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...]
Late Payments And The FHA Streamline Refinance
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 … [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...]
FHA Streamline Program: Many Lenders Now Require Minimum Credit Scores
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 … [Read more...]