some are even requiring that you have a minimum of a 620 credit score.
Notice that we used the word “some” lenders.
Not all lenders are requiring that you have a minimum credit score when you go through the FHA streamline program – so if your lender is one of the ones who is starting to require it and you have a credit score that doesn’t meet their criteria, be sure to ask another loan officer if they can help you. There are still a handful of lenders out there who do not require a credit score when going through the FHA streamline program.
Is your lender telling you that you don’t have good enough credit to participate in the FHA streamline program? Contact the FHA streamline experts at 480.374.0303 and lower your monthly payment with the FHA streamline program – without needing a credit score to qualify.