With the current recession now dragging on for years, many people have had a few credit problems and been late on at least one of their monthly bills. And if you are an FHA borrower who has an FHA loan, chances are you may have noticed that interest rates are at all time lows and probably much lower than when you took out your mortgage when you bought your home.
Which leaves many people asking the question:
Can I refinance with the FHA streamline refinance if I have had late payments in the past?
FHA Streamline Refinance and Late Payments: The Rules
The rules of whether or not you can have late payments and still do an FHA streamline refinance vary by lender. Some lenders may allow you to have one 30 day late payment, others will allow up to two 30 day late payments and perhaps even some will allow you to have up to 3 30 day late payments and still participate in the FHA streamline refinance program.
And if you have had a late payment that is outside of the last 12 months, chances are good that the lender will not count those late payments against you other than the damage it did to your credit score.
FHA Streamline Refinance: What To Do If You Have Had Late Payments
If you have had at least one late payment in the last 12 months, the absolute best thing you can do is to shop multiple lenders and find out which lenders will allow you to have a late payment or two and still participate in the FHA streamline refinance program. Shopping multiple lenders will also help you be sure that you get the best deal possible and get the lowest rate and fees on your loan.
Start below and find the best lender to help you with your FHA streamline refinance today.