No doubt, if you are wondering if the FHA streamline program has a minimum credit score, you are probably confused. There is mis-information everywhere – or maybe the information that you see was correct at one time, but is no longer true.
FHA Streamline Rules For Minimum Credit Scores
Officially, FHA does not have a minimum credit score requirement for the FHA streamline program. BUT — lenders have started requiring minimum credit scores, and every lender seems to have their own set of requirements. Some lenders require a 580 minimum. Some require a 620. Some require a 640. And whatever they required yesterday as far as minimum credit score goes, it could change tomorrow.
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Yes, there are even lenders still out there who do not require a minimum credit score on FHA streamline refinances.
So if you are currently in an FHA loan that has an above-market (right now, anything over 6% would probably be considered “above market”) interest rate, you can save money by participating in the FHA streamline refinance program. The FHA streamline program was designed to be “streamlined” as far as documentation goes – so it is not like when you first qualified for a loan. There is no income, asset or employment information that you need to provide with the FHA streamline program.
So if you are worried about the minimum credit score requirements with the FHA streamline program, be sure to shop lenders – you might be surprised to learn that there are still lenders out there who do not require a minimum credit score.