FHA Refinance Streamline With No Income And Credit Requirement

This BLOG On FHA Refinance Streamline With No Income And Credit Requirement Was Written By Gustan Cho NMLS 873293

Non Credit Qualifying FHA REFINANCE STREAMLINE is available for homeowners with a current FHA insured mortgage loan that does not require credit scores and income verification requirements.

  • Bad credit is fine and recent late payments on other than your mortgage payments are acceptable. 
  • The only credit criteria is that you need to be timely with your 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, a FHA streamline refinance might be the golden ticket.

FHA Refinance Streamline Lending Guidelines

You can now refinance with bad credit to lower you monthly mortgage payments.

  • With the new FHA Streamline Refinance mortgage loan program, there is no credit score requirements. 
  • You can have credit scores in the 400’s and still qualify for a FHA streamline refinance loan. 
  • There is no income verification.  The mortgage lender will not verify your income. 
  • All that is required is that you need to have a full time job but there is no income verification so the debt to income ratios will be no issues. 
  • There is 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 your mortgage payments for the past 12 months. 
  • One 30 day late payment is allowed but no late payments in the past 3 months. 
  • The mortgage payment history and having a full time job are the only qualifications needed to qualify for a FHA streamline refinance mortgage loan.

FHA Refinance Streamline With Bad Credit

The only concern the mortgage lender has is  with the principal owner occupied subject property.

  • The mortgage lender will ignore foreclosures and mortgage late payments on other properties owned by the mortgage loan borrower. 
  • FHA streamline refinance loans are available for non owner occupied properties as well. 
  • FHA streamline refinance loans are available for current FHA insured mortgage loan condominium owners as well.       
  • 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.

FHA Refinance Streamline: Net Tangible Benefit To The Borrower

To qualify for the new FHA Streamline refinance mortgage loan program 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 mortgage loan program. 

If you are a FHA insured mortgage loan borrower who has an interest rate of 5.0% or higher please contact me at 262-716-8151 or at www.gustancho.com to explore your options on how much money you can save by participating in our new FHA streamline refinance program.

Gustan Cho NMLS ID 873293

www.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.

Comments are closed.