FHA Streamline Refinance Guidelines In Virginia With Bad Credit

This ARTICLE On FHA Streamline Refinance Guidelines In Virginia Was UPDATED On May 21, 2017

Virginia homeowners with current FHA loans who still have the 1.35% FHA annual mortgage insurance premium and mortgage rates higher than 4.5% may want to consider doing a FHA streamline refinance in Virginia with no closing costs, no income, no credit, and no appraisal required.

  • FHA Streamline Refinance Guidelines do not require a new appraisal, no income verification, and no credit scores. 
  • The only thing that FHA Streamline Refinance Guidelines in Virginia require is that the homeowner have a 12 month past timely mortgage payment history. 
  • Virginia FHA streamline refinance mortgage loan applicants can have late payments in the past 12 months with other creditors except for their mortgage payments. 
  • Debt to income ratios will no longer be an issue when it comes to FHA streamline refinance mortgage loans for Virginia homeowners because the mortgage lender will not verify income. 
  • Credit scores are not required, however, if the Virginia FHA homeowners has great credit, we can use credit scores so we can get the borrower the best possible FHA mortgage rates in Virginia. 
  • FHA does not require an appraisal because in the eyes of FHA, they are insuring FHA mortgage loan in Virginia and already have gone through an FHA appraisal on a Virginia property and the Virginia homeowner have been paying your mortgage payments on time so why order another appraisal since the home is already FHA insured. 
  • FHA will go by the original purchase price of the Virginia homeowner’s home as the value of the home, no matter what the home is currently worth. 
  • The home can be worth less than the balance of your mortgage and you can still qualify for a FHA streamline mortgage loan.

FHA Streamline Refinance Guidelines: Easiest and Fastest Loan Closing

Most FHA Streamline Refinance Guidelines in Virginia are so streamlined that FHA Streamline Refinance mortgage loans close in 2 to 3 weeks and they are the easiest mortgage loans that is out there.

  • No employment verification is required with the Virginia FHA Streamline Refinance mortgage. 
  • Income verification on Virginia borrowers is also not required so homeowners do not have to worry about debt to income ratios. 
  • Credit scores is not required with FHA streamline mortgage refinance loans so you can have recent late payment with your other creditors. 
  • However, you must have been current on your home mortgage for the past 12 months. 
  • Another major exemption is that no appraisal is required for FHA streamline refinances.

Eligibility Requirements For Virginia FHA Streamline Refinance

  • To be eligible for a FHA Streamline Refinance, all of the borrowers, whether they are co-borrowers, non-occupant co-borrowers all need to be on the new FHA streamline refinance loan.  
  • Homeowners cannot add or take off an original borrower or any co-borrowers. 
  • Borrower needs to meet HUD NET TANGIBLE BENEFIT REQUIREMENTS to qualify for FHA Streamline Refinance.
  • Virginia homeowners who intend in taking out an original co-borrower or co-borrowers, they need to do a regular FHA refinance mortgage loan where income verification is required, credit scores are required, and appraisal is required.

Documents Needed For FHA Streamline Refinance Loans

The great news for Virginia homeowners with FHA Streamline Refinance mortgage loans is that all they will not need the dozens of items required when they first got their original Virginia FHA home purchase loan.

  • No tax returns, no W-2s, no bank statements, no income verification. 
  • Bad credit is no problem to do a Virginia FHA Streamline Refinance Mortgage.
  • Virginia FHA Borrowers can have bad credit, late payments, recent collections and charge offs, and other derogatory credit on their credit report and still qualify for FHA Streamline Refinance Mortgages in Virginia.
  • All that is required is that the FHA Borrower be current with their current FHA Loan payments for the past 12 months.
  • One 30 day mortgage late payment is allowed.
  • Virginia homeowners get to skip two mortgage payments after their streamline refinance.
  • The Gustan Cho Team will cover all closing costs with lender credit so there is no money out of pocket.
  • The required documents that is needed are a copy of mortgage note, a recent mortgage statement, homeowners insurance declaration page, and copies of borrowers and co-borrowers drivers license and social security cards.

Virginia homeowners can contact Gustan Cho at 800-900-8569 or text Gustan on his cell at 262-716-8151 anytime. We are available 7 days a week, evenings, weekends, holidays via phone, text, or email us at gcho@gustancho.com.

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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