This BLOG On FHA Refinance Streamline Georgia With No Income And Credit Requirement Was UPDATED On January 28th, 2019
The State Of Georgia is a Southeastern state in the U.S. Atlanta is the capital of Georgia. Gustan Cho Associates is a national five-star lender with no overlays with a big presence in the state of Georgia:
- Many loan officers at Gustan Cho Associates are licensed in Georgia
- A large percentage of our borrowers at Gustan Cho Associates are folks who are Georgia residents
- Georgia has one of the hottest housing markets due to its terrains spanning mountains, farms, and coastal beaches
- Atlanta, capital of Georgia, is the home base of The Georgia Aquarium
- Atlanta, Georgia is also the home of The Martin Luther King Junior National Historic Site
- The Martin Luther King Junior National Historic Site is dedicated to Dr. King’s life and achievements
- The city of Augusta, Georgia is nationally known for hosting the Masters Golf Tournament
- Savannah Georgia has an international reputation for its historic 18th and 19th-century homes and landscape
Many people in the United States migrate to the state of Georgia to call it home. A substantial percentage of our borrowers at Gustan Cho Associates are Georgia home buyers.
Qualifying For FHA Streamline Refinance Mortgage For Georgia Homeowners
Non-Credit Qualifying FHA STREAMLINE is available for Georgia homeowners with a current FHA Loan. FHA Streamline Refinance is a fast track refinance loan program that does not require credit scores, no appraisal, and no income verification. Georgia homeowners with good credit scores can qualify for our streamline refinance loan program with credit scores. This is where their mortgage rates will be substantially lower for higher score borrowers.
- Bad credit is fine and recent late payments on other than mortgage payments are acceptable
- The only credit criteria needed is to be timely with mortgage payments for the past 12 months
- One 30 days late mortgage payment is allowed
For those homeowners who are struggling with their bills due to a job transfer or underemployment and want to lower their monthly mortgage payments, an FHA streamline might be the golden ticket.
FHA Refinance Streamline Georgia Lending Guidelines
Homeowners with a current FHA Loan can now refinance with bad credit to lower monthly mortgage payments.
- With the new FHA Streamline mortgage loan program, there are no credit score requirements
- No home appraisal is needed
- No income docs are required
- Homeowners can have credit scores in the 400’s and still qualify for an FHA streamline
- There is no income verification
- The lender will not verify income
- All that is required is a full-time job but there is no income verification so the debt to income ratios will be no issues
- There are no new appraisal requirements
- It does not matter if your home dropped significantly in value
- No appraisal costs and no hassles with appraisals
- However, you do need to have been timely with mortgage payments for the past 12 months
- One 30-day late payment is allowed but no late payments on their current FHA Loan in the past 3 months
The mortgage payment history and having a full-time job are the only qualifications needed to qualify for an FHA streamline.
FHA Refinance Streamline With Bad Credit
The only concern the lender has is with the principal owner-occupied subject property.
- The lender will ignore foreclosures
- Mortgage late payments on other properties owned by the mortgage loan borrower are ignored and not counted
- FHA streamline refinance loans are available for non-owner occupied properties
- FHA streamline refinance loans are available for current FHA insured mortgage loan condominium owners
- All FHA streamline refinance loans with no credit scores, income, or appraisal required are all manually underwritten
- Fast closings, and very little paperwork.
- Remember that no credit scores are required
Recent late payments, collections, charge-offs, are all allowed except the mortgage payments need to be on time.
Net Tangible Benefit To The Borrower
To qualify for the new FHA Streamline refinance that does not require credit scores, no income verification, and no appraisal required, the homeowner needs to get a net tangible benefit.
- The net tangible benefit to the borrower means that the FHA streamline refinance needs to be beneficial to the refinance mortgage loan borrower
- The minimum savings to the borrower needs to be at least a 5% savings of their housing payment
- Any FHA insured mortgage loan holder who is paying a rate of 5.0% or higher can now benefit with our new FHA Streamline Refinance Loan
- At Gustan Cho Associates we do also 203k FHA loans if you want to rehab your property
Georgia Homeowners who are an FHA borrower who has an interest rate of 5.0% or higher please contact us at Gustan Cho Associates at 800-900-8569 or text us for faster response. Or email us at gcho@gustancho.com to explore options on how much money they can save by participating in our new FHA streamline refinance program. Gustan Cho Associates Mortgage Group is well known among Georgia home buyers, sellers, real estate professionals, and home builders. We are one of the few national mortgage lenders with zero mortgage overlays on government and conventional loans.
