We all know that it is possible to refinance through FHA. What we’d like to know is if a cash-out refinance is allowed. Is it possible to turn a part of your equity into cash through FHA refinance? There are two types of FHA Refinance: through (1) FHA Streamline Refinance, and through (2) FHA Cash-out Refinance. So, the answer is a definite yes. FHA Streamline Refinance is HUD’s way to make refinancing quicker by waiving off certain documentation requirements. This program helps decrease the … [Read more...]
What’s the Minimum Credit Score for an FHA Streamline Refinance?
The FHA Streamline Refinance is the perfect program for borrowers that want to refinance strictly to get a lower interest rate. This program allows you to refinance from an FHA loan into another one with very little work, hence the name “streamline.” Just how much work is involved and how do you qualify? Let’s take a look. The minimum requirements for the FHA Streamline Refinance are much different than the qualifications for a standard FHA loan. Generally speaking, the FHA allows lenders to … [Read more...]
Poor Credit – You May be Eligible for the FHA Streamline Refinance
If you currently have an FHA loan, it might not matter what your credit is like right now if you want to refinance. Granted, the FHA Streamline Refinance will be your only choice, but if your main goal is to lower your interest rate to make your payment more affordable, this program does just that. The FHA makes it very easy for current FHA customers to refinance simply because it makes the payment more affordable. Basic FHA Streamline Refinance Requirements According to the FHA, you only have … [Read more...]
Rebuilding Your Credit for a FHA Home Loan
Nothing is quite as exciting as buying a home and financing it with the FHA Home Loan Program. What’s not exciting is finding out you don’t qualify for a FHA Home Loan because your credit score is too low. It’s actually quite disappointing, luckily there are steps you can take to raise your credit score so you can qualify. FHA Home Loans are much more lenient when it comes to credit scores than other loan programs, but there are still minimum standards that the FHA requires. Lenders will use … [Read more...]
FHA Streamline Refinance: Loan Program Information
FEATURED IN THIS ARTICLE: What is an FHA Streamline Refinance? What are the Qualifications? Using an FHA Streamline with or without an Appraisal FHA Streamline Refinance Quotes What is an FHA Streamline Refinance? The FHA Streamline Refinance Program is a home loan program designed specifically for borrowers who already have an FHA Mortgage Loan. It is known to be one of the easiest ways to refinance your FHA Mortgage. Unlike other traditional refinancing options, an FHA … [Read more...]
Understanding Your Credit
Buying a new home is an exciting time in homeowner’s life, the depressing time is when they don’t qualify for a FHA loan or any other home loan program because their credit is too low. However, there are steps a borrower can take to increase their credit score and get approved for the home of their dreams. When applying for a FHA home loan it’s important to know all the qualifications requested, one of the commonly asked questions is, “Is My Credit Score High Enough to Qualify?” and the answer … [Read more...]
Bad Credit FHA Streamline Refinancing
FHA Bad Credit Streamline Refinance Are you currently in an FHA loan and thinking about refinancing but worried because you have bad credit? Or maybe you don't have "bad" credit, maybe you just have so-so credit. Just a few of the questions that you may be asking include: "can I get a lower mortgage payment?", "can I qualify even if I have bad credit?", "do I need a special lender or can I just use any kind of lender?" and these are maybe just a few. The mortgage market has changed quite a … [Read more...]
Does FHA Require A Minimum Credit Score?
One of the most popular questions many loan officers are asked in today's market is: "Does FHA require a minimum credit score?" And the official answer to that questions is: No, FHA doesn't require a minimum credit score - but many lenders do. Which means you must meet the lender's minimum credit score requirement if you are going to get them to loan you money even if it is insured by FHA against loss. About 2 years ago, many lenders started moving toward requiring a minimum mid … [Read more...]
FHA Streamline: What Is The Deal With A Minimum Credit Score?
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 … [Read more...]